$51.$ In a business$$s books, the ledger account of James Brown, a customer, shows a debit balance of GHC$450.$ What does this mean?

A$.$ Brown has paid GHC$450$ to the business

B$.$ Brown owes the business GHC$450$

C$.$ the business has paid Brown GHC$450$

D$.$ the business owes Brown GHC$450$

$52.$ A supplier$$s account in a customer$$s books, has a credit balance of GHC$8000.$ What does this mean?

A$.$ the customer owes the supplier GHC$8000$

B$.$ the customer has paid the supplier GHC$8000$

C$.$ the supplier has paid GHC$8000$

D$.$ the supplier owes GHC$8000$

$53.$ Which ledger entries record the purchase of a machine bought on credit?

A$.$ debit trade payables, credit machinery

B$.$ debit machinery, credit trade payables

C$.$ debit trade payables, credit purchases

D$.$ debit purchases, credit trade payables

$54.$ What is the purpose of double entry bookkeeping?

A$.$ to apply the dual aspect concept

B$.$ to avoid errors

C$.$ to prepare books of prime entry accurately

D$.$ to record revenue and capital transactions correctly

$55.$ The owner of a business has taken goods for personal use but not recorded this in the books. Which journal entries must be made at the end of the year?

Debit Credit A$.$ Drawings Stock B$.$ Drawings Sales

C$.$ Purchases Drawings

D$.$ Sales Drawings

$56.$ A sole trader takes cash and also goods for his own use from his business. Which of these will affect his capital?

A$.$ the cash only

B$.$ the goods only

C$.$ both the cash and the goods

D$.$ neither the cash nor the goods

$57.$ A business bought a computer for the office and paid by cheque. How will the business record this transaction?

Debit Credit A$.$ bank account office equipment account B$.$ office equipment account bank account C$.$ bank account purchases account

D$.$ purchases account bank account

$58.$ Y$$s account appears in the ledger of X as follows.

Jan $1$ Bal b$/$d $100$ Jan $10$ Bank $100$

Jan $20$ Sales $400$ Jan $31$ Bal c$/$d $400$

$500500$

Which statement is true?

A$.$ On $1$ January Y was owed GHC$100$ by X

B$.$ On $10$ January Y paid GHC$100$ into the bank

C$.$ On $20$ January Y$-$supplied goods GHC$400$ to X

D$.$ On $31$ January Y was a trade receivable of X for GHC$400$

$59.$ The owner of a business takes goods costing GHC$6000$ from his shop for his own use. What are the book keeping entries?

Credit Debit A$.$ drawings account GHC$6000$ purchases account GHC$6000$

B$.$ drawings account GHC$6000$ inventory account GHC$6000$

C$.$ purchase account GHC$6000$ drawings account GHC$6000$

D$.$ inventory account GHC$6000$ drawings account GHC$6000$

$60.$ A trader takes goods that have a selling price of $$200$ from his shop for his own use. The cost price of these goods is $$150.$ How is this transaction recorded in his accounting records?

Account$($s$)$ debited Account$($s$)$ credited A$.$ drawings $200$ purchases $200$ B$.$ purchases $200$ drawings $200$

C$.$ drawings $150$ Inventory $150$ D$.$ purchases $150$ drawings $150$

$61.$ Which accounting concept satisfy the valuation criteria

A$.$ Going concern, Realization, Cost

B$.$ Going concern, Cost, Dual aspect

C$.$ Cost, Dual aspect, Conservatism

D$.$ Realization, Conservatism, Going concern.

$62.$ A trader has made a sale of Rs$\mathrm{.}75,500$ out of which cash sales amounted toRs$\mathrm{.}25,500.$ He showed trade receivables on $31-3-2014$ at Rs$\mathrm{.}25,500.$ Which concept is followed by him?

A$.$ Going concern

B$.$ Cost

C$.$ Accrual

D$.$ Money measurement

$63.$ In which of the following cases, accounting estimates are needed?

A$.$ Employs benefit schemes

B$.$ Impairment of losses

C$.$ Inventory obsolescence

D$.$ All of the above

$64.$ Deewali advance given to an employee is

A$.$ Revenue Expenditure

B$.$ Capital Expenditure

C$.$ Deferred Revenue Expenditure

D$.$ Not an Expenditure

$65.$ A firm has reported a profit of Rs$.1,47,000$ for the year ended $31-3-2014$ after taking into consideration the following items.

$($i$)$ The cost of an asset Rs$\mathrm{.}23,000$ has been taken as an expense

$($ii$)$ The firm anticipated a profit of Rs$.12,000$ on the sale of an old furniture

$($iii$)$ Salary of Rs$\mathrm{.}7,000$ outstanding for the year has not been taken into account

$($iv$)$ An asset of Rs$\mathrm{.}85,000$ was purchased for Rs$\mathrm{.}75,000$ and was recorded in the books at Rs$\mathrm{.}85,000.$

What is the correct amount of profit to be reported in the books?

A$.$ Rs$\mathrm{.}1,47,000$

B$.$ Rs$.1,51,000$

C$.$ Rs$\mathrm{.}1,63,000$

D$.$ Rs$\mathrm{.}1,41,000$

$66.$ The process of recording financial data upto trial balance is

A$.$ Book keeping

B$.$ Classifying

C$.$ Summarizing

D$.$ Analyzing

$67.$ Rohit carrying on real estate business sold a piece of land for Rs$\mathrm{.}4,00,00,000($cost Rs$\mathrm{.}3,50,00,000)$ then the type of receipt is$\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ nature and profit on sale is$\_\_\_\_\_\_\_\_$

A$.$ Capital & transferred to capital reserve

B$.$ Revenue & transferred to P & L a$/$c

C$.$ Capital & transferred to P & L a$/$c

D$.$ Revenue & transferred to general reserve

$68.$ In income measurement & recognisation of assets & liabilities which of the following concepts goes together?

A$.$ Periodicity, Accrual, Matching

B$.$ Cost, Accrual, matching

C$.$ Going concern, cost, Realization

D$.$ Going