#1
JAMB2025
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
- AGH¢210,000 overdrawn
- BGH¢590,000 overdrawn
- CGH¢590,000
- DGH¢210,000
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#2
WAEC2021
Sales account was undercast by GH¢ 1,000. When this is corrected, both the gross profit and the net profit would
- Aincrease by GH¢2,000
- Bincrease by GH¢l,000
- Cdecrease by GH¢l,000
- Ddecrease by GH¢2,000
#3
WAEC2017
In a not-for-profit making organization, the Receipts and Payments Accounts is the equivalent of
- AProfit and Loss Accounts
- BIncome and expenditure Accounts
- CCash Book
- DBalance Sheet
#4
WAEC2013
The capital of a sole trader changes as a result of
- Apaying wages by cash
- Bequipment purchased by cheque
- Cdrawing by cheque
- Dpurchase on credit
#5
JAMB2009
Which of the following is a common cause of a discrepancy between head office and branch trial balance?
- ADebtors and cash in transit
- BCreditors and cash in transit
- CStock and cash in transit
- DStock and prepayments
#6
WAEC2004
An expense is said to be revenue in nature if it
- Aadds or contributes to the operating income of the business
- Breduces the capital of the business
- Cnecessitates the introduction of additional capital
- Dadds to or mproves the value of fixed assets
#7
JAMB2000
Given: Depreciation of plant and machinery N1,600 Factory rent N650 Indirect wages N695 General indirect expenses N726 lubricants N1235 Carriage inwards N829 Factory power N350 Bank charges N612 Carriage outwards N2,900 Determine the total factory overhead cost?
- AN4,485
- BN5,256
- CN6,085
- DN6,556
#8
WAEC1995
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\) Interest on capital is 10%. The net profit for the year is N60,000. The balance on Halima's current account on 31st December, 1992 is
- AN66,500
- BN53,300
- CN51,500
- DN43,500
- EN33,500