The main internal users of accounting information are

Which of the following features are benefits of using accounting software?
I: Integrated analysis of information
II: Almost immediate updating of records
III: Programmable to recognize irregular entries

Which of the following lists of activities shows the correct order of the stages in the accounting cycle, before final accounts?

The following information refers to the assets and liabilities of Mr. Jones. From the information, Mr Jones' capital amount is

Partnerships are formed for the purpose of:

I: Combining capital from different persons
II: Benefiting from different skills and specilizations
III: Sharing ideas, experience and responsibiltiies

Which of the following is usually used to complete a general journal entry?

Item 8 refers to the following balances at the endof a financial period.
Motor vehicles: $2000

Payables: $3000
Receivables: $2000
Capital: $11,000

Building: $10,000
What is the total amount for the assets?

Ram Singh purchased goods valued at $500 on credit. He paid off his bill within the grace period and so received a 10% cash discount. How much did he pay for the goods?

Which of the following items are examples of current liabilities?

I. Mortgages

II. Accounts payable
III. Accrucd Wages

Which of the following entries in a three column cash book are contra entries?

Item 12 refers to the following balances taken from the books of Sherida's Ltd on 30 April 2019.
What is the current ratio of Sherida's Ltd?

Which of the following entries should be used to post sales returns?

Which of the following persons monitor a company's financial statements, to discover a desirable rate of return on capital

From the information above, what is the correct closing total for the sales account?

Which of the following entries would not appear in a cash book?

K. Khan, a debtor of A and B Enterprises, settles his debt of $120 less discount, by cheque. How would the double entry be recorded in the books of A and B Enterprises?

How would R. Lewis record this information in his ledger?

A business man bought a new computer for $600. He paid $400 in cash and traded in his old computer. What is the entry to record this transaction?

When a proprietor withdraws cash or other assets from a business, what effect does it have on drawings or capital?

What is the total value of fixed assets?

The closing capital is

The working capital is

In calculating the gross profit percentage, gross profit should be divided by

What is the amount of insurance prepaid at the end of the year?

Which of the following financial document shows the net earnings of a business?

What is the total provision for doubtful dubts?

An asset purchased for $100 is depreciated at the rate of 10% per annum using the reducing balance method. What is the book value of the asset at the beginning of the third year?

An increase in the provision for doubtful debts will be

What was the capital of Foster and Scott Limited at 6 march 2018?

On 1 January 2019, $10000 was paid towards an advertising campaign. Of this amount, $7000 was used by 31 december 2019. What was the amount of advertising perpaid at year's end?

A standing order of $25 for insurance appears in the debit column of the bank statement. This amount does not appear in the cash book. How is this item treated in order to update the cash book?

What is the balance per bank statement?

What is the inventory at the end of January?

Mrs Allen invested $20,000 and Mrs Brown and Mr Cable invested $5000 each into the same business. The loss sustained during the year was $1000. The partnership agreement is silent on the item of losses, although profits are split in the ratio 2:2:1 in favour of Allen, Brown and Cable respectively. How much of the loss must be borne by Mr Cable?

Mr Green and Mrs Black agreed to establish a partnership, Green and Black Co. and each of them deposited $5000 into a bank account. How should this be recorded in the books of the partnership?

A trader had an opening capital of $3900. If his drawings were $900 and his closing capital was $4860, what was the net profit?

Rose contributed $7000 in cash and a motor vehicle worth $3000 to a partnership. Rose's contribrution to the partnership would be recorded in the journal as

In a cooperative society, the daily affairs are administered by

The owner of a business paid a personal medical bill from the bank account of the business. The amount was debited to the miscellaneous expenses account. Which of the following concepts was violated?

A photocopying machine valued at $5000 is depreciated at 10% using the straight line method. What is its book value after two years?

According to the Partnership act, if there is no Deed of Partnership, the amount of profit to be received by EACH partner would be

Which of the following items on a statement of financial position would differ most in presentation when comparing the books of a company and the books of a sole trader?

The reward of profit received by a shareholder in a limited company is called

How does an increase in bad debts affect a sole trader's financial statements?

Which of the following accounts are nominal?

Which of the following terms BEST describe the final accounts of a non profit organization?
I. Income Statement
II.

An example of a capital expenditure is money spent for

The purchase of an appropriation account is to

If revenue expenditure is overstated, which of the following items will be affected?

When writing up the books of a partnership, which account must EACH partner have?

What is the cost of the raw materials consumed?

This shows balances of the asset accounts of the Bayroe Club as at 30 June 2019. The amount of the club's accumulated fund was

Salaries paid to the administrative staff in a factory would be classified as which of the following types of cost?

When a company declares a dividend of 15% the dividend warrant of a shareholder owning 1500 one dollar ordinary shares is

Prime cost 79110, office expenses $3000 and factory overheads $4720. How much is the cost of production?

Using the list of balances, what is the cost of goods produced?

P. Arnos is employed by a construction company at a rate of $7 per hour. During a week, he worked his basic week of 40 hours. The income tax due on his pay is $20, and he is also liable to pay national insurance contributions of 5% of his gross pay. What is his net pay?