BOOK KEEPING EXAM QUESTIONS SS1 FIRST TERM

SS1 BOOK KEEPING EXAM QUESTIONS FIRST TERM – EDUDELIGHT.COM

FIRST TERM EXAMINATION

Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.

SUBJECT: BOOK KEEPING TIME:2HRS 30MINS   CLASS: SS  1

                                                OBJECTIVE

1.        The act of supplying goods or services to satisfy human wants is called

            a. recording b. transaction c. marketing d. classifying

2.        The property of a business are called. a. liabilities b. assets c. debt d. capital

3.        The principle of double entry was postulated by

            a. Richard grafton b. luca paciolo c. lord lugard d. akintola Williams

4.        The application of the science of accounting in the keeping of books of account is known as        a. accountancy b. transactions c. book keeping d. financing

5.        Every transaction has_____ parts a. two b. four c. five d. six

6.        Transaction can be divided into  a. credit and income b. cash and credit c. cash and expenses d. receipt and payment

7.        If a trader purchases goods for cash valued at #400, he will credit cash account and debit his ____  a. sales account b. purchases account c. creditor account d. debtors account

8.        If a trader sells goods for cash valued at #300 he will debit his cash and credit his____

            a. purchase account b. sales account c. goods account d. cash account

9.        One of the following is often referred to as the principal book of account

            a. journal b. ledger c. cash book d. trial balance

10.      One of the following is an example of an asset  a. creditors b. owing c. loan d. cash

11.      Assets that are acquired and retained in the business is termed

            a. current asset b. fixed assets c. current liabilities d. longterm assets

12.      All of these are parties to business transactions except a. suppliers and buyers b. creditors and debtors c. sellers and buyers d. promoter and vendors

13.      One of the following is an example of fixed asset

            a. cash b. debtors c. equipment d. creditors

14.      Expenses paid for in one period but not entirely consumed or used until later period is called             a. accrued expenses b. prepaid expenses c. prepaid income d. accrued income

15.      What is the effect of assets withdrawal on the capital of a business?

            a. decrease b. increase c. growth d. no effect

16.      One of the following defines the equation of accounting

            a. assets = capital – liabilities b. assets = capital x liabilities c. assets = capital/liabilities d. assets = capital + liabilities

17.      Which of the following is treated in the balance sheet as a liability?

            a. debtors b. creditors c. cash d. prepayment

18.      Which of these terms used in booking means the same as making entries in various ledger accounts? a. posting b. recording c. classification d. analyzing

19.      Written  evidences of business transactions that describe the essential facts of those transactions are referred to as a. subsidiary books b. source document c. prime books d. original books

20.      The document which covers small payments for expenses credited to the petty cash book is           a. statement of account b. petty cash receipt c. petty cash voucher d. receipt

21.      Assets which can be seen or touched are classified as

            a. intangible assets b. liquid assets c. wasting assets d. tangible assets

22.      Convertible assets are also referred to as a. wasting assets b liquid assets c. fixed assets d. current asset

23.      Goods bought on credit are first entered in the

            a. cash book b. ledger c. journal proper d. purchases day book

24.      The process of transferring entries from journal to ledger account  is

            a. journalization b. posting c. summarization d. single accounting

25.      A document a supplier sends to customer to correct under cast on an invoice is

            a. receipt b. credit note c. debit note d. waybill

26.      journal can be classified into a. two b. three c. four d. five

27.      Ledger can be classified into a. three b. six c. two d. seven

28.      Who is responsible for the recording of financial transactions of a business?

            a. auditor b. manager c. book keeper d. director

29.      A sales journal is used to record a. sales expenses b. cash sales c. credit sales d. sales returns

30.      An evidence of payment for goods bought is a. invoice b. receipt c. voucher d.pay

          slip

31.     The following are source documents except

           a. cheque stub b. invoice c. receipt d. purchase order

32.      The principle of double entry in book keeping states that

            a. every debtor must have a creditor b. every account debited must be credited

            c. for every debit entry there must be a corresponding credit entry d. for every

            double debit, there must be a double credit

33.       Which of the following is not a real account

             a. furniture and fittings b. land and building c. losses or gains d. machinery

34.        Which of the following is not an external user of accounting information?

              a. creditor b. customer c. government d. manager

35.        In book keeping every transaction must have ——- entries

             a. four b. six c. two d. one

36.       The monetary value of a fixed asset is recorded in

             a. nominal account b. real account c. personal account d. control account

37.        Returns of goods sold on credit will be posted to

              a. purchases day book b. returns inwards journal c. sales day book d. returns

              outwards journal

38.        The act of entering transactions in the books of account is

              a. casting b. posting c. journalizing d. writing

39.         Sales day book is used to record

               a. cash sales of stock b. credit sales of stock c. cash sales of fixed assets

               d. credit sales of fixed assets

40.          Purchases day book is used in recording

               a. purchases b. cash purchases c. credit purchases d. purchases returns

SS1 BOOK KEEPING EXAM QUESTIONS FIRST TERM – EDUDELIGHT.COM

THEORY: ANSWER ANY FIVE QUESTION FROM THESE PART

1a.      Define asset

  b.      differentiate between asset and liabilities

  c.       What is a journal?

2          list and explain the types source document

3a.      differentiate between debtors and creditors

   b.     state the importance of book keeping

  4a.    what are the uses of journal?

  b.      Define ledger

  c.     Define transaction

5a.      Separate the following into asset and liabilities

            Land and building, debtors , cash , creditors , overdraft , owings , loan, bank, furniture , plant and machinery, capital , stock

 b.       explain the types of transaction

6a.      state the uses of source document

 b.       what are the qualities of a book keeper?

7a.        what is source document?      b.      What is a liability?

  c.       state the beneficiaries of book keeping

8a.      state the uses of ledger    b.      explain the types of ledger

9a.     Who is a debtor?

  b.     define creditor

  c.     state the types of subsidiary books

           N

SS1 BOOK KEEPING EXAM QUESTIONS FIRST TERM – EDUDELIGHT.COM