Subscription received in respect of a future period is

• A) Subscription deposit
• B) Subscription in advance
• C) Accrued subscription
• D) Subscription in arrears

Goodwill can be valued in partnership when?

• A. a partners make profits
• B. large losses are made
• C. a partner retires
• D. a new branch is opened

The major focus of the trading account is to show

• A. net profit
• B. gross margin
• C. total purchases
• D. total sales

An expenses account is closed by a debit to?

• A. an asset account and a credit to the expenses account
• B. the expenses account and a credit to an asset account
• C. profit and loss account and a creit to the expenses account
• D. the expenses account and a credit to profit and loss account

Use the following information to answer the question

Ant and Bee withdrew GHC 14,000 and GHC 10,000 respectively at 8% per annum from the partnership.

The interest on drawings for Ant is

• A. GHC 800
• B. GHC 1,920
• C. GHC 1,120
• D. GHC 700

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

• A) Conservatism
• B) Historical
• C) Monetary
• D) Cost

The main objective of accounting report is to provide information about?

• A. a company's shareholding
• B. an entity's management
• C. the efficacy of assets
• D. a company's economic resources

Use the information below to answer questions .

Stock of material 1/1..............N10 000

Purchase of raw material...........N160 000

Manufacturing wages................N420 000

Royalties..........................N3 000

Stock of raw materials 31/12.......N14 000

Calculate the prime cost?

• A. N597000
• B. N579000
• C. N576000
• D. N5967000

In the head office ledger, the value of goods sent to the branch are

• A. debited to the branch current account
• B. debited to the head office current account
• C. credited to the head office current account
• D. credited to the branch current account

Given:

I. It records subscription in arrears

II. Payments of liabilities is effected

III. The account does not show if cash payment is revenue or capital expenditure

IV. It performs the same function as cashbook

The features of receipts and payment account includes

• A. I,II and IV
• B. II,III and IV
• C. III and IV
• D. I,II and III