cameroon gce intermediate level 2024 international financial accounting 1

cameroon gce intermediate level 2024 international financial accounting 1

cameroon gce intermediate level 2024 international financial accounting 1

Ihe user of accounting information who is H,
interested in past performance and takes
remedial action where necessary is known as
the
A government.
B investors.
C managers.
D journalists. 9
2. An accounting document intended to test the
arithmetical accuracy of the double entry is
known as
A the ledger.
B books of prime entry.
C the journal.
D the trial balance.
nonnonA trial balance is prepared in order to
A Analyse the financial information.
B Control the costs of the business.
C Assist preparation of financial
statements.
D Evaluate the performance of the business.
3. One component of prime cost in a manufacturing 10.
account is
A carriage inwards on raw materials.
B carriage outward pm finished goods.
C factory rent.
D factory supervisor’s salary.
Motor repairs of 25,000 CFAF have been posted
to the motor vehicles account. What is the effect
on the final accounts ?
A Net profit will be overstated.
B Net profit will be understated.
C Gross profit will be overstated.
D Gross profit will be understated.
4. A surplus that have been earned by a club over a 11.
lifetime is known as
A capital.
B accumulated fund.
C retained earnings.
D subscriptions.
5. When goods are sold on credit, the transaction
is recoded in the
A general journal.
B general ledger.
C Sales ledger.
D Sales journal.
At the end of a financial year, general expenses
are transferred to the
A capital account.
B profit and loss account.
C balance sheet.
D trading account.
12.
6. Using the same method of depreciation for
Motor Van by an Enterprise over the years is 13.
associated with
A Consistency concept.
B Continuity concept.
C Accrual concept.
D Prudent concept.
Annual depreciation charges on non-current
assets are recorded by the
A Dr. Asset a/c
Cr. provision for depreciation a/c.
Dr. income statement
Cr. Provision for depreciation a/c.
C Dr. Provision for depreciation a/c

Cr. provision for depreciation a/c.
B
Which of the following statement about a two
column cash book is correct ?
A It’s a ledger account for bank transaction
only.
B It a ledger account for cash transactions 14.
only.
C It is a book ofprime entry.
D It records cash discount.
7.
What is the most liquid accounting ratio ?
A Current ratio.
B Sales ratio.
C Acid test ratio.
D Working capital ratio.