Account Second Term Examination Questions 2019/2020 Session – Senior Secondary School One ( SSS 1)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2ND TERM EXAMINATION FOR 2017/2018 SESSION
SUBJECT: Account CLASS: SS1 TIME: 1 Hr 30mins
OBJECTIVES
- A trial balance is prepared to ( a) detect error (b). Ascertain profit (c). test arithmetical accuracy (d) correct error
- The statement that reveals the asset and liabilities of a firm at a glance is known as( a) Capital ( b) trial balance (c) balance sheet (d) ledger
- A fixed amount of money set aside for a petty expenses is (a) imprest ( b) cash (c) float (d) capital
- Which of the following is not a liability (a) accruals wages (b) rental arrears (c) .prepayments (d) insurance due but unpaid
- Which of the following belong to the nominal ledger (a) fixed assets (b) stock account (c) salaries and wages (d) debtors account
- The double entry for the purchase of a Motor van is debit (a) cash account and credit motor van account (b) capital and credit cash account (c) motor van account and credit cash account (d) ledger account and credit cash account
- If purchases account is overcast by N200 and Wages account is under cast by N200. This is an error of (a) principle (b) omission (c) compensating (d) commission
- Which of the following subsidiary books involves cash movement (a) sales day book (b) return inward journal (c) cash journal (d) purchases journal
- The major difference between a two column cash book and three column cash book is —————– column (a) folio (b) bank (c) discount (d) contra
- Which of the following is determined in a trading account (a) net profit (b) capital (c) gross profit (d) discount
Use the information below to answer question 19 and 20
Sales N500,000, purchases N400,000 closing stock N50,000
- The cost of sales is (a) 250,000 (b) N100,000 (c) N350,000 (d) N750000
- The gross profit is (a) 30,000 (b) 250,000 (c) 150,000 (d) 100,000
- The system of running a petty cash is referred to as (a) petty system (b) imprest system (c) cash system (d) reimbursement system
- Which of the following is not a subsidiary book (a) Sales Day Book (b)Purchases Day Book (c) General Journal (d)Trial balance
- The accuracy of the ledger account can be proved in the (a) trading account (b) balance sheet (c) trial balance (d) journal
- Which of the following is a trading account item (a) discount allowed (b) discount received (c) carriage outward (d) carriage inward
- The distinguishing feature of a two-column cash book and one-column cash book is (a) discount column (b) cash column (c) bank column (d) ledger folio
- Which of the following is not a characteristic of a trial balance (a) it has column for debit and credit balances (b) total of debit balance is equal to total of credit balance (c) it is a statement (d) it is an account
- Which of the following is a nominal account (a) machinery account (b) debtors account (c) drawing account (d) wages account
- Which of the following has a credit marking (a) purchases account (b) machinery account (c) sales account (d) return inward account
- Rent N200 received will be (a) credited to the cash book (b) debited to the cash book (c) credited to the balance sheet (d) debited to the balance sheet
- The total value of goods in the sales journal will be (a) credited to sales ledger (b) debited to sales ledger (c) debited to purchase ledger (d) credited to purchase ledger
- Return inward is always having ———— balance in the ledger (a) debit (b) credit (a) overdraft (d) none of the above
- Purchase of envelope will be best enter in the petty cash under (a) transportation (b) ledger (c) postage (d) office expenses
- A petty cashier was given N1,000 and he spent N400 within the period, how much will he be reimbursed (a) N1,000 (b) N1,400 (c) N400 (d) N600
- The total of the purchase journal is transfer to the (a) debit side of purchase ledger (b) credit side of purchase ledger (c) debit side of sales ledger (d) credit side of sales ledger
- The following is not a nominal account (a) rent account (b) rate account (c) insurance account (d) machinery account
- A credit balance in the cash book indicates (a) surplus (b) overdraft (c) profit (d) loss
- A debit balance in the bank account indicates (a) surplus (b) overdraft (c) profit (d) loss
- The title for trading account is (a) as at 31st December (b) for the year ended 31st December (c) during the ended 31st December (d) prior to 31st December
Use the following information to answer question 31 – 34
Opening Stock 20,000
Closing Stock 30,000
Purchases 50,000
Sales 100,000
Total expenses 25,000
- What is the cost of goods available for sales (a) 90,000 (b) 70,000 (c)40,000 (d) 60,000
- What is the cost of goods sold (a) 90,000 (b) 70,000 (c)40,000 (d) 60,000
- What is the gross profit (a) 90,000 (b) 70,000 (c)40,000 (d) 60,000
- What is the net profit (a) 20,000 (b) 25,000 (c)40,000 (d) 35,000
- Return on purchases is known as (a) carriage inward (b) carriage outward (c) return inward (d) return outward
- Creditors for goods is generally known as a (a) capital (b) asset (c) liability (d) overdraft
Use the following information to answer question 37 – 39
Cash Balance carried down N20, 000
Cash sales N2, 000
Rent paid in cash N5, 000
Motor expenses by cash N4, 000
- What is the total expenses (a) N5,000 (b) N8,000 (c)N13,000 (d) N9,000
- What is the cash book balance (a) N5,000 (b) N8,000 (c)N13,000 (d) N9,000
- What is the total figure on both side of the account (a) N25,000 (b) N20,000 (c)N13,000 (d) N19,000
- The money introduced into the business by the owner is known as (a) cash (b) capital (c) drawing (d) asset
Instruction: Section Two:- answer question 1 and 2 and any other two questions from this section:
- Mr. Ojola has the the following transactions for the month of June 2015
Cash purchases 3,000
Cash sales 10,000
Paid wages by cash 200
Paid insurance by cash 800
Settle olu by cash 300
You are required to record the transactions, balance off and prepare a trial balance (15 marks)
- Rule a petty cash book containing columns headed as follows: postage, fares, stationery and telegrams. Enter the following transactions and balance the account
Jan .1 Received from a cashier for petty cash N500
Jan.2 Bought stamps N50
“ 3 paid bus fare N80, telegram N42
‘’ 4 paid for telegram N30: Stationery N75
‘’ 5 paid for postage stamp N25
‘’ 8 Received from cashier cheque to make up with the amount of the imprest N500
‘’ 9 Bought stamps N25
‘’ 10 paid railway fares N15: telegram N20
‘’ 12 paid for postage stamps N50: envelopes N40
‘’ 13 bus fares N50 (10 marks)
- (a). What is a trial balance 2marks (b) list four items on the debit and credit side of the trial balance respective 5marks
- (a). Differentiate between discount allowed and discount received 3marks (b) explain the following term (i) Imprest system (ii) Cash Float (4marks)
- (a)What is petty cash book 2marks (b) state at least four advantages of the imprest system 5marks
- Give a format of a trial balance with ten items 7marks
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2ND TERM EXAMINATION FOR 2017/2018 SESSION
SUBJECT: ECONOMICS CLASS: SS1 TIME: 2hrs
- Greater inter-dependence among workers in production is associated with (a) utility (b) manufacturing (c) factory workers (d) division of labour
- All the following are sources of finance to a Joint Stock Sompany except (a) cooperative loan (b) debenture (c) shares (d) bank loan
- A firm is said to be a Public Joint Stock Company when it (a) is owned by the government (b) sells it shares to the public (c) operates as a corporative (d) is not legally recognized as a firm
- The natural growth rate of a population is the (a) rate of migration divided by birth rate (b) death rate plus net migration (c) birth rate minus death rate (d) sum of death rate and the birth rate
- Population is concerned about __________ (a) counting of the less privileged (b) total number of people in an area (c) total number of disable in a particular area (d) people living in a particular area
- __________ is largely responsible for increase in population (a)death rate (b) early marriage (c) late marriage 9d) natural disaster
- Natural disaster is a good sign for _______ (a) increase in population (b) decrease in population (c) low population (d) none of the above
- One of the cause of death rate is due to _________ (a) early marriage (b) birth control (c) poor medical service (d) birth rate
- A typical implication of large population is ______ (a) high cost of living (b) regular promotion (c) good medical facilities (d) all of the above
- the government needs population census on the basis of_______ (a) distribution of resources (b) victimization of officers (c) reconciliation of people (d) none of the above
- a man made factor of production is referred to as (a) labour (b) capital (c) land (d) entrepreneur
- A public limited company could finance its operation through (a) government taxes (b) equity shares (c) dividend payment (d) import duties
- A business organization established to see more to the welfare of its members is known as (a) private company (b) co-operative societies (c) sole proprietorship (d) partnership
- Which year was the book “ the wealth of the nation” written by Adam Smith? (a) 1886 (b) 1496 (c) 1776 (d) 1576
- Division of labour leads to (a) profit (b) laziness (c) specialization (d) exchange
- A co-operative society is a (a) finance house (b) self-help business organization (c) public corporation (d) non-democratic business organization
- The action of the government to forgo construction in order to provide more health facilities denotes (a) sound economic decision (b) practicable government policy (c) opportunity cost (d) scale of preference
- The action taken by the government to determine the population of a country is referred to as (a) counting (b) budgeting (c) election (d) census
- A business that is having monopoly of decision making is the (a) partnership business (b) corporation (c) sole trader business (d) liability company
- Examples of joint stock bank are (a) commercial banks (b) central banks (c) co-operative and credit societies (d) developmental banks
- Which of the following controls a limited liability company (a) The general manager (b) the managing director (c) Tax payers (d)The board of directors
- The main advantage of large scale production is that (a) unit cost of production falls (b) decision making is quick (c) worker-management relationship is improved (d) the quality of the product increases
- Location of firms or an industry is not influenced by (a) availability of raw materials (b) existence of other firms (c) nearness to source of money supply (d) government policy
- One advantage the sole proprietorship has over other forms of business organizations is (a) availability of capital (b) decision making (c) large scale (d) liability
- A business organization that has a maximum number of 50 persons is known as (a) co-operative societies (b) partnership (c) private limited liability (d) public limited liability
- Which of these business organization has unlimited liability (a) joint stock (b) limited partnership (c) sole proprietorship (d) private limited company
- The public limited company cannot commence operation until it is issued (a) prospectus (b) article of association (c) certificate of trade (d) share certificate
- The method of counting only those who are physically present is called (a) De-jure population census (b) de-facto population census (c) actual population census (d) true population census
- One of the following factors is responsible for decline in population (a) election (b) war (c) legislation (d) emigration
- The reward which accrued to labour for participating in production is (a) Interest (b) Bonus (c) wages (d) Profit
- Production covers the following except when (a) utility is created (b) a commodity is consumed (c) a good is manufactured (d) individual wants are satisfied
- Data presented in table are usually arranged in (a) charts and graph (b) graphs and rows (c) rows and columns (d) columns and graphs
- Choice is necessitated by (a) demand and supply (b) cost of production (c) scarce resources (d) wants
- The concept of opportunity cost can also be referred to as (a) social cost (b) fixed cost (c) real cost (d) variable cost
- The following are examples of economic goods except, (a) bottle water (b) Air (c) house hold utensils (d) shelter
- Find the mean of the following numbers 8,9,6,5,10 (a) 5 (b) 6 (c) 8 (d) 9
- Which of the following problems arises where there are more than one technically possible methods of production? (a) where to produce (b) how to Produce (c) when to produce (d) for whom to produce
- Which of the following best describes Mode (a) average of two middle numbers (b) observation with the highest frequency (c) differences of two extreme numbers (d) item that occupy the middle position
- Where the number of people is more than resources available the result is (a) optimum population (b) over population (c) de-jure population (d) maximum population
- A market where wages and other conditions for employment are negotiated is known as (a) capital market (b) labour market (c) salary market (d) negotiation market
Answer any four questions from this section
- (a) What is capital (2mrks) (b). what are the importance of capital to an organization? ( 8 marks)
- State four advantages and three disadvantages of large scale production (10 marks)
- (a)Define the term Joint stock Company ( 2Marks ) (b) in a tabular form differentiate between a private limited and a public limited liability company
- (a). What is population Census? ( 2marks) (b) what are the effects of ageing population on a national economy ( 8 marks )
- What is labour market? ( 2marks ) (b) list and explain at least five factors affecting efficiency of labour
- List and explain at least five factors why some areas in West Africa are densely populated. ( 1o marks)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2ND TERM EXAMINATION FOR 2017/2018 SESSION
SUBJECT: ACCOUNT CLASS: SS 2 TIME: 1 Hr 30mins
OBJECTIVES
SECTION A: OBJECTIVES- Answer all questions
- The balance of the provision for depreciation account is shown in the (a) trial balance as a debit (b) trial balance as a credit (c) balance sheet as a current assets
- Outstanding rent of N300 is paid by the proprietor; the effect on the balance sheet is that (a) both the asset and liability is increased (b) both asset and the liability is decreased. (c) Liability is increase while the asset is decreased (d) liability is decreased while the asset is increased (e) both liability and assets remains unchanged.
- When a buyer returns damaged goods to the seller, the buyer receives a (a) profoma invoice (b) credit note (c) debit note (d) consignment note
- Trade discount is (a) allowance for prompt payment (b) allowance for damaged goods (c) allowance of price list (d) discount on creditors (e) discount on debtors.
- Which of the following is not true of capital expenditure? (i) assets required for the purpose of earning income (ii) extension of office building (iii) it is incurred and its full benefits consumed one period of account (a) I only (b) ii only (c) I and ii only (d) ii and iii only (e) iii only
Use the following information to answer questions 6-12 manufacturing and trading account N N
Opening raw materials 10,000 Manufacturing cost 114,000
Purchases 60,000 70,000
Less opening stock 8000
62,000
Direct labour 20,000
Direct expenses 20,000
Prime cost x
Factory over head 2,000
Production cost X
114,000 114,000
Stock b/d 10,000 Sales x production cost X Less sales returns 5,000
Stock c/d 12,000
Gross profit of 20% on sales
x x
- What is the total cost of raw materials consumed? (a) N144,00 (b) N114,000 (c) N 70,000 (d) N62,000 (e) N360,000
- What is the prime cost? (a) N62,000 (b) N70,000 (c) 78,000 (d) 102,000 (e) 114,000
- What is the factory cost of production? (a) N114,000 (b) 102,00 (c) 78,000 (d) 62,000 (e) N60,000
- What is the cost of finished goods purchased? (a) N60,000 (b) N50,000 (c) N40,000 (d) 30,000 (e) 20,000
- What are the net sales for the period? (a) N175,000 (b) N170,000 (c) 165,000 (d) 132,000 (e) 114,000
- What is the average cost of goods? (a) N8,000 (b) N9,000 (c) 10,000 (d) 11,000 (e) 12,000
- What is the gross profit? (a) N33,500 (b) 28,800 (c) 28,500 (d) 26,400 (e) N22,800
- Rent payable of account is an example of a (a) (a) nominal account (b) real account (c) personal account (d) private account
- A provision is (a) is an amount set out for profit for other uses (b) an amount of loss from trading activities (c) an expenses of business to be paid for in cash (d) A loss in value of all business assets
- The term bad debt is used to describe (a) a debt that cannot be received (b) a debt is long overdue (c) an over charge on debtor’s account (d) a debt owned by former employee.
Use the following information to answer questions 16-19
N
Land and building 20,000
Stock 5,000
Cash in hand 1,000
Profit and loss b/f 14,000
Rent owing 400
Creditors 11,000
Furniture and filleting 7,500
Motor vehicles 12,500
Debtors 13,750
Bank overdraft 8,750
- The value of current liabilities is (a) N32,750 (b) 20,150 (c) 19,750 (d) 11,000
- The value of current assets is (a) N28,500 (b) 20,150 (c) 19,750 (d) 17,000
- The opening capital is (a) N32,000 (b) 26,000 (c) 25,600 (d) 14,000
- The value of fixed assets is (a) N57,300 (b) N47,500 (c) 40,000 (d) 37,500
- Partner’s interest on capital is shown in the (a) profit and loss account (b) partners fixed capital account (c) profit and loss appropriation account (d) trading profit and loss account
- Which of the following is not prepared by a partnership (a) Trading Account (b) Profit and Loss Account (c) income and expenditure account (d) Balance sheet
- The cash realized from the sales of assets on dissolution of partnership is (a) debited to cash account and credited to asset account (b)credited to cash account and debited to assets account (c) debited to cash account and credited to realization account (d) debited to realization account and credited to cash account
- Subscription in advance is treated in the balance sheet of a non-profit making organization as (a) current assets (b) fixed assets (c) current liabilities (d) accumulated fund
- At the dissolution of a partnership, the dissolution expenses is (a) debited to realization account and credited to cash account (b) debited to cash account and credited to realization account (c) credited to cash account and credited to realization account (d) debited to partner’s current account and credited to realization account
- The capital of a non- profit making organization is known as (a) capital reserved (b) accumulated fund (c) development capital (d) endowment fund
- Given the following : Debtors (1/1/16) N4,000, Debtors (31/12/16) 2,000, cash received from customers N8,000, what will be the amount to be carried to the trading account (a) N10,000 (b) N6,000 (c) N16,000 (d) N2,000
- Prime cost consist of (a) direct material and direct labour only (b) direct material, direct expenses and direct labour (c) direct material, direct expenses, direct labour and overheads (d) direct material and direct expenses
- One of the following may be the cause of dissolution of a partnership (a) admission of a partner (b) asset taken over by partner (c) death of a partner (d) revaluation of assets
- Receipt and payment account is equivalent to (a) income and expenditure (b) cash account (c) trading account (d) profit and loss account
- 25% mark-up is equivalent to ——– margin (a) 50% (b) 331/3 % (c) 20% (d) 75%
- Average stock is derived by (a) adding the opening stock to the closing stock (b) dividing the sum of the opening stock and closing stock by two(2) (c) dividing the differences of opening stock and closing stock by two(2) (d) ½ of purchases
- Given rent owing at 1/1/15 as N5, 000, 31/12/15 as N1, 000 and cash paid during the year as N8, 000. How much will be charged to profit and loss account (a) N5,000 (b) N13,000 (c) N4,000 (d) N12,000
Use the following information to answer question 33 – 35
Abu and Bello are in partnership business sharing profit and loss in the ratio 2:3 with a total of fixed assets of N30, 000, liabilities of N4, 000. They decided to dissolve the partnership by selling all assets and paying out all liabilities. The fixed assets realized N20, 000; Goodwill was valued at N15, 000.
- What is the share of profit of Abu (a) N3,000 (b) N2,000 (c) N4,000 (d) N1,000
- What is the share of profit of Bello (a) N3,000 (b) N2,000 (c) N4,000 (d) N1,000
- The liability will be (a) debited to realization account (b) credited to cash account (c) debited to cash account (d) credited to realization account
- Subscription in arrears is treated as (a) current liability (b) current asset (c) fixed asset (d) capital
- Goodwill can be valued in partnership when (a) partners make profits (b) large losses are made (c) a partner retires (d) a new branch is opened
- When partners make drawing of stock items from the partnership, the accounting impact of the drawing is to increase partner’s (a) goodwill account (b) current account credit balance (c) current account debit balance (d) profit and loss credit balance
- An item of appropriation in a partners profit and loss account is (a) interest on partner’s capital (b) interest on partners’ loan (c) employees salaries (d) partners’ drawing
Subscriptions received during the year N30,000
Subscription owed last year N4,000
Subscription received for next year N6,000
- The N6,000 subscription received is (a) current assets (b) current liability (c) fixed asset (d) capital
Part B
Answer only one question from this part.
1. Below is a summary of the receipt and payments of unity club for the year ended 31st Dec. 2015
N
Balance 01/1/15 48,310
Proceeds from dance 36,150
Transfer to bank deposit 120,000
Rates 10,000
Wages paid 72,300
Entrance fees received 5,000
Subscription received 300,000
Equipment bought 40,000
Repairs 16,172
General expenses 48,896
Stationery bought 9,790
Interest received on bank deposit 12,000
Donation received 4,200
Additional information (a) wages of N4, 800 were due and unpaid at 31st December 2015 (b) Rates prepared amounted to N2, 000 (c) general expenses include N3, 000 owing since the previous year. (d) Of the subscriptions received N8, 000 was in arrears the previous year while N20, 000 was paid in advance for the coming year. In addition N12, 000 still owed at 31st December, 2015 (e) the club had the following properties on 1st January 2015.
N
- Club house 960,000
- Equipments 600,000
- Bank deposit 400,000
- (f) Depreciate club house by 5% and equipment including additions within the year by 10%.
You are required to prepare: (i) receipt and payment account for the year ended 31st December 2015 (ii) Income and expenditure account for the year ended 31st December 2015 (iii) Balance sheet as at that date. 20 marks
2. Obe, Ajala and Kayode who share profit and losses in the ratio 2:3:1 decided to dissolve their partnership as at 31st December 2009
Balance sheet as at 31st December
2009
Capital account: Fixed Assets:
Building 2,500
Obe 3,000 Equipment 1,500
Ajala 2,500 Motor car 1,250
Kayode 1,500 7,000 5,250
Current Asset
Current Account: Stock 900
Obe 100 Debtors 1,400
Ajala 50 Bank 700 3,000
Kayode 250 400
Creditors 850
8,500 8,500
Additional Information: (a) the following assets were realised
Equipment 900
Stock 950
Goodwill 1,500
Debtors 1,350
(b) The motor was taken over as follows Obe N400 : Ajala N500 : Kayode N250
(c) The building was taken over by Kayode at a value of N2,750
(d) The creditors were discharged for N800 and cost of dissolution was N500. You are required to prepare the necessary accounts. 20 marks
Part 3. Answer any two questions from this part
- (a) Explain what it mean by dissolution of
partnership 1. (b) list at least five
reason necessary for the dissolution of partnership ( 10 marks )
- Define the following accounting ratio and state the formula applicable to each of them I.Margin II. Mark-up III. Rate of stock turn over IV. Gross profit percentage ( 10 marks)
- State the meaning and treatment of the following (a) subscription in arrears (b) subscription in advance (c) expenses in advance (d) accumulated fund (e) subscription received
- Give at least five differences between the receipt and payment account and the income and expenditure account (10 marks)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2ND TERM CONTINUOUS ASSESSMENT(1) TEST FOR 2019/2020 SESSION
SUBJECT: Account CLASS: SS1 TIME: 45mins
- A fixed amount of money set aside for a petty expenses is (a) imprest ( b) cash (c) float (d) capital
- Which of the following is not a liability (a) accruals wages (b) rental arrears (c) .prepayments (d) insurance due but unpaid
- Which of the following belong to the nominal ledger (a) fixed assets (b) stock account (c) salaries and wages (d) debtors account
- The double entry for the purchase of a Motor van is debit (a) cash account and credit motor van account (b) capital and credit cash account (c) motor van account and credit cash account (d) ledger account and credit cash account
- If purchases account is overcast by N200 and Wages account is under cast by N200. This is an error of (a) principle (b) omission (c) compensating (d) commission
- If purchases account is overcast by N200 and Wages account is under cast by N200. This is an error of (a) principle (b) omission (c) compensating (d) commission
- Which of the following subsidiary book involved cash movement (a) sales day book (b) return inward journal (c) cash journal (d) purchases journal
- The major difference between a two column cash book and three column cash book is —————– column (a) folio (b) bank (c) discount (d) contra
- Which of the following is determined in a trading account (a) net profit (b) capital (c) gross profit (d) discount
Use the information below to answer question 10
Sales N500,000, purchases N400,000 closing stock N50,000
- The cost of sales is (a) 250,000 (b) N100,000 (c) N350,000 (d) N750000
Theory
Rule a petty cash book containing columns headed as follows: postage, fares, stationery and telegrams. Enter the following transactions and balance the account
Jan .1 Received from a cashier for petty cash N500
Jan.2 Bought stamps N50
“ 3 paid bus fare N80, telegram N42
‘’ 4 paid for telegram N30: Stationery N75
‘’ 5 paid for postage stamp N25
‘’ 8 Received from cashier cheque to make up with the amount of the imprest N500
‘’ 9 Bought stamps N25
‘’ 10 paid railway fares N15: telegram N20
‘’ 12 paid for postage stamps N50: envelopes N40
‘’ 13 bus fares N50 (10 marks)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2ND TERM CONTINUOUS ASSESSMENT TEST FOR 2019/2020 SESSION
SUBJECT: Account CLASS: SS1 TIME: 45mins
- The total value of goods in the sales journal will be (a) credited to sales ledger (b) debited to sales ledger (c) debited to purchase ledger (d) credited to purchase ledger
- Return inward is always having ———— balance in the ledger (a) debit (b) credit (a) overdraft (d) none of the above
- Purchase of envelope will be best enter in the petty cash under (a) transportation (b) ledger (c) postage (d) office expenses
- A petty cashier was given N1,000 and he spent N400 within the period, how much will he be reimburse (a) N1,000 (b) N1,400 (c) N400 (d) N600
- The total of the purchase journal is transfer to the (a) debit side of purchase ledger (b) credit side of purchase ledger (c) debit side of sales ledger (d) credit side of sales ledger
- The following is not a nominal account (a) rent account (b) rate account (c) insurance account (d) machinery account
- A credit balance in the cash book indicates (a) surplus (b) overdraft (c) profit (d) loss
- A debit balance in the bank account indicates (a) surplus (b) overdraft (c) profit (d) loss
- The title for trading account is (a) as at 31st December (b) for the year ended 31st December (c) during the ended 31st December (d) prior to 31st December
Use the following information to answer question 31 – 34
Opening Stock 20,000
Closing Stock 30,000
Purchases 50,000
Sales 100,000
Total expenses 25,000
- What is the cost of goods available for sales (a) 90,000 (b) 70,000 (c)40,000 (d) 60,000
Theory
Mr. Ojola has the the following transactions for the month of June 2015
Cash purchases 3,000
Cash sales 10,000
Paid wages by cash 200
Paid insurance by cash 800
Settle olu by cash 300
You are required to record the transactions, balance off and prepare a trial balance (10 marks)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2ND TERM CONTINUOUS ASSESSMENT TEST FOR 2019/2020 SESSION
SUBJECT: Account CLASS: SS2 TIME: 45mins
- The balance of the provision for depreciation account is shown in the (a) trial balance as a debit (b) trial balance as a credit (c) balance sheet as a current assets
- Outstanding rent of N300 is paid by the proprietor, the office on the balance sheet is that (a) both the liability are increased (b) both the liability are increased. (c) Liability is increase while the asset is decreased (d) liability is decreased while the asset is increased (e) both liability and assets remains unchanged.
- When a buyer returns damaged goods to the seller, the buyer received a (a) profoma invoice (b) credit note (c) debit note (d) consignment note
- Trade discount is (a) allowance for prompt payment (b) allowance for damaged goods (c) allowance of price list (d) discount on creditors (e) discount on debtors.
- Which of the following is not true of capital expenditure? (i) assets required for the purpose of earning income (ii) extension of office building (iii) it is incurred and its full benefits consumed one period of account (a) I only (b) ii only (c) I and ii only (d) ii and iii only (e) iii only
- Which of the following is not a characteristic of a trial balance (a) it has column for debit and credit balances (b) total of debit balance is equal to total of credit balance (c) it is a statement (d) it is an account
- Which of the following is a nominal account (a) machinery account (b) debtors account (c) drawing account (d) wages account
- Which of the following has a credit marking (a) purchases account (b) machinery account (c) sales account (d) return inward account
- Rent N200 received will be (a) credited to the cash book (b) debited to the cash book (c) credited to the balance sheet (d) debited to the balance sheet
- The total value of goods in the sales journal will be (a) credited to sales ledger (b) debited to sales ledger (c) debited to purchase ledger (d) credited to purchase ledger
Theory: answer all questions
- (a) Explain what it mean by dissolution of
partnership (2marks) 1. (b) list at
least five reason necessary for the dissolution of partnership ( 3 marks )
- Define the following accounting ratio and state the formula applicable to each of them I.Margin II. Mark-up III. Rate of stock turn over IV. Gross profit percentage ( 5 marks)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2ND TERM CONTINUOUS ASSESSMENT TEST(2) FOR 2019/2020 SESSION
SUBJECT: Account CLASS: SS2 TIME: 45mins
- Return
inward is always having ———— balance in the ledger (a) debit (b) credit
(a) overdraft (d) none of the above
- Purchase of envelope will be best enter in the petty cash under (a) transportation (b) ledger (c) postage (d) office expenses
- A petty cashier was given N1,000 and he spent N400 within the period, how much will he be reimburse (a) N1,000 (b) N1,400 (c) N400 (d) N600
- The total of the purchase journal is transfer to the (a) debit side of purchase ledger (b) credit side of purchase ledger (c) debit side of sales ledger (d) credit side of sales ledger
- Subscription in advance is treated in the balance sheet of a non-profit making organization as (a) current assets (b) fixed assets (c) current liabilities (d) accumulated fund
- At the dissolution of a partnership, the dissolution expenses is (a) debited to realization account and credited to cash account (b) debited to cash account and credited to realization account (c) credited to cash account and credited to realization account (d) debited to partner’s current account and credited to realization account
- The capital of a non- profit making organization is known as (a) capital reserved (b) accumulated fund (c) development capital (d) endowment fund
- Given the following : Debtors (1/1/16) N4,000, Debtors (31/12/16) 2,000, cash received from customers N8,000, what will be the amount to be carried to the trading account (a) N10,000 (b) N6,000 (c) N16,000 (d) N2,000
- Prime cost consist of (a) direct material and direct labour only (b) direct material, direct expenses and direct labour (c) direct material, direct expenses, direct labour and overheads (d) direct material and direct expenses
- One of the following may be the cause of dissolution of a partnership (a) admission of a partner (b) asset taken over by partner (c) death of a partner (d) revaluation of assets
Theory: answer all question
- State the meaning and treatment of the
following (a) subscription in arrears (b) subscription in advance (c) expenses
in advance (d) accumulated fund (e)
subscription received
- Give at least five differences between the receipt and payment account and the income and expenditure account (10 marks)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2ND TERM CONTINUOUS ASSESSMENT TEST FOR 2019/2020 SESSION
SUBJECT: Economics CLASS: SS1 TIME: 45mins
- the government need population census on the basis of_______ (a) distribution of resources (b) victimization of officers (c) reconciliation of people (d) none of the above
- a man made factor of production is referred to as (a) labour (b) capital (c) land (d) entrepreneur
- A public limited company could finance its operation through (a) government taxes (b) equity shares (c) dividend payment (d) import duties
- A business organization established to see more to the welfare of its members is known as (a) private company (b) co-operative societies (c) sole proprietorship (d) partnership
- Which year was the book “ the wealth of the nation” written by Adam Smith (a) 1886 (b) 1496 (c) 1776 (d) 1576
- Division of labour leads to (a) profit (b) laziness (c) specialization (d) exchange
- A co-operative society is a (a) finance house (b) self-help business organization (c) public corporation (d) non-democratic business organization
- The action of the government to forgo construction in order to provide more health facilities denotes (a) sound economic decision (b) practicable government policy (c) opportunity cost (d) scale of preference
- The action taken by the government to determine the population of a country is referred to as (a) counting (b) budgeting (c) election (d) census
- A business that is having monopoly of decision making is the (a) partnership business (b) corporation (c) sole trader business (d) liability company
Theory : answer all questions
- (a)
What is capital (2mrks) (b). what are
the importance of capital to an organization
( 3marks)
- State four advantages and three disadvantages of large scale production (5 marks)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2ND TERM CONTINUOUS ASSESSMENT TEST(2) FOR 2019/2020 SESSION
SUBJECT: Economics CLASS: SS1 TIME: 45mins
- Greater
inter-dependence among workers in
production is associated with (a)
utility (b) manufacturing (c) factory
workers (d) division of labour
- All the following are sources of finance to a joint stock company except (a) cooperative loan (b) debenture (c) shares (d) bank loan
- A firm is said to be a public joint stock company when it (a) is owned by the government (b) sells it shares to the public (c) operates as a corporative (d) is not legally recognized as a firm
- The natural growth rate of a population is the (a) rate of migration divided by birth rate (b) death rate plus net migration (c) birth rate minus death rate (d) sum of death rate and the birth rate
- Population is concerned about __________ (a) counting of the less privileged (b) total number of people in an area (c) total number of disable in a particular area (d) people living in a particular area
- __________ is largely responsible for increase in population (a)death rate (b) early marriage (c) late marriage 9d) natural disaster
- Natural disaster is a good sign for _______ (a) increase in population (b) decrease in population (c) low population (d) none of the above
- One of the cause of death rate is due to _________ (a) early marriage (b) birth control (c) poor medical service (d) birth rate
Theory : answer all question
- (a)Define the term Joint stock Company ( 2Marks ) (b) in a tabular form differentiate between a private limited and a public limited liability company ( 3marks)
- what are the effects of ageing population on a national economy ( 5 marks )
