Financial Accounting | Study Mode

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Question 1

The distinguishing feature between a two-column cash book is

discount column

cash column

bank column

ledger folio

Explanation

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Correct option: A

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Question 2

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

contra entry

bank reconciliation

self-balancing ledger

reversal entry

Explanation

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Correct option: A

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Question 3

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

it has columns for debit and credit balances

total of debit balance equals total of credit balance

it is a statement

it is an account

Explanation

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Correct option: D

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Question 4

The capital of a sole trader changes as a result of

paying wages by cash

equipment purchased by cheque

drawing by cheque

purchase on credit

Explanation

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Correct option: C

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Question 5

A credit balance is

a liability or an expense

an expenditure or an income

an asset or an expense

an income

Explanation

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Correct option: B

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Question 6

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

I, ii, iii and iv

ii, iii, i and iv

iii, i, ii and iv

iv, iii, ii and iv

Explanation

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Correct option: C

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Question 7

A dishonored cheque is

debited in cash book

credited in the cash book

double entry in the cash book

credited in the bank book

Explanation

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Correct option: A

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Question 8

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

GHC 204

GHC 120

GHC 84

GHC 36

Explanation

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Correct option: D

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Question 9

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

cash book

purchases ledger returns

returns outwards journal

general journal

Explanation

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Correct option: B

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Question 10

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?

1.87 : 1

1 : 1.87

1 : 2

2 : 1

Explanation

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Correct option: A

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