Account First Term Examination and Continous Assessment Questions 2019/2020 Session – Senior Secondary School ( SSS 1, SSS 2, SSS 3)

 

            

 

             EDUDELIGHT SECONDARY SCHOOL

                            1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

                           1ST TERM EXAMINATION 2019/2020 SESSION

    SUBJECT: ACCOUNTING  CLASS: SS 1            TIME:  2hrs

OBJECTIVE: Answer all questions

  1. 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
  2. The double entry principle of accounting was developed in the year                                   (a) 1894 (b)1494 (c) 1887 (d) 1854
  3. Asset – capital =      (a) balance sheet (b) account (c) liability (d) money
  4. ————–  needs accounting record mainly for budget making                          (a) tax authority (b) insurance (c) managers (d) government
  5.  Account may be classified into ——– major categories  (a) 3  (b) 2 (c) 6 (d) 5
  6. 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
  7. The obligation of a company to the third party is known as                                                        (a) capital (b) asset (c) liability (d) income
  8. Land and building is an example of                                                                                                    (a) current asset (b) fixed asset (c) current liability (d) long term liability
  9. The abbreviation A.N.A.N  means                                                                                                        (a) Association of Nigerian Accountants National (b) Association of Norway Accountants (c) Association of National Accountants of Nigeria (d) Association of new Accountants of Nigeria
  10. The owner’s contribution to the business is referred to as                                                               (a) asset (b) liability (c) profit (d) capital
  11. The following are not prime books of account except                                                 (a) sales ledger  (b) cash ledger (c) purchases ledger (d) return inward journal
  12. All purchases on credit are recorded in the ————— first                            (a)purchases ledger (b)purchases Journal (c)sales journal (d)purchases account
  13. Which of the following is a short term liability                                                              (a) Accruals (b) Bank loan (c) share premium (d) Debenture
  14. Entries at the beginning of a business is recorded in                                                             (a) sales journal (b) purchases journal (c) journal proper (d) cash journal
  15. When part of the goods purchased are returned to the supplier as a result of defection, the goods are described as                                                                                         (a) return inward (b) return outward (c) carriage inward (d) carriage outward
  16. Which of the following best defines book-keeping (a) statement of account (b) a book kept in order not to overburden the cash book (c) a systematic manner of recording business transaction (d) a statement showing assets and liabilities
  17. Which of the following documents is used in operating a saving account                                                 (a) Bank teller (b) Travelers cheque (c) cheque book (d) Bank pass book
  18. The following are source documents for cash sales except                                (a) cash sales invoice (b) Teller (c)Cash voucher (d) cash receipt
  19. The document used for an overcharge account by the seller is the                               (a) credit note (b)debit note (c) receipt (d) invoice
  20. Which of the following will best define balance sheet                                                            (a) form of trading account (b) proof of arithmetical accuracy (c) statement showing profit and loss (d) statement showing assets and liability of an organization
  21. Which of the following is not a petty cash book item?                                                     (a) machinery (b) stamps (c) office pins (d) milk
  22. Which of the following is not a long term liability?                                                       (a) debenture (b) preference share (c) long term loan (d) overdraft
  23. 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
  24. Which of the following is an asset                                                                             (a) bad debt provision (b) rent prepaid (c) wages accrued (d) sales
  25. The double entry for goods purchased by cash is                                                       (a) Dr cash account and Cr purchases account (b) Dr purchases account and Cr cash account (c) Dr purchases account and Cr creditors account (d) Dr cash account and Cr
  26. What effect with the purchase of asset on credit have on the balance sheet                         (a) increase Assets and Decrease Liabilities (b) increase Assets and increase Liabilities (c) increase both asset and Liability (d) decrease both Assets and Liabilities
  27. The following are accounting concepts except                                                               (a) going concern (b) entity (c) dual (d) consistency
  28. The following are books of original entry except                                                                              (a) cash book (b) sales day book (c) purchases day book (d)the balance sheet
  29. A transaction that complete is double entry in the cash book is called — entry  (a) posting (b) overcast (c) contra (d) double
  30. Given the value of assets to N6,000 and total liabilities to be N3500, what is the value of capital (a) N1500 (b) N2,500 (c) N3,500 (d) N4,500

Use the following information to answer question  30 – 34

January 1st cash in hand                           N5,000

Cash at bank                                             N10,000

Jan. 2nd paid Momoh by cheque                N1,500

Jan. 5th paid transport by cash                     N200

Jan. 9th received cheque from Grant        N13,000

Jan. 15th cash sales                                 N8,000

Jan. 17th  paid Oche by cheque                N11,200

Jan. 19th  paid Ugoro by cash                  N1000

Jan.  31st  paid wages  cash                     N2,500

  • The cash in hand on 31/01/09 is (a) 2,200 (b) 2,078 (c) N1,642 (d) 578
  • The cash at bank on 31/01/09 1s                                                         (a)N10,300  (b) N9,300  (c) N7400  (d) N5,900
  • The total cash expenses is    (a) 2,200 (b) N3,700 (c) N1,642 (d) 578
  • The total credit deposit to the bank is                                                                (a)N13,000 (b) 23,000 (c)N17400 (d) N5,900
  • A man purchased goods worth N6,700 and was granted 5% discount, how much is the value of the discount (a)N435 (b) N135 (c) N234 (d) N335
  • 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
  • When part of the goods purchased by a consumer are returned to the organisation because they are defective, the goods are described as                                                                                               (a) returned inward (b) returned outward (c) carriage outward (d) carriage inward
  • Which of the following does not belong to the group                                                               (a)motor van (b) goodwill (c) capital (d) cash
  • The personal account of the customer is contained in the                                                   (a) purchase ledger (b) sales ledger (c) nominal ledger (d) personal ledger account
  • A sales day book is used to record                                                                              (a) credit sales of fixed assets (b) cash sales of fixed assets (c) cash sales of stock (d) credit sales of stock

PART B

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

  1. State the effect of the following transaction on a balance sheet
  2. Purchase machinery on credit
  3. Cash paid to creditor
  4. Goods sold for cash
  5. Proprietor took cash out of the business
  6. Receive cash from debtors
  7. Purchase goods with cash
  8. The proprietor introduces cash into the business
  9. Deposit cash into bank
  10. Purchase furniture for cash
  11. Purchase goods on credit               ( 20 marks)
  • Write up the cash book of Mr. Ajetumobi for the month of March 2018

Mar. 1. Started business with cash               N8, 000

Mar.  2. Paid sundry expenses                      N2500

Mar.  3. Sold goods for cash                         N11, 000

Mar.  4. Paid rent and rate in cash                 N5000

Mar.  15. Bought fixtures in cash                  N4500

Mar.  20. Paid wages in cash                        N2000

Mar. 25. Cash sales to date                           N8, 500

Mar. 27. Paid rent                                        N550

Mar. 27. Bought office machine                   N3500

Mar. 30.received from Ojo                           N8000   (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) Subsidiary Books

          (ii) Ledger Account

          (iii) Debit Note and Credit Note

           (iv)  Principles of Double Entry                                        ( 10 marks)

5.   (a) What are Source Documents                                              (2 marks)

(b) List and explain at least four source documents.            (8marks)

 

             EDUDELIGHT SECONDARY SCHOOL

                            1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

                           1ST TERM EXAMINATION 2019/2020 SESSION

SUBJECT:    ACCOUNTING    CLASS: SS 2        TIME: 2hrs

OBJECTIVE: Answer all questions

  1. Which of the  following errors will not affect the trial balance                      (a) error of principle (b) compensating error (c) partial omission             (d) complete reversal of entry
  2. Discount allowed is found on the credit side of                                                                        (a) purchase ledger control account  (b) bad debt account   (c) sales ledger control account (d) trading account
  3. Which of the following is not a long term liability                                                            (a) Debenture (b) Preference Share Capital (c) Long-term Loan (d) Bank Overdraft
  4. Royalty is a——–                                                                                                                 ( a) direct material  b) direct labour (c) direct expenses  (d) production cost
  5. Opening stock + purchases is equal                                                                       (a) total  ( b)  cost of goods sold  (c) cost of goods available for sales (d) gross profit
  6. Which of the following is not a nominal account item                                                                               (a) electricity (b) insurance  (c) rent  (d) furniture and fittings
  7. When part of the goods purchased are returned to the supplier as a result of defects the goods are described as (a) return inward (b) return outward Use the following to answer question 8 – 10

Sales                                  N100,000

Purchases                            N60,000

Opening Stock                     N30,000

Closing Stock                      N35,000

Bad debt                              N5,000

Discount Allowed               N500

Discount received                N650

Transport                           N1,000

  • What is the cost of goods sold                                                                                           (a) N160,000 (b) N75,000  c) N55,000  (d) N45,000
  • What is the Average Stock (a) N32,500  (b) N75,000 ( c) N55,000  d) N100,000
  • What is the Net Profit  ( a) N45,000 ( b) N55,000  (c) N37,850  (d) N40,000
  • 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
  • One of these is found on the credit side of the partners appropriation account   (a) drawing (b) interest on drawing (c) salary (d) interest on capital
  • Suppliers personal accounts are found in the                                                                 (a) sales ledger  (b) sales account  (c) purchases ledger (d) purchases account
  • The double entries principle of accounting was developed in the year (a) 1894 (b)1494 (c) 1887 (d) 1854
  • The objective of Manufacturing account is to determine                                                         (a)credit purchases (b) cost of goods sold (c) cost of production (d) net profit
  • The purchases ledger control account is also referred to as                                                  (a) total debtors ledger control account (b) personal account (c) total creditors ledger control account  (d) cash account
  • Purchases of goods from Obi had been in Obika’s account, this is an error of : (a) Omission (b) compensation (c) commission (d) original entry
  • Depreciation of machinery is treated under  ———– by the manufacturing company (a) direct expenses (b) selling expenses  (c) administrating expenses (d) indirect expenses
  • Opening stock + purchases – closing stock =                                                                        (a) total sales (b) cost of goods sold (C)gross profit (d) prime cost
  • Which of the following is a nominal account                                                                        (a) Goodwill Account (b) machinery account (c) account of the supplier (d) capital  account
  • Which of the following is not treated in the profit and loss account                                                                                            (a) depreciation of motor van (b) discount allowed (c) debenture (d) discounts
  • An agreement made by partners to regulate and govern their business activities is (a) partnership act  (b) partnership deed  (c) partnership code   (d) memorandum
  • Which of the following belongs to the sales ledger                                                         (a) bank account (b) creditors account (c) debtors account  (d) rent and rate account
  • Which type of expenditure is shown on asset side of Balance sheets?                       (a) capital expenditure   (b)  prepaid expenditure   (c) accrued Expenditure
    (d) overdraft
                     use the information below to answer question 25 – 27
                                                                                                     N

Debtors  1/1/2015                                                       1000

Cash from debtors                                                     8000

Bad debt written off                                                    400

Discount allowed                                                       500

Discount received                                                      125

Closing debtors balance 31/12/2015                           3000

  • What was the amount of sales for the year                                                                                                (a) N8,900 (b) N11,900 (c) N10,500 (d)N9,900
  • The debtors balance to be shown in the balance sheet as at 31/12/15 is              (a) N6,000 (b) N3,250     (c)  N2,000 (d) N3,000
  • Total expenses that will appear in the profit and loss account will be                       (a)N1,150 (b) N1,900 (c) N1,250 (d) N 900
  • Financial Statement of business at any targeted point time in terms of assets and liabilities is called————–
    a) Book Keeping  (b) Profitability Statement  (c) Balance Sheet  (d) Audit
  • Financial Accounting considers transactions                                                                                     (a) in terms of money  (b) important from business point of view  (c) not in terms of money ( d) in terms of charity
  • Purchase of goods by cash N500 was correctly recorded in the cash account but was not recorded in any other book, the correction to this error is—-                                     (a) debit cash and credit purchases  (b) debit purchases and credit suspense  (c) debit suspense and credit purchases (d) credit purchases and debit cash
  • Which of the following best defines 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
  • In a partnership business interest on capital is credited to the partner —– account   (a) appropriation  (b) current (c) trading (d) profit and loss
  • 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 the correction of undercharged account by the seller is the ———     (a) credit note (b)debit note (c) receipt (d) invoice
  • The — is used to correct errors (a) credit note (b)suspense (c) journal (d) invoice
  • The double entries principle of accounting was developed in the year                                     (a) 1894 (b)1494 (c) 1887 (d) 1854
  • The total direct cost incurred by a manufacturing firm is referred to as                                   (a) royalty (b) prime cost (c) overhead cost  (d) production cost
  • Interest on drawing of a partner is charged to                                                                    (a) debit side of the appropriation account (b) credit side of the appropriation account (c) debit side of profit and loss account (d) credit side of profit and loss account
  • A book containing the rules and guideline of a partnership business is known as (a) partnership current account  (b) partnership deed (c) partnership memorandum (d) partnership account
  •  Accounting Policies and Procedures once decided should not be changed till any sound reason is made. This is known as                                                                           (a) Accrual Concept (b) Conservatism  (c) Business Entity Concept                            (d) Consistency

PART B

Answer question one and any other two from this section

  1. Dotun and Ajetumobi are in partnership sharing profit and loss in the ratio 3:2. the following is the trial balance as at          31st December  2017

              Trial balance                                                                       Dr                        Cr

                 N                          N

Capital:  Dotun                                                                                                  100,000

               Ajetumobi                                                                                          50,000

Drawings: Dotun                                                                  6,000

                   Ajetumobi                                                          5,000

  Purchases                                                                             12,000

Sales                                                                                                              40,000

           Sales returns                                                                            4,000

           Purchases returns                                                                                             2,000

            Stock 1st Jan 2017                                                              10,000

            Carriage inwards                                                                   1,200

            Salaries and wages                                                          15,000

            Bad debts                                                                              1,000

            Office expenses                                                                     2,400

            Loan – Okafor                                                                                                      14,000

          Provision for doubtful debts                                                                                    300

          Discount allowed                                                                  1,150

           Discount received                                                                                                 1,100

           Building at cost                                                                      30,000

           Machinery at cost                                                                109,100

           Cash at bank                                                                          8,000

            Motor van at cost                                                               50,000

             Electricity                                                                                    50

            Provision for depreciation motor van                                                          10,000

              Debtor s                                                                                 20,000

              Creditors                                                                                                             10,000

             Bills payable                                                                           9,000

            Bills Receivable                                                                                                37,500

       Current account balance: Dotun                                                                       7,500

                                                 Ajetumobi                                                                    1 1,000

                                                                                                             283,800          283,800

Additional information:

(a) stock at close N20,000 (b) electricity prepaid  N500 (c) interest on drawings 5% (d) partnership salary Dotun N8,000 (e) salaries and wages accrued N3,000 (f) interest on capital at 10% (g) depreciation motor van 10% (h) provision for bad debt is to be increased to N600 (i) Dotun withdrawn goods for his own use N7,000

You are require to : (a) prepare to trading, profit and loss account for the year ended 31st December, 2017 (b) Partners capital account (c) balance sheet as at 31st December, 2017.   (20 marks)

  •  The following balances were extracted from the books of The Learningfield enterprises on 30th June 2016.

                                                                                                                                   N

Purchase ledger ( cr ) 1/6/16                                                                              7,532

Sales ledger ( dr ) 1/6/16                                                                                     7,948

Purchases day book                                                                                              90,454

Sales day book                                                                                                        77,530

Return outward day book                                                                                   3,960

Return inward day book                                                                                      14,180

Cheque received from customers                                                                     56,680

Cheque paid to supplier                                                                                       61,860

Cash refund from a supplier who was overpaid                                            240

Discount allowed                                                                                                      3,774

Discount received                                                                                                        2,678

Credit notes received                                                                                                   280

Debit notes issued                                                                                                         530

You are required to prepare:

  1. Debtors ledger control account
  2. Creditors ledger control account                                                    (10 marks)         
  3. (a) Define Partnership Account                                                        (2marks)

(b) State at least five content of the Partnership agreement    ( 8 marks )

  • Draw a comprehensive format of the debtors ledger control account and creditors ledger control account                                                (10 marks)
  • List and explain ten contents of the manufacturing, Trading and profit and loss account.                                                                              ( 10 marks )
  • List and explain five errors affecting the trial balance and three errors not affecting the trial balance                                                            ( 10 marks )
 

             EDUDELIGHT SECONDARY SCHOOL

                               1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st  TERM CONTINUOUS ASSESSMENT TEST FOR 2019/2020 SESSION

    SUBJECT: Account     CLASS:         SS2             TIME: 45mins

  1. Which of the  following errors will not affect the trial balance                      (a) error of principle (b) compensating error (c) partial omission                   (d) complete reversal of entry
  2. Discount allowed is found on the credit side of (a) purchase ledger control account  (b) bad debt account   (c) sales ledger control account (d) trading account
  3. Which of the following is not a long term liability (a) Debenture (b) Preference Share Capital (c) Long-term Loan (d) Bank Overdraft
  4. Opening stock + purchases is equal   (a) total  ( b)  cost of goods sold  (c) cost of goods available for sales (d) gross profit
  5. Which of the following is not a nominal account item  (a) electricity (b) insurance  (c) rent  (d) furniture and fittings
  6. 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
  7. Suppliers personal accounts are found in the  (a) sales ledger  (b) sales account  (c) purchases ledger (d) purchases account
  8. The double entries principle of accounting was developed in the year (a) 1894 (b)1494 (c) 1887 (d) 1854
  9. The purchases ledger control account is also referred to as  (a) total debtors ledger control account (b) personal account (c) total creditors ledger control account  (d) cash account
  10. Purchases of goods from Obi had been in Obika’s account, this is an error of : (a) Omission (b) compensation (c) commission (d) original entry

Part B. Answer only one question from this section

  1. List and explain ten contents of the manufacturing, Trading and profit and loss account.  ( 10 marks )
  2. List and explain five errors affecting the trial balance and three errors not affecting the trial balance  ( 10 marks )
 

             EDUDELIGHT SECONDARY SCHOOL

                           1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

                        1ST TERM EXAMINATION 2019/2020 SESSION

SUBJECT:  ACCOUNTING      CLASS: SS 3       TIME: 2hrs

OBJECTIVE: Answer all questions

Use the following to answer question 1 – 3

Sales                                   N100,000

Purchases                            N60,000

Opening Stock                     N30,000

Closing Stock                      N35,000

Bad debt                              N5,000

Discount Allowed               N500

Discount received                N650

Transport                           N1,000

  1. What is the cost of goods sold                                                                                                    (a) N160,000 (b) N75,000  (c) N55,000  (d) N45,000
  2. What is the Average Stock                                                                                           (a) N32,000  (b) N32,500  (c) N55,000  (d) N100,000
  3. What is the Net Profit  ( a) N45,000  (b) N55,000  (c) N39,000 ( d) N37,850
  4. 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
  5. Gilt edge security are ——                                                                                              (a)Risk bearing security ( b) less Risk bearing security (c) High Risk bearing Security (d) Discount allowed
  6. 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
  7. 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%
  8. The double entries principle of accounting was developed in the year                   (a) 1894 (b)1494 (c) 1887 (d) 1854
  9. The unit of capital of a limited liability company is known as                                           (a) capital (b) share (c) debenture  (d) accumulated fund
  10. One of the following is not an institution involved in the capital market                      (a) Central bank (b) insurance company (c) commercial bank (d) building society
  11. The objective of trading account is to ascertain                                                  (a)credit purchases (b) cost of goods sold (c) gross profit (d) net profit
  12. A fixed loan capital to an organization back up a certificate evidence is called (a) overdraft (b) bank loan (c) debenture (d) stock
  13. 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
  14. Purchase of goods from Uchenna had been in Uchechi’s account. this is an error of : (a) Omission (b) compensation (c) commission (d) original entry
  15. The obligation of a company to the third party is known as                                                                     (a) capital (b) asset (c) liability (d) income
  16. Land and building is an example of                                                                                  (a) current asset (b) fixed asset (c) current liability (d) long term liability
  17. The abbreviation I.C.A.N means                                                                                                        (a) Institute of Chartered Accountants of Norway (b) Institute of Chartered Accountants of Niger (c) Institute of Chartered Accountants of  Nigeria                 (d) Association of new Accountants of Nigeria
  18. The owners contribution to the business is referred to as                                                        (a) asset (b) liability (c) profit (d) capital
  19. A man purchased goods worth N2,275 and was granted 5% discount, how much did he pay for the goods? (a)N2,161 (b) N2,171 (c) N2,616 (d) 2700
  20. The following are source documents for cash sales except                                               (a) cash sales invoice (b) Teller (c)Cash voucher (d) cash receipt
  21. The document used for an overcharge account by the seller is the                               (a) credit note (b)debit note (c) receipt (d) invoice
  22.  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
  23. 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
  24. 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
  25. 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
  26. The money set aside out of profit to meet a specific purpose is known as              (a) asset (b) liability (c) reserves (d) provisions
  27. Errors  in the ledger can only be corrected through                                         (a)journal proper (b) sales day book (c) purchases day book (d) control account

Use the following statement to answer question 28-30

Fixed Assets                       N7000

Stock                                  N1500

Debtors                               N800

Creditors                             N2000

Cash in hand                        N1700

Capital                                N19000

  • What is current ratio (a) 3:1 (b) 25:1  (c)2:1 (d) 1.25:1
  • What is the quick ratio  (a) 3:1 (b) 2.5:1  (c)2:1 (d) 1.25:1
  • The working capital is  (a) N4000  (b) N2000  (c)N1700  (d) N1200
  • Which of the following ratio is used to measure solvency                                                 (a) gross profit ratio  (b) current ratio  (c) gearing ratio  (d) net profit ratio
  • A receipt and payment account is similar to                                                                  (a) income and expenditure account (b)profit and loss account                                    (C) Cash Account (d) sales account
  • The double entries principle of accounting was developed in the year                    (a) 1894 (b)1494 (c) 1887 (d) 1854
  • 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
  • One of the following Assets can be acquired through hire purchase                                       (a) stock   (b) capital  (c)  Machinery  (d) goodwill
  • The double entry record for the sale of Assets for cash is 
  • Debit asset account and credit sales account   (b) debit cash account and credit asset account  (c) credit asset account and debit sales account (d) credit cash account and debit asset account

PART Two

Answer two questions from each section in this part.

Section 1.

  1.   (a). What is dissolution of Partnership ?                                               ( 2marks)

      (b) Give three reasons that could rise 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.

  1. 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 1st 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        20marks

  • Learning field Ltd Manufacturers of bottled water 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 31st 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:

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

Prepare:

  1. Appropriation account for the year ended 31st December 2011.
  2. Balance sheet as at that date.                20 marks
  • On 31st 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 entered 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 was 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

  1. The adjusted cash book and
  2. The bank reconciliation statement.       20 marks

           

  EDUDELIGHT SECONDARY SCHOOL

                           1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st  TERM CONTINUOUS ASSESSMENT TEST FOR 2019/2020 SESSION

    SUBJECT: Account     CLASS:         SS3             TIME: 45mins

  1. The objective of trading account is to ascertain (a)credit purchases (b) cost of goods sold (c) gross profit (d) net profit
  2. A fixed loan capital to an organization back up a certificate evidence is called (a) overdraft (b) bank loan (c) debenture (d) stock
  3. 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
  4. Purchase of goods from Uchenna had been in Uchechi’s account. this is an error of : (a) Omission (b) compensation (c) commission (d) original entry
  5. The obligation of a company to the third party is known as  (a) capital (b) asset (c) liability (d) income
  6. Land and building is an example of    (a) current asset (b) fixed asset (c) current liability (d) long term liability
  7. 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
  8. The owners contribution to the business is referred to as  (a) asset (b) liability (c) profit (d) capital
  9.  The act of recording the actual price of buying an asset can be linked to — (a) Cost Concept  (b) Materiality (c) Money Measurement Concept (d) identity
  10. Land and building is an example of    (a) current asset (b) fixed asset (c) current liability (d) long term liability

Part B. answer any two questions from this section

  1. (a) What is a company account   (b). list and explain four documents needed in the formation of a company
  2. List and explain at least five function of the capital market
  3. Write short note on the following i. preference share ii. Ordinary shares iii. Share premium  iv. Capital reserve
 

             EDUDELIGHT SECONDARY SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st TERM CONTINUOUS ASSESSMENT TEST FOR 2019/2020 SESSION

    SUBJECT: Account     CLASS:         SS1             TIME: 45mins

  1. Account may be classified into ——– major categories  (a) 3  (b) 2 (c) 6 (d) 5
  2. 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
  3. The obligation of a company to the third party is known as  (a) capital (b) asset (c) liability (d) income
  4. Land and building is an example of    (a) current asset (b) fixed asset (c) current liability (d) long term liability
  5. The abbreviation A.N.A.N means   (a) Association of Nigerian accountants national (b) Association of Norway accountants (c) Association of National Accountants of Nigeria (d) Association of new Accountants of Nigeria
  6. The owners contribution to the business is referred to as  (a) asset (b) liability (c) profit (d) capital
  7. The following are not prime books of account except  (a) sales ledger  (b) cash ledger (c) purchases ledger (d) return inward journal
  8. All purchases on credit are recorded in the ————— first   (a)purchases ledger (b)purchases Journal (c)sales journal (d)purchases account
  9. Which of the following is a short term liability (a) Accruals (b) Bank loan (c) share premium (d) Debenture
  10. Entries at the beginning of a business is recorded in (a) sales journal (b) purchases journal (c) journal proper (d) cash journal

Parts B. answer all questions in this part.

  1. What is book-keeping  ( 2marks )
  2. Write out three importance of book-keeping   ( 3 marks )
  3. List and explain four source documents   ( 5 marks )
 

             EDUDELIGHT SECONDARY SCHOOL

                          1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st TERM CONTINUOUS ASSESSMENT TEST (2) FOR 2018 SESSION

    SUBJECT: Account     CLASS:         SS1             TIME: 45mins

  1. 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
  2. Which of the following is an asset (a) bad debt provision (b) rent prepaid (c) wages accrued (d) sales
  3. The double entry for goods purchased by cash is (a) Dr cash account and Cr purchases account (b) Dr purchases account and Cr cash account (c) Dr purchases account and Cr creditors account (d) Dr cash account and Cr
  4. What effect with the purchase of asset on credit has on the balance sheet  (a) increase Assets and Decrease Liabilities (b) increase Assets and increase Liabilities (c) increase both asset and Liability (d) decrease both Assets and Liabilities
  5. The following are accounting concept except   (a) going concern (b) entity (c) dual (d) consistency
  6. The following are books of original entry except (a) cash book (b) sales day book (c) purchases day book (d)the balance sheet
  7. A transaction that complete is double entry in the cash book is called ——— entry  (a) posting (b) overcast (c) contra (d) double
  8. Given the value of assets to N6,000 and total liabilities to be N3500, what is the value of capital (a) N1500 (b) N2,500 (c) N3,500 (d) N4,500
  9. Which of the following does not belong to the group (a)motor van (b) goodwill (c) capital (d) cash
  10. The personal account of the customer is contained in the (a) purchase ledger (b) sales ledger (c) nominal ledger (d) personal ledger account

THEORY ANSWER ALL QUESTIONS

State the effect of the following transaction on a balance sheet

  1. Purchase machinery on credit
  2. Cash paid to creditor
  3. ,;NG9
  4. Goods sold for cash
  5. Proprietor took cash out of the business
  6. Receive cash from debtors
  7. Purchase goods with cash
 

             EDUDELIGHT SECONDARY SCHOOL

                            1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st TERM CONTINUOUS ASSESSMENT TEST (2) FOR 2018 SESSION

    SUBJECT: Account     CLASS:         SS2             TIME: 45mins

  1. Which of the following best defines 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
  2. In a partnership business interest on capital is credited to the partner —– account   (a) appropriation  (b) current (c) trading (d) profit and loss
  3. The following are source documents for cash sales except (a) cash sales invoice (b) Teller (c)Cash voucher (d) cash receipt
  4. The document used for the correction of undercharged account by the seller is the (a) credit note (b)debit note (c) receipt (d) invoice
  5. The ————- is used to correct errors (a) credit note (b)suspense (c) journal (d) invoice
  6. The double entries principle of accounting was developed in the year (a) 1894 (b)1494 (c) 1887 (d) 1854
  7. The total direct cost incurred by a manufacturing firm is referred to as  (a) royalty (b) prime cost (c) overhead cost  (d) production cost
  8. Interest in drawing of a partner is charged to  (a) debit side of the appropriation account (b) credit side of the appropriation account (c) debit side of profit and loss account (d) credit side of profit and loss account
  9. A book containing the rules and guideline of a partnership business is known as (a) partnership current account  (b) partnership deed (c) partnership memorandum (d) partnership account
  10.  Accounting Policies and Procedures once decided should not be changed till any sound reason is made. This is known as  (a) Accrual Concept (b) Conservatism  (c) Business Entity Concept  (d) Consistency

THEORY

Show the journal entries necessary to correct the following errors:

(a). Sale to Ojo N500 was completely omitted from the books.

(b). Goods purchased from Ibrahim N300 was entered in Abraham account

( c ). Sales account was under cast by N80 so also the salary account

( d). Commission received of N150 was entered in sales account

(e). Discount allowed of N870 was recorded in error to the debit side of discount received.       ( 10 marks )

 

             EDUDELIGHT SECONDARY SCHOOL

                            1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st  TERM CONTINUOUS ASSESSMENT TEST (2)  FOR 2019/2020 SESSION

    SUBJECT: Account     CLASS:         SS3             TIME: 45mins

  1.    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
  2. The money set aside out of profit to meet a specific purpose is known as  (a) asset (b) liability (c) reserves (d) provisions
  3. Errors  in the ledger can only be corrected through (a)journal proper (b) sales day book (c) purchases day book (d) control account

            Use the following statement to answer question 4-6

              Fixed Assets                             N7000

              Stock                                         N1500

              Debtors                         N800

              Creditors                                   N2000

               Cash in hand               N1700

              Capital                          N19000

  • What is current ratio (a) 3:1 (b) 25:1  (c)2:1 (d) 1.25:1
  • What is the quick ratio  (a) 3:1 (b) 2.5:1  (c)2:1 (d) 1.25:1
  • The working capital is  (a) N4000  (b) N2000  (c)N1700  (d) N1200
  • Which of the following ratio is used to measure solvency   (a) gross profit ratio  (b) current ratio  (c) gearing ratio  (d) net profit ratio
  • 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
  •  

Theory

  1. Write short note on the followings (i). Consignor    (ii). Del-Credere Commission (iii). Proforma invoice (iv). Consignee (v). Hirer  ( 10 marks )
  2. (i)What is hire purchase  (ii) differentiate between hire purchase and installment payment   ( 10 marks )

            

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