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Accounts - Principles of Accounts Past Questions

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3381

Below-the-line item in public sector accounting means such an item is

  • A. less than what is budgeted for
  • B. not budgeted for in the current fiscal year
  • C. to be carried forward to the next fiscal year
  • D. budgeted for in the current fiscal year
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3382

Which of the following is not part of prime cost of production?

  • A. depreciation of factory equipment
  • B. direct expenses
  • C. cost raw materials
  • D. carriage on raw materials
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3383

A feature of government accounting is that the

  • A. Accounts are prepared on an accrual basis.
  • B. Accounts are prepared on a cash basis.
  • C. fixed assets are depreciated.
  • D. objective is to report profit made by the government.
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3384

A bank statement shows an overdraft of GH¢190,000. Kofi, a debtor, paid GH¢400,000 into the account. The new bank balance is

  • A. GH¢210,000 overdrawn
  • B. GH¢590,000 overdrawn
  • C. GH¢590,000
  • D. GH¢210,000
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3385

Use the following information to answer questions 11 and 12.

Receipt and Payments: 31st December, 2016 

The total income received for the year is

  • A. #1,980
  • B. #1,690
  • C. #2,640
  • D. #2,180
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