Account First Term Examination and Continous Assessment Questions 2019/2020 Session – Senior Secondary School ( SSS 1, SSS 2)

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EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1^ST TERM EXAMINATION 2019/2020

SUBJECT: ACCOUNTING CLASS: SS 1 TIME: 3hrs

OBJECTIVE: Answer all questions

One of the following is a source document (a) sales day book (b) purchases day book (c) sales ledger (d) debit note
All sales on credit are recorded in the ————— first (a)purchases ledger (b)purchases Journal (c)sales journal (d)sales account
Which of the following is a current liability (a) Accruals (b) Bank loan(c) Debtors (d) Debenture
Entries at the beginning of a business is recorded in (a) sales journal (b) journal proper (c) purchases journal (d) cash journal
When part of the goods purchased are returned to the supplier as a result of defective the goods are described as (a) return inward (b) carriage outward (c) return outward (d) carriage outward
Which of the following best defined book-keeping (a) statement of account (b) a book kept in order not to overburden the cash book (d) a systematic manner of recording business transaction
The management need accounting records for—– (a) tax assessment(b)Profit motive (c) Salary agitation (d) Decision making
An entry that has its dual entry in the cash book is known as (a) cash sales (b) credit purchase (c)Contra Entry (d) Double Entry
The document used for an overcharge account by the seller is the (a) Debit note (b) Credit note (c) receipt (d) invoice
The sales account in normally having a ——— balance (a) credit (b)debit (c) contra (d) neutral
The double entries principle of accounting was developed in the year (a) 1894 (b)1484 (c) 1887 (d) 1494
What is the dual for the sales of goods for cash, debit——- and credit ———— (a) cash , sales (b) Purchases, sales (c) cash, sales (d) sales , purchases
————– needs accounting for tax assessment (a) share holders (b) tax authority (c) managers (d) insurance
The financial statement that shows the assets and liabilities of a company is known as (a) balance sheet (b) trial Balance (c) ledger (d) journal
The total of the sales journal will be transferred to (a) sales ledger account (b) sales outward account (c) debtors account (d) sales return account
The obligation of a company to the third party is known as (a) capital (b) Liability (c) Asset (d) income
Fixtures and Fittings are example of (a) current liability (b) current asset (c) fixed liability (d) long term liability
The abbreviation A.N.A.N means (a) Association of Nigerian accountants national (b) Association of Norway accountants (c) Association of new Accountants of Nigeria (d) Association of National Accountants of Nigeria
The owners contribution to the business is referred to as (a) capital (b) liability (c) profit (d) assets
Which of the following is a correct accounting equation (a) asset + liability = capital (b) capital = assets – Liabilities (c) Liabilities = Capital + Assets (d) Capital = Liabilities
The accounting concept, which states that the affairs of the proprietor should be separated from that of the firm is (a) going concern (b) dual aspect concept (c) business entity concept (d) accrual concept
Debtors and Creditors account can be classified under (a) Nominal (b) real (c) Tangible (d) personal
Which of the following does not belong to the group (a)motor van (b) goodwill (c) cash (d) capital
When a customer’s account is understated —————– is used to correct the account (a) Debit note (b) Journal (c) ledger (d) Credit note
Invoice can be classified under (a) Journal (b) source Document (c) Ledger (d) balance sheet
Which of the following will best define balance sheet (a) form of trading account (b) proof of arithmetical accuracy (c) statement showing assets and liability of an organization (d) statement showing profit and loss
Institute of Chartered Accountants of Nigeria was established in the year (a) 1992 (b) 1894 (c) 1982 (d) 1965
Which of the following is not a long term liabilities (a) overdraft (b) preference share (c) long term loan (d) Debenture
Ledger accounts is classified into (a) personal, creditors and debtors account (b) company , non company and government account (c) real, personal and nominal (d) joint, partnership and revenue account
Which of the following is an asset (a) bad debt provision (b) rent prepaid (c) wages accrued (d) sales
The double entry for goods purchased by cash is (a) Dr purchases account and Cr cash account (b) Dr cash account and Cr purchases account (c) Dr purchases account and Cr creditors account (d) Dr cash account and Cr
What effect will the purchases of asset on credit has on the balance sheet (a) increases Assets and increases Liabilities (b) increases Assts and decreases Liabilities (c) has no effect (d) none of the above
The following are accounting concept except (a) contra entry (b) historical cost (c) dual (d) going concern
The following are books of original entry except (a)the balance sheet (b) cash book (c) sales day book (d) purchases day book
A credit balance in the bank column of the cash book shows (a) Surplus (b) debtors (c) creditors (d) overdraft
Given the value of assets as N6,000 and total liabilities to be N3500, what is the value of capital (a) N1500 (b) N4,500 (c) N3,500 (d) N2,500

Use the following information to answer question 37 – 40

August 1^st cash in hand N5,000

Cash at bank N10,500

August 2^nd paid Jide by cheque N2,000

August 5^th paid transport by cash N1,000

August 9^th received cheque from ola N8,000

August 15^th cash sales N8,000

August 17^th paid Hassan by cheque N3,000

August 19^th paid umar by cash N1,000

August 31^st paid wages cash N6,000

The cash in hand on 31/8/01 is (a) 8,000 (b) 13,000 (c) N15,000 (d) 5,000
The cash at bank on 31/8/01 1s (a)N10,100 (b) N8,900 (c)N7400 (d) N13,500
The total cash expenses is (a) 5,000 (b) 18,500 (c) N13,000 (d) 8,000
The total credit deposit to the bank is (a)N10,100 (b) N8,900 (c)N7400 (d) N18,500

PART B

Answer question number one or two and any other two questions from this section.

Write up the cash book of Mr. Dotun for the month of February 2016

Feb. 1. Started business with cash N2,000

Feb. 2. Paid sundry expenses N250

Feb. 3. Sold goods for cash N1, 000

Feb. 4. Paid rent and rate in cash N500

Feb. 15. Bought fixtures in cash N750

Feb. 20. Paid wages in cash N650

Feb. 25. Cash sales to date N1, 500

Feb. 27. Paid rent N550

Feb. 27. Bought office machine N350

Feb. 28.received from Ojo N800 (20 marks )

State the effect of the following transaction on a balance sheet
Purchase machinery on credit
Cash paid to creditor
Goods sold for cash
Proprietor took cash out of the business
Receive cash from debtors
Purchase goods with cash
The proprietor introduces cash into the business
Deposit cash into bank
Purchase furniture for cash
Purchase goods on credit ( 20 marks)

(a) what is Book-Keeping (2 marks)

(b) Write out five uses of book keeping and Accounting ( 8 marks)

4. Write short note on the following

(i) Fixed Assets

(ii) Long term Liability

(iii) Debit Note and Credit Note

(iv) Principles of Double Entry (10 marks)

5. (a) what is a subsidiary book ( 2mark )

(b) List and explain all the Subsidiary books. (8marks)

EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1^ST TERM EXAMINATION 2019/2020

SUBJECT: ACCOUNTING CLASS: SS 2 TIME: 3hrs

OBJECTIVE: Answer all questions

A cheque of N500 drawn in favour of Chinwe was posted to the credit side of her account. The entry necessary to correct the error is (a) debit suspence account with N1,000, credit Chinwe account with N1,000 (b) Debit bank account with N500 and credit Chinwe with N500 (c) debit suspense account with N500 and credit chinwe with N500 (d) debit chinwe with N1,000 and credit suspense with N1,000,’
An active partner contributes (a) only capital to the business (b) only time no capital to the business (c) finance and organizes resources (d) No finance but enjoys the partnership business profit.
Errors in the ledger can only be corrected through (a) Control account (b) sales day book (c) Purchases day book (d) Journal proper
A suspense account is used to (a) accumulate debit and credit balance (b) correct errors (c) to record differences in the books until errors are located (d) record account of the general ledger
A purchase of goods from Obi had been recorded in Obika’s account.this is an error of- (a) omission (b) principle (c) original entry (d) commission
Interest on partner’s capital is credited to partner’s (a) appropriation account (b) trading account (c) current account (d) profit and loss account.
Purchase of office machine is recorded in office expenses account. Error made is known as (a) error of omission (b) compensating error (c) error of original entry (d) error of principle
The difference between market value of goods and the production cost is known as (a) gross profit on trading (b) net profit on trading (c) gross profit on manufacturing (d) net profit on manufacturing
What type of asset or liability is accrual (a) fixed (b) long term (c) fictitious (d) current
The addition of all the direct cost of production Is called — (a) production cost (b) overhead cost (c) prime cost (d) material cost
Where a wrong figure appears only in one account with the second figure correctly stated. This is an error of (a)compensation (b) omission (c) commission (d) transposition
The balance in the sales ledger control account indicates (a) difference between debtors and creditors (b) total sales (c) total debtors (d)total creditors
Where a fixed capitals are maintained, partner’s drawings are transferred to (a) debit of capital account (b) credit of capital account (c)credit of partner’s current account (d) debit of partner’s current account

Use the following to answer question 14 – 16

ABA BABA TOTAL

Capital 20,000 15,000 35,000

Drawings 2,250 ——– 2,250

Interest on drawing 504 ——– 504

Interest on capital 2,000 1,500 3,500

Net profit ——– ——- 34,63

Aba’s share of profit is (a) N19,792 (b) N18,352 c) N18,080 (d) N21,504
Baba’s share of profit is (a) N16,128 (b) 14,844 ( c) 13,764 d) N13,560
The rate of interest on apital is ( a) 15% ( b) 10% (c) 8% (d) 5%
One of the causes of differences between the cash book and the bank statement is (a)Discount received ( b) Provision for bad debt (c) discount allowed (d) uncredited cheque
Which of the following is a prime cost (a)salary (b) commission (c) Royalty (d)Discount allowed

Use the following question to answer question 19 – 20;

Prime cost 4,000

Factory overheads 6,000

Stock 1/1 work-in-progress 1,000

Stock 31/12 work-in-progress 2,000

Returns inwards 800

Sales 20,000

Cost of production is (a)N10,000 (b)N 9,000 (c)N 6,000 (d) N8,000
Net sales for the period is (a)N20,000 (b) 20,800 (c)10,000 (d) N19,200
Which of the following is a contra entry (a)lodgment of cheque into bank account (b) lodgment of office cash into the bank account (c) withdrawal of cash for private use (d) treatment of discount received in the cash book
Discount received had been credited to discount allowed account this is an error of : (a) Omission (b) original entry (c) compensating (d) principle
The following are method of depreciation except (a) straight line method (b) manufacturing method (c) reducing balance method (d) annuity method
The addition of prime cost and factory overheads is equal (a) market value (b) cost of production (C) total overhead cost (d) work in progress
Which is a Nominal Account? (a) Goodwill Account (b) rent and rate
c) Account of the supplier (d) None of the above
Partners whose liabilities are limited to the capital contributed to the business are referred to as (a) ordinary partner (b) limited partner (c) active partner (d) nominal
The reduction in the value of the fixed assets which can arise due to time factor is
(a) Discount (b) Depreciation (c) Reduction (d) None of the above
A business which converts raw material into finished goods prepares (a) an appropriation account (b) Manufacturing account (c) income and expenditure account (d) receipt and payment account
Which type of expenditure is shown in asset side of Balance sheets? (a) Capital Expenditure (b) prepaid Expenditure (c) accrued Expenditure
(d) None of the above
Directors remuneration are recorded in the books as (a) capital expenditure (b) revenue expenditure (c) appropriation (d) deferred expendidure
use the information below to answer question 31 – 34
N

Debtors 1/1/2015 2000

Cash from debtors 6000

Bad debt written off 750

Discount allowed 500

Discount received 125

Closing debtors balance 31/12/2015 1250

What was the amount of sales for the year (a) N8,500 (b) N5,250 (c) N6,500 (d)N6,000
The debtors balance to be shown in the balance sheet as at 31/12/15 is (a)N 6,000 (b) N3,250 (c) N2,000 (d) N1,250
Assume a gross profit of N3,000 what was the net profit? (a) N2,000 (b) N2,000(c) N1,875 (d) N3,250
Total expenses that will appear in the profit and loss account will be (a)N1,150 (b) N750 (c) N3,250 (d) N1,250
One of the advantages of control account is (a) it allows for accounting accuracy (b) it states the value of assets and liabilities (c) it reduces delay in balancing accounts (d) It allows easy allocation of profit

Use the following to answer questions 36 – 40

Purchases : raw material 20,000

Finished goods 15,200

Stock : 1/1 raw materials 3,000

Work- in-progress 2,500

Wages : Direct 22,800

Indirect 7,200

Factory expenses: electricity 12,000

Insurance 2,000

Stock 31/12 raw materials 4,000

Work-in-progress 4,500

What is the cost of raw materials available? (a) N23,000 (b) N22,500 (c) N20,000 (d) N19,000
The cost of materials used is (a) N19,000 (b) N23,000 (c) N20,000 (d) N16,000
The amount of factory overhead is (a) N19,200 (b) N16,000 (c) 14,000 (d) N21,000
The prime cost is (a) N41,800 (b) N43,800 (c) N49,000 (d) N38,800
The cost of manufactured goods is (a) N61,000 (b) N67,500 (c) N65,000 (d) 63,000

PART B

Answer question one and any other two from this section

Ogoro and Ayo are in partnership sharing profit and loss in the ratio 2:1. the following is the trial balance as at 31^st December 1995

Trial balance Dr Cr

N N

Capital: Ogoro 50,000

ayo 40,000

Drawings: Ogoro 4,000

Ayo 3,000

Purchases 400,000

Sales 500,000

Salaries 50,000

general expenses 20,000

Stock 1^st Jan 1995 23,000

rates 1,000

discount received 4,000

Bank balance 10,000

Freehold property at cost 50,000

Trade creditors 26,000

Discount allowed 5,000

Discount received 4,000

Building at cost 30,000

Furniture and fittings ( cost N30,000) 24,000

Provision for depreciation motor van 10,000

Debtor s 30,000

Creditors 26,000

620,000 620,000

Additional information: (a) stock at close N25,000 (b) Rate prepaid N200, Bad debt to be written off N600 (c) interest on capital at 10% (d) depreciation on furniture and fittings is to be provided at the rate of 5% on cost (e) interest on drawing: Amusa N250, Ayo N300

You are require to : (a) prepare the trading, profit and loss account for the year ended 31^st December, 1995 (b) Profit and loss appropriation account (c) partners current account (d) balance sheet as at 31^st December, 1995. (20 marks)

The following balances were extracted from the books of Mar-yola enterprises on 30^th june 2014.

Purchase ledger ( cr ) 1/6/14 970

Sales ledger ( dr ) 1/6/14 2,400

Credit sales 35,180

Bad debt 845

Dishonoured cheque 1,250

Credit purchases 18,060

Return inwards 1,570

Bills receivable 4,500

Cash received from debtors 15,600

Cash paid to creditors 11,400

Discount allowed 450

Discount received 945

Cheque from debtors 7,500

Bills payable 2,150

Set off 260

Discount allowed subsequently disallowed 150

Discount received but subsequently withdrawn 145

You are required to prepare:

Debtors ledger control account
Creditors ledger control account (10 marks)

(a) Defined the term Partnership (2 Marks)

(b). write out four contents of a partnership deed (8 marks)

List and explain at least five (5) errors not affecting the trial balance

write short notes on the following:

a. prime cost

b. fixed partners capital account

c. market value of goods

d. Partners appropriation account. (10 marks)

EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1^STMOCK EXAMINATION 2019/2020

SUBJECT: ACCOUNTING CLASS: SS 3 TIME: 2hrs

OBJECTIVE: Answer all questions

One of the causes of differences between the cash book and the bank statement is (a)Discount received ( b) Provision for bad debt ( c) Uncredited cheque ( d) Discount allowed
Gilt edge security are —— (a)Risk bearing security ( b) less Risk bearing security ( c) High Risk bearing Security ( d) Discount allowed
A machine cost N20,000 was to be used for 5yrs and at the end will be sold for N5,000 what will be the depreciation per year using the Straight line method a) N15,000 b) N5,000 c) N3,000 d) N6,000
If the reducing balance method is applied to assets in question 18 above, the rate of depreciation is a) 60% b) 24.2% c. 42.2% d. 10%
The double entries principle of accounting was developed in the year (a) 1894 (b)1494 (c) 1887 (d) 1854
The unit of capital of a limited liability company is known as (a) capital (b) share (c) debenture (d) accumulated fund
One of the following is not an institution involve in the capital market (a) Central bank (b) insurance company (c) commercial bank (d) building society
The objective of trading account is to ascertain (a)credit purchases (b) cost of good sold (c) gross profit (d) net profit
A fixed loan capital to an organization back up a certificate evidence is called (a) overdraft (b) bank loan (c) debenture (d) stock
Which of the following is a contra entry (a)lodgment of cheque into bank account (b) lodgment of office cash into the bank account (c) withdrawal of cash for private use (d) treatment of discount received in the cash book
Purchase of goods from Obi had been in Obika’s account. this is an error of : (a) Omission (b) compensation (c) commission (d) original entry
The obligation of a company to the third party is known as (a) capital (b) asset (c) liability (d) income
Land and building is an example of (a) current asset (b) fixed asset (c) current liability (d) long term liability
The abbreviation A.N.A.N means (a) Association of Nigerian accountants (b) Association of Norway accountants (c) Association of National Accountants of Nigeria (d) Association of new Accountants of Nigeria
The owners contribution to the business is referred to as (a) asset (b) liability (c) profit (d) capital
A man purchased goods worth N2,275 and was granted 5% discount, how much is the value of the discount (a)N2,161 (b) N1,161 (c) N141 (d) 114
The following are source documents for cash sales except (a) cash sales invoice (b) Teller (c)Cash voucher (d) cash receipt
The document used for an overcharge account by the seller is the (a) credit note (b)debit note (c) receipt (d) invoice
The act of recording the action price of buying an asset can be linked to — (a) Cost Concept (b) Materiality (c) Money Measurement Concept (d) identity
The total of the sales journal will be transferred to (a) sales inward account (b) sales outward account (c) sales ledger account (d) sales return account
The obligation of a company to the third party is known as (a) capital (b) asset (c) liability (d) income
Land and building is an example of (a) current asset (b) fixed asset (c) current liability (d) long term liability
The offer made to sell part of the existing security to the public is referred to as (a) offer for subscription (b) offer for sale (c) offer by placement (d) offer by introduction
Revenue earned during a financial period should be counter checked according to (a) Accounting Period Concept (b) Cost Concept (c) Matching Concept (d) Dual Aspect Concept
The money set aside out of profit to meet a specific purpose is known as (a) asset (b) liability (c) reserves (d) provisions
A man purchased goods worth N2,275 and was granted 5% discount, how much is the value of the discount (a)N2,161 (b) N1,161 (c) N141 (d) 114
The document used in correcting an undercharged account of the customers by the seller is the (a) credit note (b)debit note (c) receipt (d) invoice
Incomes and expenditures need to be recorded in books of account as and when there is any transaction not waiting till their payment. This concept is known as (a) Accrual Concept (b) Double Entry Bookkeeping (c) Objectivity (d) Money Measurement Concept
The following can lead to the dissolution of partnership except (a) Death of a partner (b) Retirement of a partner (c) elapse of the contract period (d) lack of advertisement
Long term business financing can be best obtained from the (a) money market (b) capital market (c) loan market (d) mediating market
Directors remuneration are recorded in the books as (a) capital expenditure (b) revenue expenditure (c) appropriation (d) deferred expenditure
use the information below to answer question 31 – 34
N

Debtors 1/1/2015 2000

Cash from debtors 6000

Bad debt written off 750

Discount allowed 500

Discount received 125

Closing debtors balance 31/12/2015 1250

What was the amount of sales for the year (a) N8,500 (b) N5,250 (c) N6,500 (d)N6,000
The debtors balance to be shown in the balance sheet as at 31/12/15 is (a)N 6,000 (b) N3,250 (c) N2,000 (d) N1,250
Assume a gross profit of N3,000 what was the net profit? (a) N2,000 (b) N2,000(c) N1,875 (d) N3,250
Total expenses that will appear in the profit and loss account will be (a)N1,150 (b) N750 (c) N3,250 (d) N1,250
One of the advantages of control account is (a) it allows for accounting accuracy (b) it states the value of assets and liabilities (c) it reduces delay in balancing accounts (d) It allows easy allocation of profit

Use the following to answer questions 36 – 40

Purchases : raw material 20,000

Finished goods 15,200

Stock : 1/1 raw materials 3,000

Work- in-progress 2,500

Wages : Direct 22,800

Indirect 7,200

Factory expenses: electricity 12,000

Insurance 2,000

Stock 31/12 raw materials 4,000

Work-in-progress 4,500

What is the cost of raw materials available? (a) N23,000 (b) N22,500 (c) N20,000 (d) N19,000
The cost of materials used is (a) N19,000 (b) N23,000 (c) N20,000 (d) N16,000
The amount of factory overhead is (a) N19,200 (b) N16,000 (c) 14,000 (d) N21,000
The prime cost is (a) N41,800 (b) N43,800 (c) N49,000 (d) N38,800
The cost of manufactured goods is (a) N61,000 (b) N67,500 (c) N65,000 (d) 63,000
Carriage inward expenses of a business is treated in (a) trading account (b) balance sheet (c) appropriation account (d) profit and loss account
A deduction from the sales price of goods that is allowed if payment is made within a specified period of time is (a) trade discount (b) cash discount (c) quantity discount (d) rebate
The total of purchases day book is posted to the purchases account in the (a) purchases ledger (b) general ledger (c) private ledger (d) normal ledger
Which of the following error affects the trial balance? (a) commission (b) omission (c) principle (d) single entry
The sources document sent by the seller to the buyer when goods are returned is (a) credit note (b) purchases invoice (c) sales invoice (d) debit note
Which of the following does not belong to the group? (a) proprietor of a business (b) an entrepreneur (c) an investor (d) a debtor
Which of the following is not a liability? (a) accrued wages (b) rent arrear (c) prepayment (d) insurance due
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 fixed asset (d) balance sheet as a current liabilities
A trader set aside from his private fund N1500 for business purpose the N1500 would be referred to as (a) capital (b) loan (c) reserve (d) drawing

PART Two

Answer two questions from section 1 and three questions from section 2 in this part.

section 1.

(a). What is dissolution of Partnership ? 2marks (b) Give three reasons that could lead to “ dissolution of Partnership” 3marks
(a) What is trial Balance? 2marks (b) distinguish between bad debt and provision for bad debt 3marks
List and explain five items that may cause discrepancies between the cash book and the bank statement. 5marks

section 2.

Ada, Victor and Ndu are in Partnership sharing profit and losses in the ratio 3:4:2. The balance sheet as at 3ist December 2011 was as follows:

Capital: Ada 13,800 Fixed Assets 24,780

Victor 25,000 Stock 13,552

Ndu 16,075 Debtors 30,000

Creditors 14,567 cash 2,780

Loan 1,670

71,112 71,112

On the 1^st of January 2011, they dissolved the partnership and the following events occurred

Ada took one of the Assets ( Motor Van) at a value of 800

The remainder of the fixed assets realized 20,000

The debtors realized 28,000

The creditors were paid off 13,500

Liquidation expenses was 750

Stock realized 13,000

The loan was settled.

Required:

(a). Realization Account

(b). Cash Account

(c). Capital Account of the partners (20 marks)

Learning field Ltd Manufacturers of pure waters has its authorized capital as N800,000 made up of 600,000 ordinary shares of N1 each and 400,000 3%preference shares of N0.50 each. During the year ended 31^st December 2011, the following balances were extracted from the financial records of the company

Issued and paid up capital

Ordinary share of N1 each 500,000

3% preference share of N0.50 each 100,000

General reserve 30,000

Goodwill 20,000

5% Debenture 20,000

Stock 31/12/2011 25,000

Net profit for the year 80,000

Land and Building at cost 517,500

Fixtures and Fitting at cost 25,000

Motor Vehicle at cost 80,000

Provision for depreciation fixtures and fitting 2,500

Provision for depreciation motor vehicle 16,000

Creditors 10,000

Debtors 50,000

Bank 40,000

Cash 1,000

Additional information:

Provision is made for the preference shares divided. The directors recommend ordinary shares dividend of 4%
Goodwill to be written off over four years

Prepare:

Appropriation account for the year ended 31^st December 2011.
Balance sheet as at that date (20 marks)

On 31^st September 2011, Mr. Akala’s cash book showed a debit balance of N2,000. His bank statement showed a balance of N2,270. On comparison, the following were found.
Cheque drawn amounting to N1,500 had not been presented for payment.
A standing order of N600 to a club was not taken into consideration.
Bank charges of N50 were enters in the bank statement only.
A dividend of N300 was paid directly into the bank account and not recorded in the cash book
Cheque of N1,000 were entered into the cash book and paid to the bank but had not been cleared and thus not credited.
A customer, Adekanbi, paid N120 directly into the bank without notifying the firm.

You are required to prepare

The adjusted cash book and
The bank reconciliation statement. 15marks

Grape enterprises makes fruit juice. The following relates to the year ended 31^st December , 2015

Stock – 1^st of January N

Raw materials 336,500

Work-in-progress 60,000

Finished goods 350,000

Purchases of raw materials 950,000

Sales 6,000,000

Office salaries 315,000

Carriage inwards 78,500

Royalties 450,000

Direct factory wages 925,000

Discount allowed 20,000

Indirect wages 225,000

Insurance of factories 250,000

General expenses 300,000

Depreciation of plant 310,000

Delivery van expenses 62,000

Office expenses 300,000

Advertising 65,000

Stock – 31^st December, 2015

Raw materials 245,000

Work- in- progress 47,500

Finished goods 285,000

Additional information:

(i). half of general expenses relates to factory (ii). One third of the office expenses should be treated as factory cost.

You are required to prepare the Manufacturing, Trading and Profit and Loss account for the year ended 31^st December 2015. ( 20marks)

EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1^ST CONTINEOUS ASSESSMENT 2019/2020

SUBJECT: ACCOUNTING CLASS: SS 1 TIME: 40mins

OBJECTIVE: Answer all questions

One of the following is a source document (a) sales day book (b) purchases day book (c) sales ledger (d) debit not
Which of the following is a current liability (a) Accruals (b) Bank loan(c) Debtors (d) Debenture
Entries at the beginning of a business is recorded in (a) sales journal (b) journal proper (c) purchases journal (d) cash journal
Which of the following best defined book-keeping (a) statement of account (b) a book kept in order not to overburden the cash book (d) a systematic manner of recording business transaction
The management needs accounting records for—– (a) tax assessment(b)Profit motive (c) Salary agitation (d) Decision making
The document used for an overcharge account by the seller is the (a) Debit note (b) Credit note (c) receipt (d) invoice
The double entries principle of accounting was developed in the year (a) 1894 (b)1484 (c) 1887 (d) 1494
What is the entry dual for the sales of goods for cash, debit——- and credit ———— (a) cash , sales (b) Purchases, sales (c) cash, sales (d) sales , purchases
————– needs accounting information for tax assessment (a) share holders (b) tax authority (c) managers (d) insurance
Fixtures and Fittings are examples of (a) current liability (b) current asset (c) fixed liability (d) long term liabilities

Theory: answer all questions in this part.

What is Accounting? 2 marks
Write out five uses of Accounting Records 5 marks
List six users of Accounting Records 3marks

EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1^ST CONTINEOUS ASSESSMENT 2019/2020

SUBJECT: ACCOUNTING CLASS: SS 2 TIME: 40mins

OBJECTIVE: Answer all questions

A cheque of N500 drawn in favour of Chinwe was posted to the credit side of her account. The entry necessary to correct the error is (a) debit suspence account with N1,000, credit Chinwe account with N1,000 (b) Debit bank account with N500 and credit Chinwe with N500 (c) debit suspense account with N500 and credit chinwe with N500 (d) debit chinwe with N1,000 and credit suspense with N1,000,’
Errors in the ledger can only be corrected through (a) Control account (b) sales day book (c) Purchases day book (d) Journal proper
A suspense account is used to (a) accumulate debit and credit balance (b) correct errors (c) to record differences in the books until errors are located (d) record account of the general ledger
A purchase of goods from Obi had been recorded in Obika’s account.this is an error of- (a) omission (b) principle (c) original entry (d) commission
Purchase of office machine is recorded in office expenses account. Error made is known as (a) error of omission (b) compensating error (c) error of original entry (d) error of principle
Where a wrong figure appears only in one account with the second figure correctly stated. This is an error of (a)compensation (b) omission (c) commission (d) transposition
The balance in the sales ledger control account indicates (a) difference between debtors and creditors (b) total sales (c) total debtors (d)total creditors
Which of these is a Nominal Account? (a) Goodwill Account (b) rent and rate
c) Account of the supplier (d) None of the above
Partners whose liabilities are limited to the capital contributed to the business are referred to as (a) ordinary partner (b) limited partner (c) active partner (d) nominal
The reduction in the value of the fixed assets which can arise due to time factor is
(a) Discount (b) Depreciation (c) Reduction (d) None of the above

THEORY: Answer all question

List and explain three errors not affecting the trial balance (3marks)
List and explain three errors affecting the trial balance (3marks)
List and explain the two type of control account (4marks)

EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

2^nd CONTINEOUS ASSESSMENT 2019/2020

SUBJECT: ACCOUNT CLASS: SS 1 TIME: 1HR

OBJECTIVE: Answer all questions

The financial statement that shows the assets and liabilities of a company is known as (a) balance sheet (b) trial Balance (c) ledger (d) journal
The total of the sales journal will be transferred to (a) sales ledger account (b) sales outward account (c) debtors account (d) sales return account
The obligation of a company to the third party is known as (a) capital (b) Liability (c) Asset (d) income
The owners contribution to the business is referred to as (a) capital (b) liability (c) profit (d) assets
Which of the following will best define balance sheet (a) form of trading account (b) proof of arithmetical accuracy (c) statement showing assets and liability of an organization (d) statement showing profit and loss
Which of the following is an asset (a) bad debt provision (b) rent prepaid (c) wages accrued (d) sales
The double entry for goods purchased by cash is (a) Dr purchases account and Cr cash account (b) Dr cash account and Cr purchases account (c) Dr purchases account and Cr creditors account (d) Dr cash account and Cr
What effect will the purchases of asset on credit has on the balance sheet (a) increases Assets and increases Liabilities (b) increases Assts and decreases Liabilities (c) has no effect (d) none of the above
The following are accounting concept except (a) contra entry (b) historical cost (c) dual (d) going concern
The following are books of original entry except (a)the balance sheet (b) cash book (c) sales day book (d) purchases day book

THEORY

(A) State the double entry of the transaction below (5marks) (B) State the effects of the transactions on the balance sheet ( 5 marks)

Feb. 1. Bought fixtures in cash N750

Feb. 12. Paid wages in cash N650

Feb. 20.Cash sales to date N1, 500

Feb. 27. Paid rent N550

Feb. 27. Bought office machine N350

Feb. 28.received from Ojo N800

EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

2^nd CONTINEOUS ASSESSMENT 2019/2020

SUBJECT: ACCOUNT CLASS: SS 2 TIME: 1HR

OBJECTIVE: Answer all questions

Which of the following is a contra entry (a)lodgment of cheque into bank account (b) lodgment of office cash into the bank account (c) withdrawal of cash for private use (d) treatment of discount received in the cash book
Discount received had been credited to discount allowed account this is an error of : (a) Omission (b) original entry (c) compensating (d) principle
The following are method of depreciation except (a) straight line method (b) manufacturing method (c) reducing balance method (d) annuity method
The addition of prime cost and factory overheads is equal (a) market value (b) cost of production (C) total overhead cost (d) work in progress
Which is a Nominal Account? (a) Goodwill Account (b) rent and rate
c) Account of the supplier (d) None of the above
Partners whose liabilities are limited to the capital contributed to the business are referred to as (a) ordinary partner (b) limited partner (c) active partner (d) nominal
The reduction in the value of the fixed assets which can arise due to time factor is
(a) Discount (b) Depreciation (c) Reduction (d) None of the above
A business which converts raw material into finished goods prepares (a) an appropriation account (b) Manufacturing account (c) income and expenditure account (d) receipt and payment account
Which type of expenditure is shown in asset side of Balance sheets? (a) Capital Expenditure (b) prepaid Expenditure (c) accrued Expenditure
(d) None of the above
Directors remuneration are recorded in the books as (a) capital expenditure (b) revenue expenditure (c) appropriation (d) deferred expenditure

THEORY.

ANSWER ALL QUESTION

(a). What is dissolution of Partnership ? 2marks (b) Give three reasons that could lead to “ dissolution of Partnership” 3marks
What is trial Balance? 2marks (b) distinguish between bad debt and provision for bad debt 3marks

EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

2^nd CONTINEOUS ASSESSMENT 2019/2020

SUBJECT: ECONOMICS CLASS: SS 1 TIME: 1HR

OBJECTIVE: Answer all questions

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 economics 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 method of production? (a) where to produce (b) how to Produce (c) when to produce (d) for whom to produce
Land is a factor of production because (a) assist in the creation of utility (b) it is a free gift of nature (c) contain valuables mineral resources (d) It is owned by individual and government
Economics as a field of study is a (a) social science (b) pure science (c) political science (d)physical science
Which of the following is not an advantage of tabular presentation of data (a) occupy more space than mathematical equation (b) enable easy location of required figure (c) makes for easy comparison (d) show whether the figure are increasing or decreasing

THEORY :

ANSWER ALL QUESTIONS

(a) Define median (2marks) (b). give three advantages and two disadvantages of median (3MARKS)
List and explain the various branches of economics (5marks)

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