BOOK KEEPING EXAM QUESTIONS FOR SS1 THIRD TERM
THIRD TERM SS1 BOOK KEEPING EXAMINATION QUESTIONS – EDUDELIGHT.COM
THIRD TERM EXAMINATION
Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.
SUBJECT BOOK KEEPING
CLASS: S. S. S ONE
DURATION 3 HRS
OBJECTIVE
1.Trading account is prepared to determine
a. cash b. bank c. net profit d. gross profit
2.The money given to a petty cashier is called
a. float b. imprest c. cash d. money
3.The act of supplying goods or services to satisfy human want is known as
a. business transaction b. cash transaction c. credit transaction d. business enterprises
4.One of the following is called the principal book of account a. trial balance b. cash book c. ledger d. journal
5.The book used in recording small expenses is called a. cash book b. journal c. petty cash book d. ledger
6.The following error will not affect the agreement of a trial balance except a. error of omission b. error of principle c. one sided error d. error of commission
7.The book that shows the financial statement of an organization is called a. trial balance b. cash book c. balance sheet d. ledger
8.The full meaning of C. O. D is a. cash on discount b. cash on deal c. cash on delivery d. credit on delivery
9.The following is a source document except
a. receipt b. debit note c. voucher d. journal
Use the following information to answer question 10 – 13
Opening stock 50,000
Purchases 150,000
Closing stock 43,000
Sales 250,000
Return inward 1500
Salaries 5000
General expenses 2000
10.What is the net sales? a. #200,000
b. #248,000 c. #248,500 d. #250,000
11.The cost of goods sold is a. #200,000 b. #220,000 c. #157,000 d. 157,500
12. The gross profit is a.# 91,000 b. #90,800
c. #92,000 d. #91,500
13. What is the net profit? a. #85,000
b. #84,000 c.#84,300 d. #84,500
14.Which side of the trial balance is all asset recorded a. debit side b. credit side c. debit and credit side d. income side
15.Any goods or property owned which have a money value are called a.liabilities b. assets c. creditors d. debtors
Use the following information to answer question 16 to 18
Premises 100,000
Plant 50,000
Fixtures 30,000
Stock 20,000
Debtors 10,000
Cash 10,000
Creditors 20,000
16.Total asset is a. #200,000 b.#220,000 c.#240,000 d. #180,000
17.Total current asset is a. #40,000 b. #29,000
c. #50,000 d. #60,000
18.Total current liabilities is a. #40,000
b. #20,000 c. #50,000 d. #60,000
19.Liabilities payable within the period of one year is called a. permanent liability b. long term liability c. current liabilities d. fixed liabilities
20.When an item is totally omitted in a trial balance it is called error of:
a. commission b. principle c. omission
d. original entry
21.When an item is entered in the wrong class of account it is an error of : a. omission b. original enrty c. principle d. complete reversal of entry
22.A ledger can be classified into
a. four b. three c. two d. five
23.When cash is paid directly into the bank it is called a. control account b. contra band c. contra entry d. contract entry
24.Which of the following appears both in the trading account and profit and loss account
a. cost b. gross profit c. net profit d. sales
25.The principle that state that every transaction must have two entries is called
a. single entry b. double entry c. contra entry d. going concern
26.A cashier has an imprest of #180,000 and spent #168,000. The amount to be reimbursed is
a. #12,000 b. #22,000 c. #18,000 d. #19,000
27.An account prepared to determine net profit is called a. trading account b. profit and loss account c. sales account d. debtors account
28.One of the following terms is used when entries are made in the ledger a. posting
b. transfer c. crediting d. balancing
29.One of the following is not an asset
a. bank b. cash c. building d. overdraft
30.Which of the following is not a fixed asset
a. premises b. fixtures c. debtors d. machinery
31. An amount of money set aside to start a business is referred to as
a. accumulated fund b. capital c. consolidated fund d. donation
32.Which of the following is not a business asset? a. cash at bank b. land and building c. loan d. motor van
33. Purchase day book keeps records of goods that are a. bought and returned b. bought in cash c. bought on credit d. sold by cash
34. Petty cash book is used to record
a. cash purchases b. credit purchases c. debit disbursements d. small disbursements
35.Bad debts refer to ——— debts
a.irrecoverable b. paid c. recoverable
d. recovered
36.The following are assets to a business except a. machinery b. creditors c. fixtures d. patent right
37. An estimated amount sets aside for debts which are irrecoverable is known as provision for a. debtors b. bad debt c. reserves d. invoice
38. The schedule that shows the debit and credit balances extracted from ledger is known as a. cash book b. invoice c. journal d. trial balance
39. The following are errors that do not affect trial balance except a. commission b. omission c. original entry d. single entry
40.Where there is an increase in the provision for bad debt, such increase is treated as a/an a. asset b. expenses c. income
d. liability
41. A transaction affecting both debit and credit sides of the cash book is called a.cash entry b. complete entry c. contra entry d. double entry
42. The following are service oriented organization except a. accounting firm b. banking c. barbing salon d. door fabrication
43.The following are real accounts items except
a. cash b. furniture and fittings c. gains d. plant and machinery
44.Which of the following is not a book of original entry? a. cash book b. journal c. ledger d. sales day book
45. The document that states the quantity, price and terms of payments of goods sent to the buyer is called a. credit note b. debit note c. invoice d. receipt
46. The following are functions of marketing except a. banking b. buying c. selling d. storage
47. The financial position of an organization at a particular time can be ascertained from the
a. balance sheet b. profit and loss account c. trading account d. statement of retained earning
48. The excess of net sales over cost of goods sold is a. cost of goods available b. gross profit c. net profit d. net sales
49. The main aim of profit and loss account of a sole trader is to show a. cost of sales b. gross margin c. gross profit d. net profit
50. The indebtedness of a business to outsiders is known as a. assets b. capital c. deficit d. liabilities
THEORY
PART ONE ANSWER TWO QUESTION FROM THIS PART
1. Write short note on the following
i. error of omission ii. Error of commission iii. Error of principle iv. Error of original entry v. error of complete reversal of entry
2a. Define trial balance
b. State the function of trial balance
c. What is petty cash book?
3a. What is contra entry?
b. Explain the two types of transaction
c. State the items in a single column cash book
4a. What is book keeping?
b. state the importance of book keeping
c. Explain the types of source document
THIRD TERM SS1 BOOK KEEPING EXAMINATION QUESTIONS – EDUDELIGHT.COM
PART TWO ANSWER QUESTION FOUR AND ANY OTHER TWO QUESTION
4. From the following trial balance prepare the trading, profit and loss account and balance sheet as at 30th September 1990.
Dr Cr
# #
Capital 126,360
Stock 23,680
Carriage inwards 3,100
Drawings 12,000
Debtors 38,960
Carriage outwards 2,000
Returns outwards 3220
Creditors 17,310
Purchases 118,740
Rent 780
General expenses 3,040
Insurance 3,140
Returns inwards 2,050
Motor expenses 1,660
Premises 38,620
Lighting 6,640
Salaries and wages 18,000
Cash at bank 4,820
Motor vehicle 41,000
Furniture and fitting 2,500
Office expenses 2,160
Sales 176,000
322,890 322,890
5. Chigozirim started business on 1st march 2016 with a capital of #400,000. The following is the summary of his business transactions during the month:
#
March 2 bought goods for cash 150,000
March 3 cash sales 180,000
March 5 machinery bought for cash 80,000
March 5 cash sales 260,000
March 6 lent favour 55,000
March 16 paid wages 140,000
March 19sundry expenses 3,000
March 25 drawing 50,000
March 30payment for rent 45,000
Required:
a. write up the ledger account
b. extract the trial balance as at 31st 2016
6. Joshua enterprises.operates apetty cash book on the imprest system with a cash float of #1,000. The following transactions took place in august 1999.
Aug 1office cleaning 40
Aug 2 stationery 42
Aug 3 envelopes 8
Aug 5 petrol 32
Aug 7 postage stamps 14
Aug 9 office cleaning 45
Aug 11 David ledger account38
Aug 12 travelling expenses 36
Aug 14 postage 6
Aug 16 stationery 92
Aug 17 Saul ledger account 30
Aug 18 office cleaning 35
Aug 19 petrol 24
Aug 21 reimbursement of account
Aug 22 travelling expenses 15
Aug 24 postage 13
Aug 25 envelopes 12
Aug 29 cleaning 6
Aug 30 Hosea ledger account 20
You are required to enter the transaction into petty cash book under the following headings: office cleaning, ledger, transport, travelling, stationery, postage
7. Write up the two column cash book of Joseph from the following
June 1 started business with capital in bank #15,000
June 2 paid insurance by cheque #3,000
June received refund of insurance #1,000
June 5 lateef lent us #30,000 cash
June 6 cash sales #31,000
June 8 withdraw cash #8000 from the bank for business use
June 10 paid salaries in cash #1000
June 11 paid motor expenses by cheque #600
June 15 bought stationery paying by cash #300
June 17 sold motor van for cash #2000
June 20 cash purchases #1300
June introduced #500 cash as capital
June 30 received commission by cheque #400
8. Temiloluwa begins to deal in sport equipment with capital in cash #34,000
March 1 he bought racquet for cash #1260
March 2 bought equipment for cash #620
March 3 bought equipment and racquet from femi & Co #3000
March 8 paid cash for advertising #160
March 12 sold goods to d. Remind & Co #2000
March 17 sold goods to w. Delly & Co #5000
March 24 cash sales #8000
March 31 received from d.Remi & Co #100
Record the above transaction in the suitable book of account
9. From the following items extract the trial balance
Purchases #11,874
Stock #2,368
Capital #12,636
Carriage outwards #200
Carriage #310
Returns inwards #205
Return outward #322
Sales #18,600
Salaries and wages #3,862
Rent #304
Insurance #78
Motor expenses #664
Office expenses #382
General expenses #314
Premises #6,800
Furniture and fitting #350
Debtors #3,896
Creditors #1731
THIRD TERM SS1 BOOK KEEPING EXAMINATION QUESTIONS – EDUDELIGHT.COM
