Use the following information to answer the question
| Le | |
|
Capital (01/01/2020) |
1,934,600 |
| Capital (31/12/2020) |
2,530,000 |
| Expenses | 3 45,900 |
| Drawings for 2020 |
72,500 |
|
Additional capital for 2020 |
250,000 |
The gross profit for the year is
Le 763,800
Le 595,400
Le 417,900
Le 167,900
Correct answer is C
No explanation has been provided for this answer.
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
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
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.