The petty cash account has an imprest of GH¢36000 and a debit balance of GH¢10000 at the end of the month. The reimbursement required would be
A. GH¢46,000 B. GH¢36,000 C. GH¢26,000 D. GH¢10,000 Correct Answer: Option C = GH¢26,000
Lima paid off debt of D2500 owed to Dongo by cash. The entries in lima’s book are: debit
A. cash D2,500; credit Dongo D2,500 B. Dongo D2,500; credit cash D2,500 C. Bad debt D2,500; credit Dongo D2,500 D. Dongo D2,500; credit bad debt D2,500 Correct Answer: Option B – Dongo D2,500; credit cash D2,500
The accounting principle of double entry states that
A. debit the giver and credit the receiver B. assets must be equal to capital plus liabilities C. every debit entry must have a corresponding credit entry D. debit entries increase liabilities while credit entries increase assets Correct Answer: Option C – every...
Recurrent expenditure of a local government include
A. erection of market stalls B. repayment of loans C. purchase of office equipment D. purchase of office stationery Correct Answer: Option D – purchase of office stationery
Accounts of fixed assets are kept in the
A. purchases ledger B. private ledger C. sales ledger D. general ledger Correct Answer: Option D = general ledgerProducts
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