BOOK KEEPING EXAM QUESTIONS SS1 SECOND TERM
SECOND TERM SS1 BOOK KEEPING EXAM QUESTIONS – EDUDELIGHT.COM
SECOND TERM EXAMINATION
Examination malpractices may lead to a repeat of the subject or suspensions don’t be involved.
SUBJECT: BOOK KEEPING CLASS: SSS 1 TIME APPROVED: 2HRS
OBJECTIVE
1. The document a supplier sends to a customer to correct overcast on an invoice is
a. receipt b. credit note c. debit note d. waybill
2. Which of the following assets is a current asset …. a. debtors b. building c. land d. furniture
3. A dishonoured cheque will be returned by the bank to the
a.payee b. drawee c. cashier d. depositor
4. Carriage outward is classified as…. a. a distribution expense b. a trading expense
c. a financial expense d. an administrative expense
5. Assets and expenditure are entered are entered in the trial balance as
a. contra entries b. debit entries c. credit entries d. double entries
6. A subsidiary book of account in which credit sales are entered is called
a. sales journal b. purchases journal c. allowances book d. returns outwards journal
7. One of the following differentiate three column cash book from double column cash book
a. cash b. contra entry c. discount d. reverse entry
8. A book that is used to record cash and bank transaction is called
a. cash book b. petty cash book c. trial balance d. purchases
9. The abbreviation “b/d means… a. carried done b. brought down c. carried disposed d. carried
deposit
10. The lodgment of business cash into the business bank account is an example of
a. contra entry b. bank reconciliation c. self balancing ledger d. reversal entry
Use the information below to answer question 11 to 13
Jan 3 capital #3900
Jan 4 paid #2850 of the capital into bank
Jan 10 cash purchases by cheque #400
Jan 15 cash sales #550
Jan 20 purchases by cheque #800
Jan 28 office expenses paid for in cash #40
Jan 29 cash paid into bank #2000
Jan 30 wages paid by cheque #85
11. What is the cash balance as at may 1st… a. #820 b. #2075 c. #4000 d. #540
12. The bank balance as at may 1st is…… a. #2075 b. #820 c. #4000 d. #3565
13. The type of cash book required for this information is
a. single column b. double column c. three column d. multiple column
14. Account can be broadly classified into … a. receipt and payments accounts b. profits and loss
accounts c. debtors and creditors d. personal and impersonal account
15. The letter ‘C’ written under the folio column in the cash book indicates
a. credit entry b. contra entry c. credit entry d. cash sales
16. The fixed amount of money used in commencing a business is … a. float b. capital
c. provision d. reserve
17. Net sales represents total sales less ….. a. returns inwards b. returns c. carriage inwards
d. carriage outwards
18. Which of the following shows gross profit on sales? a. bank statement b. cash book c. ledger
account d. trading account
19. A credit balance in bank account means…. a. commission b. expenses c. loan d. overdraft
20. Which of the following is a current liability? a. cash at bank b. cash in hand c. debtor
d. accruals
21. The transaction that has effect on both sides of a cash book is called
a. cash paid b. cash sales c. contra entry d. discount
22. Debit note issued is recorded in… a. cash book b. purchases journal c. returns outward journal
d. sales journal
23. the following is present in three column cash book except?
a. bank b. discount c. cash d. float
24. Which of the following is not an importance of book-keeping?
a. decision making b. planning c. prevention of fraud d. profit and loss sharing
25. Two column cash book has how many columns? a. five b. four c. three d. six
26. The rule of double entry state that “for every debit entry there must be a corresponding
a. credit entry b. debit entry c. credit entry and vice versa
27. One of the following differentiate two column cash book from one column cash book
a. cash b. bank c. discount d. purchases
28. Transaction can be classified into credit and _____ a. cash b. discount c. bank d. money
Use this information to answer question 29 and 30
Cash sales #600, paid wages #800
29. What is the entry for cash sales? a.Debit cash account credit sales account b. credit cash account debit sales account c. debit both account d. credit both account
30. What is the entry for wages? a. debit cash account credit wages account b. credit cash account debit wages account c. credit both account d. debit both account.
31. The application of the principle of the science of accountancy in the keeping of books of account
is known as … a. Accountancy b. Transactions c. book-keeping d. financing
32. The theory of double entry in book keeping was first written in the 115th century in
a. Germany b. Nigeria c. Italy d. England
33. The act of supplying goods and services to satisfy human wants is known as
a. classifying b. recording c. transaction d. marketing
34. The first man to introduce the theory of double entry among merchants is known as
a. Luca pacioli b. Richard crafton c. lord lugard d. akin tola Williams
35. Which of the following is not a source document … a. invoice b. voucher c. ledger d. receipt
36. If a trader sells goods for cash valued at #300, he will debit his cash and credit his
a. purchases account b. sales account c. goods account d. cash account
37. If a trader purchases goods for cash valued at #500 he will credit cash account and debit his
a. sales account b. purchases account c. creditor account d. debtor account
38. One of the following is often referred to as the principal book of account
a. journal b. ledger c. cash book d. trial balance
39. The principle of changes in similar items is called a/an
a. journal b. impress c. book-keeping d. account
40. Account kept to record transactions with persons and other businesses is termed
a. personal account b. real account c. nominal account d. impersonal account
41. The property and possessions of a business are called .. a. liabilities b. debt c. asset d. capital
42. assets that are required and are retained in the business indefinitely for the purpose of earning
income are called …. a. current asset b. fixed asset c. current liability d. long term asset
43. All of these are parties to business transactions except….
a. suppliers and buyers b. debtors and creditors c. sellers and buyers d. promoters and vendors
44. One of the following is an example of current assets… a. building b. machinery c. equipment
d. cash
45. Expenses paid for in one period but not entirely consumed or used until a later period is called
a. accrued expenses b. prepaid expenses c. prepaid income d. accured income
46. Debts or obligations due to creditors are called … a. assets b. properties c. liability
d. contracts
47. One of the following defines the equation of accounting
a. asset = capital – liabilities b. asset = capital x liability c. asset = capital / liability
d. asset = capital + liability
48. Segun lent us #400 cash. The accounting entry for this transaction is credit segun account and
a. debit sales account b. debit purchases account c. debit rent account d. debit cash account
49. What is the effect of asset withdrawals on the capital of a business
a. decrease b. increase c. growth d. no effect
50. Which of these used in book keeping means the same as marking entries in various ledger
accounts ……. a. posting b. recording c. classifying d. analyzing
SECOND TERM SS1 BOOK KEEPING EXAM QUESTIONS – EDUDELIGHT.COM
THEORY
PART ONE
ANSWER TWO QUESTION FROM THIS PART
1a. What is source document ?
b. State the items in single column cash book
c. give one example of contra entry
2a. Define book keeping
b. Differentiate between single column cash book and double column cash book
c. Draw the format of a double column cash book
3a. State four important of book keeping
b. State five items on the credit side of double column cash book
c. State three items on the debit side of a single column cash book.
4a. State the classes of ledger
b. What are the uses of source document
c. Explain the types of transaction
SECTION B
ANSWER QUESTION FIVE AND ANY OTHER TWO QUESTION FROM THIS PART
5. Write up the double column cash book from the following:
May 1 Balance brought down, cash in hand #860,cash at bank #33,560
May 2 Paid rent by cheque #500
May 3 Paid for postage in cash #60
May 5 Bought a new car for #2,950 cash
May 7 Paid rates by cheque #2,560
May 10 Cash sales #840
May 11 Cash drawing by proprietor #300
May 15 Cash paid into bank #700
May 17 We paid okon by cheque #850
May 19 Withdrew #3,000 from bank for business use
May 21 Cash sales paid directly into bank #2,110
May 24 Tiamiu paid us #2,500 cash
May 29 John paid us by cheque #890
6. Enter the following transactions in the cash account of Blessing
Jan 1 Started business with#6,000 cash
Jan 3 Purchased goods #4,000 cash
Jan 4 Sold goods for cash #5,000
Jan 7 Paid wages cash #4,000
Jan 12 Cash sales #2,000
Jan 15 Cash purchases #800
Jan 17 Paid cash #80 for electricity
Jan 19 Received cash from Tudor #3,610
Jan 21 Bought stationery #210 for cash
7. Complete the following table showing the accounts to be credited and which to be debited
a. took cash from bank for business use
b. paid telephone by cheque
c. paid wages by cheque
d. paid general expenses by cash
e. goods returned to olaide
8. From the following information calculate the asset and liabilities
Land and building N25,000, furniture N15,000 creditors N25,000 loan N 12,000 overdraft N13,000 cash N13,000 machinery N45,000 debtors N40,000 capital N105,000 debenture N20,000 stock N15,000 owings N10,000
9. Write a two column cash book from the book of Sesi enterprise
Jan 1 started business with 30,000 cash,60,000 bank
Jan 2 paid Salem 20,000 cash
Jan 5 cash sales 30,000
Jan 10 paid cash into the bank 35,000
Jan 15 purchases 25,000
Jan 17 cash sales paid directly into the bank 40,000
Jan 20 wages by cash 20,000
Jan 22 we paid the following by cheque:
Blessing 20,000 , Chinedu 9,000 and Stock 8,000
Jan 27 rent paid by cash 600
Jan 29 Grace paid us by cheque 25,000
Jan 30 Banked cash 30,000
SECOND TERM SS1 BOOK KEEPING EXAM QUESTIONS – EDUDELIGHT.COM
