WAEC SSCE - Financial Accounting - 2023 (Objective)

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Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GH⊄ 0.60 per share. To date, the company has made calls of GH⊄ 0.40 per share. All calls have been paid by shareholders except for GH⊄ 100,000 owing from one shareholder.

The paid up share capital is

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The transactions of All Girls' Social Club for the year 2021 are as follows:

Bar sales D 30,000; Bar purchases D 17,000 and Rent D 1,200
 

The value of purchases for the year is

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The following transactions relate to Osei Enterprises for the year ended 31st December 2020.

The net profit is

Which of the following rules is applicable in the absence of a partnership agreement? Interest is payable

The error that affects the agreement of a trial balance totals is

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The following transactions relate to Osei Enterprises for the year ended 31st December 2020.

The cost of goods available for sale is

Profit distributed to ordinary shareholders of a limited liability company is

Which of the following items is classified as capital expenditure in public sector accounting?

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The following transactions were recorded in the cash book of Ibusah for the month of February 2019:

The balance brought down at the end of the month is

One of the internal users of accounting information is the

Which of the following items is found in the profit and loss account of a company?

Memoradum branch account is prepared to determine

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The following transactions relate to Osei Enterprises for the year ended 31st December 2020.

The gross profit

If sales is D 12,000 and the gross profit mark -up percentage is 25%. What is the cost of sales?

The allocation of funds from treasury to accounting heads in public sector is

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Ant and Bee withdrew GH⊄ 14,000 and GH⊄ 10,000 respectively at 8% per annum from the partnership.
The total interest on drawings to be charged to profit and loss appropriation account is

The accounting concept which is the basis upon which assets of a business are valued is the

A crane hired by a building construction company would be classified as

The concept which underlines double entry bookkeeping is

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Sammy acquired plant an machinery costing ₦120,000 with an estimated useful life of 4 years and residual value of ₦2,000. The sum of the year digits method is used.

The depreciation to be charged for the third year will be

Which of the following items are apportioned on the basis of purchases in preparing departmental accounts?

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The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
 

The total expenses for the month is

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The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
 

The total income for the month is

Reliability as a quality of accounting information means that accounting

The purchase day book is used to record

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The total purchase in 2021 is

Discount allowed is shown in financial statements as

The source of funds available to a local government/district assembly includes

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Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GH⊄ 0.60 per share. To date, the company has made calls of GH⊄ 0.40 per share. All calls have been paid by shareholders except for GH⊄ 100,000 owing from one shareholder.
The authorized number of shares is

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The net profit for 2020 is

The reason for treating carriage inwards in the trading account is because

A reason a business is not able to keep full set of accounting records is that

In the final account of a limited liability company, debenture interest paid is recorded in the

The accumulated fund for a not-for-profit making organization is

The accounts maintained in the nominal ledger are

The two column cash book records

Which of the following items is a tangible asset?

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Sammy acquired plant an machinery costing ₦120,000 with an estimated useful life of 4 years and residual value of ₦2,000. The sum of the year digits method is used.
The value of the asset at the end of the first year is

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The transactions of All Girls' Social Club for the year 2021 are as follows:

Bar sales D 30,000; Bar purchases D 17,000 and Rent D 1,200
 

The net profit on the bar to be transferred to the income an expenditure account for the year ended 31st December 2021 is

A business should not lay claim to any profit before it is earned. This is in accordance with the

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The balance c/d on trade creditors will be recorded in the balance sheet as

A partnership is formed by

Suppliers' personal account are found in the

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The gross profit for the year is

Carriage inwards on raw materials is recorded in the

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The health department of Banjul Local Government incurred the following expenditure in 2020:
 

The capital expenditure for the year is

Wages of machine operators in manufacturing account are treated as

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The health department of Banjul Local Government incurred the following expenditure in 2020:
 

The recurrent expenditure for the year is

Beauty started business with ₦40,000, made a profit of ₦50,000 and ended the year with ₦70,000 capital. What would have accounted for the closing capital?

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

The interest on drawings for Ant is