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Accounts - Principles of Accounts Past Questions

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3341

The objective of preparing a departmental account is to 

  • A. ascertain the cost of raw materials of each department.
  • B. ascertain the profit of each department.
  • C. determine the value of unused stock of each department.
  • D. calculate the stock turnover ratio of each department.
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3342

A debit balance of D 61,000 on a customer's bank statement means that 

  • A. the customer's bank balance is D 61,000.
  • B. the customer owes the bank D 61,000.
  • C. a customer's cheque of D 61,000 is yet to be cleared by the bank.
  • D. a direct deposit of D 61,000 was made by a customer. 
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3343

Use the following information to answer this question.  
                                                                                    GH¢  
Trade creditors 1/1/2022                                            35,000  
Payment to suppliers in 2022                                     30,000  
Discounts received                                                      1,800  
Trade creditors 31/12/2022                                        24,000  

The purchases for 2022 is 

  • A. GH¢ 90,800.
  • B. GH¢ 55,800. 
  • C. GH¢ 39,200.
  • D. GH¢ 20,800. 
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3344

Use the following information to answer this question.  
                                                                                    GH¢  
Trade creditors 1/1/2022                                            35,000  
Payment to suppliers in 2022                                     30,000  
Discounts received                                                      1,800  
Trade creditors 31/12/2022                                        24,000  

The balance sheet as at 31/12/2022 will show current liability of 

  • A. GH¢ 59,000.
  • B. GH¢ 24,000.
  • C. GH¢ 22,200.
  • D. GH¢ 1,000.
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3345

A credit purchase of D 63 from Kofi has been entered in he accounts as D 16. This is an error of 

  • A. principle.
  • B. original entry.
  • C. complete reversal of entry.
  • D. omission.
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