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Accounts - Principles of Accounts Past Questions

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2931

Wages accrued is shown in the balance sheet as 

  • A. an asset
  • B. an income
  • C. an expense
  • D. a liability
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2932

Provision is made in the accounts when the amount involved in the anticipated loss is

  • A. too much
  • B. not significant
  • C. not certain
  • D. well known
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2933

Accounting concepts are rules of accounting which are to be 

  • A. taught in all accounting classes
  • B. implemented by all professional bodies
  • C. followed in the preparation of financial statements
  • D. applied in correction of business errors
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2934

Use the following information to answer this question
                                                    GH¢
Monthly rent payable                  3,000
Rent paid on 01/01/2018          48,000

Rent expense for 2018 was 

  • A. GH¢84,000
  • B. GH¢48,000
  • C. GH¢36,000
  • D. GH¢12,000
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2935

Use the following information to answer this question
                                                    GH¢
Monthly rent payable                  3,000
Rent paid on 01/01/2018          48,000

The balance of rent in the balance sheet would be

  • A. current asset of GH¢36,000
  • B. current asset of GH¢12,000
  • C. current liability of GH¢12,000
  • D. current liability of GH¢48,000
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