Accounting Second Term Continous Assessment Test 2 2019/2020 Session – Senior Secondary School ( SSS 2, SSS 3)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2nd TERM CONTINUOUS ASSESSMENT TEST (TWO) 2019/2020 SESSION
SUBJECT: ACCOUNT CLASS: SS2 TIME: 40 MINUTES
SECTION A
Use the following information to answer questions 1-4
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
- 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
- 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
- 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
SECTION B: Answer all question in this part
- 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 ( 10 MARKS)
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2nd TERM CONTINUOUS ASSESSMENT TEST (TWO) 2019/2020 SESSION
SUBJECT: ECONOMICS CLASS: SS1 TIME: 40 MINUTES
SECTION A
- 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
- 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
- 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
SECTION B: Answer all question in this part
- What is population Census ( 2marks)
- (b) what are the effects of ageing population on a national economy
( 8 marks )
EDUDELIGHT SECONDARY SCHOOL
1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.
2nd TERM CONTINUOUS ASSESSMENT TEST (TWO) 2019/2020 SESSION
SUBJECT: ACCOUNT CLASS: SS1 TIME: 40 MINUTES
SECTION A
- Uncredited cheque is ————————- to the cash book balance A added B. separated C. deducted D. none of the above
- Which of the following is determined in a trading account A net profit B. capital C. gross profit D. discount
- An instruction given to the bank by its customer to carried a certain obligation on his behalf is known as A. dividend B. debit transfer C. standing order D. unpresented cheque
Use the information below to answer question 4 and 7
Sales N500,000 , purchases N400,000 closing stock N50,000 Rate N20,000 Insurance N10,000
- 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 total expenses is A. 20,000 B. 10,000 C. 30,000 D. 25,000
- The net profit is A. 100,000 B. 120,000 C. 130,000 D. N160,000
- Which of the following statement is correct? A. profit increases capital B. losses reduce capital C. drawings reduce capital D. drawings increase capital.
- Investors in a business are mainly interested in the firm’s A. liquidity B. debt C. management D. profitability
- Which of the following items is found on the debit side of the trial balance D. return outwards
SECTION B: Answer all question in this part
- what is bank reconciliation statement. ( 2 MARKS)
- list and explain five causes of differences between the cash book balance and the bank statement. ( 8 MARKS)
