WAEC SSCE - Financial Accounting - 2015 (Objective)

Discount received account is a

Which of the following is not a real account?

The accounting entry to correct sales day book overcast is?

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

The double entry to record the good will in the books is debit

Which of the following relates to cash basis of accounting?

In which of the following is not stated in the partnership agreement?

Goods stolen at the branch is debited to

The quality of output information depends on the

Purchase invoice is first entered in the

The process of using sales ledger balance to cancel off purchases ledger balance is

Which of the following is not a method of depreciating fixed assets?

Goodwill is recognized in partnership accounts when

Which of the following expresses the accounting equation?

Which of the following is the equation for determining net profit or loss from the records of a firm?

Which of the following items is found in the sales ledger control account?

Goods returned to a supplier is

Which of the following accounts has a credit balance?

The accounting ledger for goods sold on credit are debit

Assets acquired is recorded by debiting _______?

Which of the following describes a trial balance?

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

The total of the returns outwards journal is posted to the

The accounting concept that allows the cost of kitchen cutlery to be expensed , though it will be used for more than one year is

A person who has applied to purchase shares in a company is referred to as ?

In which of the following accounts is interest on partners capital found?

Which of the following is not a feature of accounting information?

When the invoice of a customer is overcast, the supplier will send to him a

Which of the following is found on the credit side of a partnership's appropriation of profit account?

The document which sets out the internal arrangement for the proper management of a company is the

The accounting concept that states that a firm's financial affairs must be separated from that of the owner's private transactions is

Which of the following is a source of revenue for a local government?

Use the following information to answer the question below

Mr White acquired Mr Black's business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.

How much was paid for goodwill?

The cost of putting goods into a saleable condition is charged to

Unpresented cheques are cheques_________

In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as

Which of the following is a not revealed by a firm's accounting records?

The instrument used to release fund which the minister of finance has earlier withheld is

In the balance sheet of a social club, subscription owing is treated as a

Which of the following is a spreadsheet application?

What is a ledger entry for the sale of plant and machinery on credit to Wilson?

The accounting concept that assumes that a business will continue operating for an indefinite period is