Which of the following items is a tangible asset?
Copyright
Machinery
Goodwill
Lease
Correct answer is B
Tangible assets are assets that can be seen or touched such as land, machinery, equipment etc.
Use the following information to answer the question
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
GH⊄ 1,120
GH⊄ 1,920
GH⊄ 700
GH⊄ 800
Correct answer is B
To calculate the interest on Ant's withdrawal:
Interest on Ant's Drawings = Ant's Withdrawal x Interest Rate
Interest on Ant's Drawings = GH⊄ 14,000 x 8% = GH⊄ 1,120
To calculate the interest on Bee's withdrawal:
Interest on Bee's Drawings = Bee's Withdrawal x Interest Rate
Interest on Bee's Drawings = GH⊄ 10,000 x 8% = GH⊄ 800
Total Interest on Drawings = Interest on Ant's Drawings + Interest on Bee's Drawings
Total Interest on Drawings = GH⊄ 1,120 + GH⊄ 800 = GH⊄ 1,920
Use the following information to answer the question
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
GH⊄ 800
GH⊄ 1,920
GH⊄ 1,120
GH⊄ 700
Correct answer is C
Interest on Drawings for Ant = GH⊄ 14,000 x 8%
Interest on Drawings for Ant = GH⊄ 14,000 x 0.08
Interest on Drawings for Ant = GH⊄ 1,120
Reliability as a quality of accounting information means that accounting
rules and guidelines are applied
information is prepared based on evidence
information is comprehensive
report is prepared promptly
Correct answer is B
Information presented in the report can be relied on as the accurate description of the transaction of the enterprise and show a true and fair view.
Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
|
Balance b/f |
200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
|
Electricity bill |
40,000 |
|
Rent |
73,400 |
| Drawings |
28,600 |
| Insurance | 12,800 |
The total expenses for the month is
D 278,300
D 323,500
D 478,300
D 154,800
Correct answer is D
Total Expenses = Electricity bill + Rent + Drawings + Insurance
Total Expenses = D40,000 + D73,400 + D28,600 + D12,800
Total Expenses = D154,800