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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Use the following information to answer this question
                                         GH¢
Gross profit                     50,400
Discounts relieved            3,300
Discounts allowed             2,500
Net profit                          26,500
Cost of goods sold         184,000

2916

Other operating expenses for the period is

  • A. GH¢27,300
  • B. GH¢25,700
  • C. GH¢24,700
  • D. GH¢23,900
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2917

All cash transactions of a not-for-profit making organization are recorded in

  • A. three-column cash book
  • B. income and expenditure account
  • C. subscriptions account
  • D. receipts and payments account
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2918

Subsidiary books of account are used to record transactions

  • A. made in the same period
  • B. of a similar nature
  • C. involving minor amounts
  • D. without source documents
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2919

Members of a not-for-profit making organization

  • A. earn dividend on their contributions
  • B. do not receive surplus at the end of the year
  • C. are paid interest on their contributions
  • D. share profits according to their contributions
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2920

Accounting information that is useful for the intended purpose and would make a difference in decision making is 

  • A. comparable
  • B. consistent
  • C. relevant
  • D. reliable
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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