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Accounting Past Questions

Refresh Questions
Which of the following is not a purpose for preparing departmental accounts? To
  • A. compare the results of different departments
  • B. employ staff into different departments
  • C. reward departmental managers
  • D. obtain information for formulating policies.
How much was paid for goodwill?
  • A. GHc/ 350,000
  • B. GHc/ 260,000
  • C. GHc/ 90,000
  • D. GHc/ 60,000
Provision for bad and doubtful debts in companies final accounts is treated in
  • A. trading account
  • B. profit and loss account
  • C. fund flow statement
  • D. cash flow statement
Trading account is prepared to ascertain
  • A. Gross profit
  • B. Net profit
  • C. Gross profit or Gross loss
  • D. Net profit or net loss
Discount Received Account is a
  • A. real account
  • B. personal account
  • C. nominal account
  • D. profit and loss account
How are credit sales by a department treated?
  • A. the same way as normal debtors’ transactions
  • B. in a different way from normal debtors’ transactions
  • C. as an addition to the sales manager’s account
  • D. as an addition to the production manager’s account
The primary classification of government expenditure is based on
  • A. Programs
  • B. funds
  • C. activity
  • D. project
The person, who is responsible for the formation of a company is called the
  • A. promoter
  • B. sponsor
  • C. shareholder
  • D. director
In a not-for-profit making organization, the cash book is referred to as
  • A. income and expenditure account.
  • B. receipts and payments account.
  • C. two column cash book.
  • D. petty cash book.
Which of the following is not a business asset?
  • A. Deposit account in bank
  • B. Interest due on loan
  • C. Five acres of land
  • D. Library books owned by a lawyer