The distinguishing feature between a two-column cash book is

The lodgement of business cash into the business bank account is an example of

Which of the following is not a characteristic of trial balance?

The capital of a sole trader changes as a result of

A credit balance is

The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing

A dishonored cheque is

A petty cashier received a float of GHC 84. The imprest is

Which of the following is not a book of original entry?

Use the following information

\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000 \end{array}\)
The current ratio is?

Use the following information to answer the question given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000\end{array}\)
The capital employed is

\(\begin{array}{c|c}
\text{Net profit} & 60,000 \\
\hline
\text{Total assets} & 520,000 \\
\hline
\text{Current liabilities} & 150,000 \\
\hline
\text{Currents assets} & 280,000 \\
\end{array}\)

The returns on capital employed is

The double entry principle states that

Which of the following is a nominal account?

Reserves account is kept in the

The accumulative fund of a non-for-profit making organization is

A business is treated as being separated from owners. This statement is emphasized by

Which of the following is recorded on the debit side of the Trial Balance?

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Purchases for the year is

Use the following information to answer the question given
\(\begin{array}{c|c} & \text{1/6/2011} & \text{30/5/2012}\\ & D & D \\ \hline \text{Creditor} & 2,495 & 2,285\\ \text{Debtors} & 1,215 & 2,145 \\ \text{Cash paid to creditors} & - & 32,170\\ \text{Cash received from customers} & - & 40,650\\ \text{Goods returned to suppliers} & - & 500\end{array}\)
Sales for the year is

Cash receipts and payments involving discounts are entered in

The minimum number of persons required to form a partnership business is

Which of the following accounts has credit balance?

The accounting principle that states that, In the preparation of account statements, revenues are recognized as soon as goods is passed on to the customer is the

Agreement between partners is contained in the partnership

a low current ratio in business indicates that the business is

Which of following is a recurrent expenditure in public sector accounting?

In departmental accounts, administrative expenses are recorded in the

The public account committee is an organ of

Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \\ \text{Fines} & 20,000\\ \text{Market rates} & 120,000\\ \text{Salaries} & 60,000\\ \text{Maintenance of vehicles} & 49,000 \\ \text{Park collections} & 100,000\end{array}\)
The balance at the end of the period is

Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \\ \text{Fines} & 20,000\\ \text{Market rates} & 120,000\\ \text{Salaries} & 60,000\\ \text{Maintenance of vehicles} & 49,000 \\ \text{Park collections} & 100,000\end{array}\)
The total expenditure for the period is

Which of the following is not an item on the credit side of the purchases ledger control account?

When a business is purchased from a sole trader, the excess of the purchase price over the net assets is

A set of instrument or programs which controls the operation of a computer is

the process of detecting, tracing and eliminating errors in a computer program is

the process of detecting, tracing and eliminating errors in a computer program is

The process of detecting, tracing and eliminating errors in a computer program is

When the going concern concept is no longer applicable, the fixed assets are recorded at their

In a non-for-profit making organization, the cash book is referred to as

Which of the following relates to the essence of partnership? To

The basic assumption which underline the preparation of periodic financial statement is known as accounting

Upon the dissolution of partnership business, the party to be settled first out of the proceeds realized is

Which of the following is not part of prime cost of production?

At the end of trading period, cost of goods sold is debited to the trading account while cost of services is debited to the

Stock account is a type of