Question 1 Atongo Sole Business
Atongo started a grocery business on 1 January 2005 with capital of GH¢2,000 in cash. He rented
premises for GH¢600 per annum, payable quarterly in arrears, the first payment being due on 31
March 2005. Also on 1 January, he borrowed GH¢600 from a friend, Wa...
PRACTICAL QUESTIONS IN THE GHANAIAN
PERSPECTIVE
(FOR ANSWERS TO ALL THE QUESTIONS PLEASE GO TOhttp://ssrn.com/author=1590490 AND
PURCHASE THE WHOLE QUESTIONS AND ANSWERS)
FOR
UNDERGRADUATES & DIPLOMA
STUDENTS
COMPILED BY
MR GEORGE EKEGEY EKEHA
(MBA Fin., MBA, B.Com)
, Abstract
More often that not, our accounting practices at the corporate levels have been very different from what
actually goes on in our schools and universities. Many of our graduate students in accounting get into the
real world of work and realised that whatever they learnt in the classrooms have got not much impact on
the practice of accounting in the corporate environment. It is very pathetic to see graduates in accounting
with very good honours but cannot even conduct a simple bank reconciliation investigation when they got
to the office. It is therefore becoming a normal practices to engage a fresh university graduate in an
organisation with all the financial stress on the organisation, as a result of the recruitment process, and
then spend some amount again to train them for the work environment. It is therefore s common place to
see organisations asking for several years of work experience before taking them in the job. I have heard
various youth advocacy groups in the country complaining about these demands from the recruiting
organisation stating that it frustrates the ambition of the youth. But unfortunately, nobody seems to care
about designing a strategy that would help our nations to come out of these situations and we all just
cherish complaining.
It is my intention to bring this practical (not totally though, but I am sure it would help others to start
thinking about the solutions) questions for prospective accounting graduates to test themselves on the
realities of accounting jobs. The business or corporate environments, I agreed, differ from one industry to
another and also from one particular organisation to the other. However, there are various issues which
are very common with any accounting practice, such as taxation and VAT. There is also a generally
accepted practices in the Ghanaian business environment (and Africa as a whole) which are practicable
within every organisation.
The “Financial Accounting Practices, Question and Answers” is compiled to help aspiring accounting
professionals to engage themselves in both theory and practical questions in accounting. Most of the
questions in this book are designed to help students understand some practical activities carried out by the
account officers in the corporate environments. I hope that it would be of immense help to all those who
are currently practicing accounting and still having petty problems on the job by using it as a reference
material for their jobs. I also hope that this material would go a long way to help University students in
Accounting, Polytechnic students in DBS Accounting and aspiring Professionals in any Accounting Field
in their endeavour to helping build a good Corporate Governance for this country‟s business environment
which would protect the investors‟ interest and thereby encouraging more investor to invest in the
country.
Please, contact the author for any clarification on the questions
and the answers thereof.
, Question 41: Jonny, Jimmy and Jerry Business Ventures ............................................................. 45
Question 42: Messers George and Cyril Akpanaway Consultants ................................................ 46
Question 43: Azi, Nefi and Agoneh Traders ................................................................................. 46
Question 44: Piper, Dom and Jerry Trading Ventures .................................................................. 48
Question 45: Antie and Dede Chemists ......................................................................................... 49
Question 46: Olando, Jay and Simpson Confectioneries............................................................... 50
Question 47: Wawa and Mahoganey Furniture Producers ............................................................ 51
CHAPTER 5 COMPANY ACCOUNTS ..................................................................................... 54
Question 48: Amankwah Company Ltd ........................................................................................ 54
Question 49: Alluwako Company Ltd ........................................................................................... 55
Question 50: Biafra Bambara Company Ltd ................................................................................. 56
Question 51: Olusegun International Plc ....................................................................................... 57
Question 52: New Generation Hoteliers Ltd ................................................................................. 58
Question 53: Alhaji Lankan Ltd .................................................................................................... 58
Question 54: Alfa and Omega Company Ltd ................................................................................ 59
Question 55: Egue Kportufe Garages Ltd ..................................................................................... 60
Question 56: ZoomVultures Ltd, Developers of Cleaning Products ............................................. 61
Question 57: Motorway Jumpers Transportations ......................................................................... 62
Question 58: Amazing Freddy Company Ltd ................................................................................ 64
Question 59: Cazmil Public Limited Company (Plc) .................................................................... 65
Question 60: Suleman Garibah Company Ltd ............................................................................... 66
Question 61: Gasu Quofie Plc Farm Equipments .......................................................................... 67
CHAPTER 6 FUNDAMENTAL ACCOUNTING CONCEPTS ................................................ 69
Question 62: Nature and Purpose of SSAPs .................................................................................. 69
Question 63: Fundamental Accounting Concepts ......................................................................... 69
Question 64: Freddy‟s Conner, Bepos and Jargoos ....................................................................... 69
Question 65: Needs of Accounts Users ......................................................................................... 69
Question 66: Atongo, The Science Student ................................................................................... 69
Question 67: Jorgbenue Gee Plc .................................................................................................... 70
Question 68: Principles of SSAP 9 ................................................................................................ 70
Question 69: Monallissa Ltd, A Processing Company .................................................................. 71
Question 70: Logba Young Plc...................................................................................................... 71
Question 71: Suzzy Selase Gee Study Notes ................................................................................. 71
Question 72: Accounting Terminologies as per SSAP2 ................................................................ 72
Question 73: Benjamin K Onimangbori Queries........................................................................... 72
Question 74: Fundamental Accounting Concepts SSAP2 ............................................................. 73
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ariikelsey. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.89. You're not tied to anything after your purchase.
