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

EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1ST TERM EXAMINATION 2019/2020

SUBJECT: ACCOUNTING      CLASS: SS 1            TIME:  3hrs

OBJECTIVE: Answer all questions

  1. One of the following is a source document  (a) sales day book  (b) purchases day book (c) sales ledger (d) debit note
  2. All sales on credit are recorded in the ————— first   (a)purchases ledger (b)purchases Journal (c)sales journal (d)sales account
  3. Which of the following is a  current liability (a) Accruals (b) Bank loan(c) Debtors (d) Debenture
  4. Entries at the beginning of a business is recorded in (a) sales journal (b) journal proper (c) purchases journal  (d) cash journal
  5. When part of the goods purchased are returned to the supplier as a result of defective the goods are described as (a) return inward (b) carriage outward (c) return outward (d) carriage outward
  6. Which of the following best defined 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
  7. The management need accounting records for—–  (a) tax assessment(b)Profit motive (c) Salary agitation  (d) Decision making
  8. An entry that has its dual entry in the cash book is known as (a) cash sales (b) credit purchase (c)Contra Entry (d) Double Entry
  9. The document used for an overcharge account by the seller is the (a) Debit note (b) Credit note (c) receipt (d) invoice
  10. The sales account in normally having a ——— balance (a) credit  (b)debit  (c) contra (d) neutral
  11. The double entries principle of accounting was developed in the year (a) 1894 (b)1484 (c) 1887 (d) 1494
  12. What is the dual for the sales of goods for cash,  debit——- and credit ———— (a) cash , sales (b) Purchases, sales (c) cash, sales (d) sales , purchases
  13. ————–  needs accounting for tax assessment (a) share holders (b) tax authority (c) managers (d) insurance
  14. The financial statement that shows the assets and liabilities of a company is known as  (a) balance sheet  (b) trial Balance (c) ledger  (d) journal
  15. The total of the sales journal will be transferred to (a) sales ledger account (b) sales outward account (c)  debtors account (d) sales return account
  16. The obligation of a company to the third party is known as  (a) capital (b) Liability (c) Asset (d) income
  17. Fixtures  and Fittings are example of    (a)  current liability (b) current asset (c) fixed liability (d) long term liability
  18. The abbreviation A.N.A.N means   (a) Association of Nigerian accountants national (b) Association of Norway accountants (c) Association of new Accountants of Nigeria (d) Association of National Accountants of Nigeria
  19. The owners contribution to the business is referred to as  (a) capital (b) liability (c) profit (d) assets
  20. Which of the following is a correct accounting equation (a) asset + liability = capital (b) capital = assets – Liabilities  (c) Liabilities = Capital + Assets (d) Capital = Liabilities
  21. 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
  22. Debtors and Creditors account can be classified under  (a) Nominal (b) real  (c) Tangible (d) personal
  23. Which of the following does not belong to the group (a)motor van (b) goodwill (c) cash (d) capital
  24. When a customer’s account is understated —————– is used to correct the account   (a) Debit note  (b) Journal (c) ledger (d) Credit note
  25. Invoice can be classified under  (a) Journal (b) source Document (c) Ledger (d) balance sheet
  26. Which of the following will best define balance sheet (a) form of trading account (b) proof of arithmetical accuracy (c) statement showing assets and liability of an organization (d) statement showing profit and loss
  27. Institute of Chartered Accountants of Nigeria was established in the year  (a) 1992  (b) 1894 (c) 1982  (d) 1965
  28. Which of the following is not a long term liabilities (a) overdraft (b) preference share (c) long term loan (d) Debenture
  29. 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
  30. Which of the following is an asset (a) bad debt provision (b) rent prepaid (c) wages accrued (d) sales
  31. The double entry for goods purchased by cash is (a) Dr purchases account and Cr cash account (b) Dr cash account and Cr purchases account (c) Dr purchases account and Cr creditors account (d) Dr cash account and Cr
  32. What effect will the purchases of asset on credit has on the balance sheet  (a) increases Assets and increases Liabilities (b) increases Assts and decreases Liabilities (c) has no effect (d) none of the above
  33. The following are accounting concept except   (a) contra entry (b) historical cost (c) dual (d) going concern
  34. The following are books of original entry except (a)the balance sheet (b) cash book (c) sales day book (d) purchases day book
  35.  A credit balance in the bank column of the cash book shows (a) Surplus  (b) debtors (c) creditors (d) overdraft
  36. Given the value of assets as N6,000 and total liabilities to be N3500, what is the value of capital (a) N1500 (b) N4,500 (c) N3,500 (d) N2,500

Use the following information to answer question  37 – 40

August 1st cash in hand                           N5,000

Cash at bank                       N10,500

August 2nd paid Jide by cheque            N2,000

August 5th paid transport by cash           N1,000

August 9th received cheque from ola        N8,000

August 15th cash sales                               N8,000

August 17th  paid Hassan by cheque          N3,000

August 19th  paid umar by cash                  N1,000

August  31st  paid wages  cash                    N6,000

  • The cash in hand on 31/8/01 is (a) 8,000 (b) 13,000 (c) N15,000 (d) 5,000
  • The cash at bank on 31/8/01 1s  (a)N10,100 (b) N8,900 (c)N7400 (d) N13,500
  • The total cash expenses is           (a) 5,000 (b) 18,500 (c) N13,000 (d) 8,000
  • The total credit deposit to the bank is (a)N10,100 (b) N8,900 (c)N7400 (d) N18,500

PART B

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

  1. Write up the cash book of Mr. Dotun for the month of February 2016

Feb. 1. Started business with  cash               N2,000

Feb.  2. Paid sundry expenses                       N250

Feb.  3. Sold goods for cash                         N1, 000

Feb.  4. Paid rent and rate in cash                  N500

Feb.  15. Bought fixtures in cash                   N750

Feb.  20. Paid wages in cash                         N650

Feb. 25. Cash sales to date                           N1, 500

Feb. 27. Paid rent                                         N550

Feb. 27. Bought office machine                    N350

Feb. 28.received from Ojo                            N800   (20 marks )

  • State the effect of the following transaction on a balance sheet
  • Purchase machinery on credit
  • Cash paid to creditor
  • Goods sold for cash
  • Proprietor took cash out of the business
  • Receive cash from debtors
  • Purchase goods with cash
  • The proprietor introduces cash into the business
  • Deposit cash into bank
  • Purchase furniture for cash
  • Purchase goods on credit               ( 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) Fixed Assets

           (ii) Long term Liability

           (iii) Debit Note and Credit Note

           (iv)  Principles of Double Entry  (10 marks)

5.   (a) what is a subsidiary book  ( 2mark )

(b) List and explain all the Subsidiary books.   (8marks)

EDUDELIGHT GROUP OF SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1ST TERM EXAMINATION 2019/2020

SUBJECT:    ACCOUNTING    CLASS: SS 2        TIME: 3hrs

OBJECTIVE: Answer all questions

  1.      A cheque of N500 drawn in favour of Chinwe was posted to the credit side of her account. The entry necessary to correct the error is (a) debit suspence account with N1,000, credit Chinwe  account with N1,000 (b) Debit bank account with N500 and credit Chinwe with N500 (c) debit suspense account with N500 and credit chinwe with N500 (d) debit chinwe with N1,000 and credit suspense with N1,000,’
  2. An active partner contributes (a) only capital to the business (b) only time no capital to the business (c) finance and organizes resources (d) No finance but enjoys the partnership business profit.
  3. Errors in the ledger can only be corrected through (a) Control account (b) sales day book (c) Purchases day book (d) Journal proper
  4. A suspense account is used to  (a) accumulate debit and credit balance (b) correct errors (c) to record differences in the books until errors are located (d) record account of the general ledger
  5. A purchase of goods from Obi had been recorded in Obika’s account.this is an error of- (a) omission  (b) principle  (c) original entry (d) commission
  6. Interest on partner’s capital is credited to partner’s  (a) appropriation account (b) trading account (c) current account  (d) profit and loss account.
  7. Purchase of office machine is recorded in office expenses account. Error made is known as  (a) error of omission (b) compensating error (c) error of original entry (d) error of principle
  8. The difference between market value of goods and the production cost is known as (a) gross profit on trading (b) net profit on trading (c) gross profit on manufacturing (d) net profit on manufacturing
  9. What type of asset or liability is accrual  (a) fixed  (b) long term (c) fictitious (d) current
  10. The addition of all the direct cost of production Is called — (a) production cost  (b) overhead cost  (c) prime cost  (d) material cost
  11.     Where a wrong figure appears only in one account with the second figure correctly stated.   This is an error of (a)compensation (b) omission (c) commission (d) transposition
  12. The balance in the sales ledger control account indicates (a) difference between debtors and creditors (b) total sales (c) total debtors (d)total creditors
  13. Where a fixed capitals are maintained, partner’s drawings are transferred to (a) debit of capital account (b) credit of capital account (c)credit of partner’s current account (d) debit of partner’s current account

Use the following to answer question 14 – 16

                                                     ABA           BABA        TOTAL

Capital                                         20,000        15,000        35,000

Drawings                                      2,250          ——–             2,250

Interest on drawing                       504             ——–              504

Interest on capital                          2,000          1,500          3,500

Net profit                                      ——–          ——-           34,63

  1. Aba’s share of profit is (a) N19,792 (b) N18,352  c) N18,080  (d) N21,504
  2. Baba’s share of profit is  (a) N16,128 (b) 14,844 ( c) 13,764  d) N13,560
  3. The rate of interest on apital is  ( a) 15% ( b) 10%  (c) 8%     (d) 5%
  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) discount allowed (d) uncredited cheque
  5. Which of the following is a prime cost (a)salary (b) commission (c) Royalty (d)Discount allowed

Use the following question to answer question 19 – 20;

                                                                                       N

Prime cost                                                                      4,000

Factory overheads                                                          6,000

Stock 1/1 work-in-progress                                             1,000

Stock 31/12 work-in-progress                                         2,000

Returns inwards                                                                 800

Sales                                                                              20,000

  1. Cost of production is (a)N10,000 (b)N 9,000 (c)N 6,000 (d) N8,000
  2. Net sales for the period is (a)N20,000 (b) 20,800 (c)10,000 (d) N19,200
  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. Discount received had been credited to discount allowed account this is an error of : (a) Omission (b) original entry (c) compensating (d) principle
  5. The following are method of depreciation except (a) straight line method (b) manufacturing method (c) reducing balance method (d) annuity method
  6. The addition of prime cost and factory overheads is equal (a) market value (b) cost of production (C) total overhead cost (d) work in progress
  7. Which is a Nominal Account? (a) Goodwill Account (b) rent and rate
    c) Account of the supplier (d) None of the above
  8. Partners whose liabilities are limited to the capital contributed to the business are referred to as (a) ordinary partner  (b) limited partner (c) active partner (d) nominal
  9. The reduction in the value of the fixed assets which can arise due to time factor is
    (a) Discount  (b) Depreciation  (c) Reduction   (d) None of the above
  10. A business which converts raw material into finished goods prepares  (a) an appropriation account (b) Manufacturing account (c) income and expenditure account (d) receipt and payment account
  11. Which type of expenditure is shown in asset side of Balance sheets?  (a) Capital Expenditure   (b)  prepaid Expenditure   (c) accrued Expenditure
    (d) None of the above
  12. Directors remuneration are recorded in the books as (a) capital expenditure (b) revenue expenditure (c) appropriation (d) deferred expendidure
    use the information below to answer question 31 – 34
                                                                                                  N

Debtors                      1/1/2015                                  2000

Cash from debtors                                                     6000

Bad debt written off                                                      750

Discount allowed                                                       500

Discount received                                                      125

Closing debtors balance 31/12/2015                           1250

  • What was the amount of sales for the year  (a) N8,500 (b) N5,250 (c) N6,500 (d)N6,000
  • The debtors balance to be shown in the balance sheet as at 31/12/15 is (a)N 6,000 (b) N3,250     (c)  N2,000 (d) N1,250
  • Assume a gross profit of N3,000 what was the net profit?  (a) N2,000 (b) N2,000(c) N1,875 (d) N3,250
  • Total expenses that will appear in the profit and loss account will be (a)N1,150 (b) N750 (c) N3,250 (d) N1,250
  • One of the advantages of control account is  (a) it allows for accounting accuracy (b) it states the value of assets and liabilities (c) it reduces delay in balancing accounts (d) It allows easy allocation of profit

Use the following to answer questions 36 – 40

                                                                                    N

Purchases :   raw material                                           20,000

                     Finished goods                                     15,200

Stock :  1/1   raw materials                                         3,000

                    Work- in-progress                                   2,500

Wages :       Direct                                                     22,800

                  Indirect                                                      7,200

Factory expenses:  electricity                                     12,000

                              Insurance                                        2,000

Stock 31/12            raw materials                              4,000

                               Work-in-progress                        4,500

  • What is the cost of raw materials available?  (a) N23,000 (b) N22,500 (c) N20,000  (d) N19,000
  • The cost of materials used is  (a) N19,000 (b) N23,000 (c) N20,000 (d) N16,000
  • The amount of factory overhead is (a) N19,200  (b) N16,000 (c) 14,000 (d) N21,000
  •  The prime cost is  (a) N41,800 (b) N43,800  (c) N49,000   (d) N38,800
  • The cost of manufactured goods is (a) N61,000 (b) N67,500 (c) N65,000 (d) 63,000

PART B

Answer question one and any other two from this section

  1. Ogoro and Ayo are in partnership sharing profit and loss in the ratio 2:1. the following is the trial balance as at  31st December  1995

Trial balance                                                                    Dr                        Cr

      N                           N

Capital:  Ogoro                                                                                      50,000

               ayo                                                                                    40,000

Drawings: Ogoro                                                         4,000

                     Ayo                                                           3,000

  Purchases                                                                    400,000

Sales                                                                                                 500,000

           Salaries                                                                         50,000

           general expenses                                                        20,000

            Stock 1st Jan 1995                                                     23,000

            rates                                                                               1,000

            discount received                                                                                           4,000

            Bank balance                                                                  10,000

            Freehold property at cost                                            50,000

            Trade creditors                                                                                                  26,000

          Discount allowed                                                              5,000

           Discount received                                                                                                 4,000

           Building at cost                                                                   30,000

           Furniture and fittings        ( cost N30,000)                 24,000

            Provision for depreciation motor van                                                              10,000

              Debtor s                                                                               30,000

              Creditors                                                                                                                  26,000

                                                                                                     620,000               620,000

Additional information: (a) stock at close N25,000 (b) Rate prepaid  N200, Bad debt to be written off N600  (c) interest on capital at 10% (d) depreciation on furniture and fittings is to be provided at the rate of 5% on cost (e) interest on drawing:  Amusa  N250,   Ayo N300

You are require to : (a) prepare the trading, profit and loss account for the year ended 31st December, 1995 (b) Profit and loss appropriation account (c) partners current account (d) balance sheet as at 31st December, 1995.   (20 marks)

  •  The following balances were extracted from the books of Mar-yola enterprises on 30th june 2014.

                                                                                                                                   N

Purchase ledger ( cr ) 1/6/14                                                                              970

Sales ledger ( dr ) 1/6/14                                                                                     2,400

Credit sales                                                                                                              35,180

Bad debt                                                                                                                    845

Dishonoured cheque                                                                                            1,250

Credit purchases                                                                                                 18,060

Return inwards                                                                                                    1,570

Bills receivable                                                                                                     4,500

Cash received from debtors                                                                           15,600

Cash paid to creditors                                                                                           11,400

Discount allowed                                                                                                       450

Discount received                                                                                                      945

Cheque from debtors                                                                                              7,500

Bills payable                                                                                                             2,150

Set off                                                                                                                              260

Discount allowed subsequently disallowed                                                           150

Discount received but subsequently withdrawn                                                   145

You are required to prepare:

  1. Debtors ledger control account
  2. Creditors ledger control account                                   (10 marks)        
  • (a) Defined the term Partnership (2 Marks)

(b). write out four contents of a partnership deed (8 marks)

  • List and explain at least five (5) errors not affecting the trial balance
  • write short notes on the following:

a. prime cost

b. fixed partners capital account

c. market value of goods

d. Partners appropriation account. (10 marks)

                         EDUDELIGHT GROUP OF SCHOOL        

                        1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1STMOCK  EXAMINATION 2019/2020

SUBJECT:  ACCOUNTING      CLASS: SS 3 TIME: 2hrs

OBJECTIVE: Answer all questions

  1. 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
  2. Gilt edge security are ——  (a)Risk bearing security ( b) less Risk bearing security ( c) High Risk bearing Security (  d) Discount allowed
  3. 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
  4. 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%
  5. The double entries principle of accounting was developed in the year (a) 1894 (b)1494 (c) 1887 (d) 1854
  6. The unit of capital of a limited liability company is known as (a) capital (b) share (c) debenture  (d) accumulated fund
  7. One of the following is not an institution involve in the capital market (a) Central bank (b) insurance company (c) commercial bank (d) building society
  8. The objective of trading account is to ascertain (a)credit purchases (b) cost of good sold (c) gross profit (d) net profit
  9. A fixed loan capital to an organization back up a certificate evidence is called (a) overdraft (b) bank loan (c) debenture (d) stock
  10. 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
  11. Purchase of goods from Obi had been in Obika’s account. this is an error of : (a) Omission (b) compensation (c) commission (d) original entry
  12. The obligation of a company to the third party is known as  (a) capital (b) asset (c) liability (d) income
  13. Land and building is an example of    (a) current asset (b) fixed asset (c) current liability (d) long term liability
  14. 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
  15. The owners contribution to the business is referred to as  (a) asset (b) liability (c) profit (d) capital
  16. 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
  17. The following are source documents for cash sales except (a) cash sales invoice (b) Teller (c)Cash voucher (d) cash receipt
  18. The document used for an overcharge account by the seller is the (a) credit note (b)debit note (c) receipt (d) invoice
  19.  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
  20. 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
  21. The obligation of a company to the third party is known as  (a) capital (b) asset (c) liability (d) income
  22. Land and building is an example of    (a) current asset (b) fixed asset (c) current liability (d) long term liability
  23. 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
  24. 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
  25. The money set aside out of profit to meet a specific purpose is known as  (a) asset (b) liability (c) reserves (d) provisions
  26. 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
  27. 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
  28.  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
  29. 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
  30. Long term business financing can be best obtained from the   (a) money market (b) capital market (c) loan market (d) mediating market
  31.   Directors remuneration are recorded in the books as (a) capital expenditure  (b)         revenue expenditure (c) appropriation (d) deferred expenditure
    use the information below to answer question 31 – 34
                                                                                                  N

             Debtors                           1/1/2015                                  2000

             Cash from debtors                                                          6000

              Bad debt written off                                                          750

              Discount allowed                                                               500

              Discount received                                                               125

              Closing debtors balance 31/12/2015                                     1250

  • What was the amount of sales for the year  (a) N8,500 (b) N5,250 (c) N6,500 (d)N6,000
  • The debtors balance to be shown in the balance sheet as at 31/12/15 is (a)N 6,000 (b) N3,250     (c)  N2,000 (d) N1,250
  • Assume a gross profit of N3,000 what was the net profit?  (a) N2,000 (b) N2,000(c) N1,875 (d) N3,250
  • Total expenses that will appear in the profit and loss account will be (a)N1,150 (b) N750 (c) N3,250 (d) N1,250
  • One of the advantages of control account is  (a) it allows for accounting accuracy (b) it states the value of assets and liabilities (c) it reduces delay in balancing accounts (d) It allows easy allocation of profit

         Use the following to answer questions 36 – 40

                                                                                  N

            Purchases :   raw material                                        20,000

                                 Finished goods                                   15,200

            Stock :  1/1   raw materials                                      3,000

                                 Work- in-progress                               2,500

             Wages :       Direct                                                  22,800

                                Indirect                                                  7,200

            Factory expenses:  electricity                                   12,000

                                          Insurance                                     2,000

            Stock 31/12          raw materials                              4,000

                                      Work-in-progress                          4,500

  • What is the cost of raw materials available?  (a) N23,000 (b) N22,500 (c) N20,000  (d) N19,000
  • The cost of materials used is  (a) N19,000 (b) N23,000 (c) N20,000 (d) N16,000
  • The amount of factory overhead is (a) N19,200  (b) N16,000 (c) 14,000 (d) N21,000
  •  The prime cost is  (a) N41,800 (b) N43,800  (c) N49,000   (d) N38,800
  • The cost of manufactured goods is (a) N61,000 (b) N67,500 (c) N65,000 (d) 63,000
  • Carriage inward expenses of a business is treated in (a) trading account (b) balance sheet (c) appropriation account (d) profit and loss account
  • A deduction from the sales price of goods that is allowed if payment is made within a specified period of time is (a) trade discount (b) cash discount (c) quantity discount (d) rebate
  • The total of purchases day book is posted to the  purchases account in the (a) purchases ledger (b) general ledger (c) private ledger (d) normal ledger
  • Which of the following error affects the trial balance? (a) commission (b) omission (c) principle (d) single entry
  • The sources document sent by the seller to the buyer when goods are returned is (a) credit note (b) purchases invoice (c) sales invoice (d) debit note
  • Which of the following does not belong to the group? (a) proprietor of a business (b) an entrepreneur (c) an investor (d) a debtor
  • Which of the following is not a liability? (a) accrued wages (b) rent arrear (c) prepayment (d) insurance due
  • 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 fixed asset (d) balance sheet as a current liabilities
  • A trader set aside from his private fund N1500 for business purpose the N1500 would be referred to as (a) capital (b) loan (c) reserve (d) drawing

PART Two

Answer two questions from section 1 and three questions from section 2 in this part.

section  1.

  1. (a). What is dissolution of Partnership ? 2marks  (b) Give three reasons that could lead to “ dissolution of Partnership” 3marks
  2. (a) What is trial Balance? 2marks  (b) distinguish between bad debt and provision for bad debt   3marks
  3. 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       (20 marks)

  • Learning field Ltd Manufacturers of pure waters 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 enters 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 were 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.       15marks
  • Grape enterprises makes fruit juice. The following relates to the year ended 31st December , 2015

Stock – 1st of January                                                       N

                   Raw materials                                             336,500

                   Work-in-progress                                            60,000

                   Finished goods                                              350,000

Purchases of raw materials                                              950,000

Sales                                                                              6,000,000

Office salaries                                                                 315,000

Carriage inwards                                                             78,500

Royalties                                                                        450,000

Direct factory wages                                                       925,000

Discount allowed                                                               20,000

Indirect wages                                                                225,000

Insurance of factories                                                      250,000

General expenses                                                            300,000

Depreciation of plant                                                       310,000

Delivery van expenses                                                       62,000

Office expenses                                                              300,000

Advertising                                                                       65,000

Stock – 31st December, 2015

                   Raw materials                                             245,000

                   Work- in- progress                                          47,500

                   Finished goods                                            285,000

Additional information:

(i). half of general expenses relates to factory (ii). One third of the office expenses should be treated as factory  cost.

You are required to prepare the Manufacturing, Trading and Profit and Loss account for the year ended 31st December 2015. ( 20marks)

                               EDUDELIGHT GROUP OF SCHOOL        

              1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1ST CONTINEOUS ASSESSMENT 2019/2020

SUBJECT: ACCOUNTING      CLASS: SS 1            TIME: 40mins

OBJECTIVE: Answer all questions

  1. One of the following is a source document  (a) sales day book  (b) purchases day book (c) sales ledger (d) debit not
  2. Which of the following is a  current liability (a) Accruals (b) Bank loan(c) Debtors (d) Debenture
  3. Entries at the beginning of a business is recorded in (a) sales journal (b) journal proper (c) purchases journal  (d) cash journal
  4. Which of the following best defined 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
  5. The management needs accounting records for—–  (a) tax assessment(b)Profit motive (c) Salary agitation  (d) Decision making
  6. The document used for an overcharge account by the seller is the (a) Debit note (b) Credit note (c) receipt (d) invoice
  7. The double entries principle of accounting was developed in the year (a) 1894 (b)1484 (c) 1887 (d) 1494
  8. What is the entry dual for the sales of goods for cash,  debit——- and credit ———— (a) cash , sales (b) Purchases, sales (c) cash, sales (d) sales , purchases
  9. ————–  needs accounting information for tax assessment (a) share holders (b) tax authority (c) managers (d) insurance
  10. Fixtures  and Fittings are examples of    (a)  current liability (b) current asset (c) fixed liability (d) long term liabilities

Theory: answer all questions in this part.

  1. What is Accounting? 2 marks
  2. Write out five uses of Accounting Records  5 marks
  3. List six users of Accounting Records 3marks

                         EDUDELIGHT GROUP OF SCHOOL        

              1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1ST CONTINEOUS ASSESSMENT 2019/2020

                SUBJECT: ACCOUNTING           CLASS: SS 2            TIME: 40mins

OBJECTIVE: Answer all questions

  1. A cheque of N500 drawn in favour of Chinwe was posted to the credit side of her account. The entry necessary to correct the error is (a) debit suspence account with N1,000, credit Chinwe  account with N1,000 (b) Debit bank account with N500 and credit Chinwe with N500 (c) debit suspense account with N500 and credit chinwe with N500 (d) debit chinwe with N1,000 and credit suspense with N1,000,’
  2. Errors in the ledger can only be corrected through (a) Control account (b) sales day book (c) Purchases day book (d) Journal proper
  3. A suspense account is used to  (a) accumulate debit and credit balance (b) correct errors (c) to record differences in the books until errors are located (d) record account of the general ledger
  4. A purchase of goods from Obi had been recorded in Obika’s account.this is an error of- (a) omission  (b) principle  (c) original entry (d) commission
  5. Purchase of office machine is recorded in office expenses account. Error made is known as  (a) error of omission (b) compensating error (c) error of original entry (d) error of principle
  6. Where a wrong figure appears only in one account with the second figure correctly stated. This is an error of (a)compensation (b) omission (c) commission (d) transposition
  7. The balance in the sales ledger control account indicates (a) difference between debtors and creditors (b) total sales (c) total debtors (d)total creditors
  8. Which of these is a Nominal Account? (a) Goodwill Account (b) rent and rate
    c) Account of the supplier (d) None of the above
  9. Partners whose liabilities are limited to the capital contributed to the business are referred to as (a) ordinary partner  (b) limited partner (c) active partner (d) nominal
  10. The reduction in the value of the fixed assets which can arise due to time factor is
    (a) Discount  (b) Depreciation  (c) Reduction   (d) None of the above

THEORY:  Answer all question

  1. List and explain three errors not affecting the trial balance  (3marks)
  2. List and explain three errors affecting the trial balance (3marks)
  3. List  and explain the two type of control account  (4marks)

                   EDUDELIGHT GROUP OF SCHOOL        

              1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

2nd  CONTINEOUS ASSESSMENT 2019/2020

                SUBJECT: ACCOUNT        CLASS: SS 1            TIME: 1HR

OBJECTIVE: Answer all questions

  1. The financial statement that shows the assets and liabilities of a company is known as  (a) balance sheet  (b) trial Balance (c) ledger  (d) journal
  2. The total of the sales journal will be transferred to (a) sales ledger account (b) sales outward account (c)  debtors account (d) sales return account
  3. The obligation of a company to the third party is known as  (a) capital (b) Liability (c) Asset (d) income
  4. The owners contribution to the business is referred to as  (a) capital (b) liability (c) profit (d) assets
  5. Which of the following will best define balance sheet (a) form of trading account (b) proof of arithmetical accuracy (c) statement showing assets and liability of an organization (d) statement showing profit and loss
  6. Which of the following is an asset (a) bad debt provision (b) rent prepaid (c) wages accrued (d) sales
  7. The double entry for goods purchased by cash is (a) Dr purchases account and Cr cash account (b) Dr cash account and Cr purchases account (c) Dr purchases account and Cr creditors account (d) Dr cash account and Cr
  8. What effect will the purchases of asset on credit has on the balance sheet  (a) increases Assets and increases Liabilities (b) increases Assts and decreases Liabilities (c) has no effect (d) none of the above
  9. The following are accounting concept except   (a) contra entry (b) historical cost (c) dual (d) going concern
  10. The following are books of original entry except (a)the balance sheet (b) cash book (c) sales day book (d) purchases day book

THEORY

  1. (A) State the double entry of the transaction below (5marks) (B) State the effects of the transactions on the balance sheet ( 5 marks)

Feb.  1. Bought fixtures in cash                     N750

Feb.  12. Paid wages in cash                         N650

Feb. 20.Cash sales to date                            N1, 500

Feb. 27. Paid rent                                         N550

Feb. 27. Bought office machine                    N350

          Feb. 28.received from Ojo                            N800

                          EDUDELIGHT GROUP OF SCHOOL        

              1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

2nd CONTINEOUS ASSESSMENT 2019/2020

                SUBJECT: ACCOUNT        CLASS: SS 2            TIME: 1HR

OBJECTIVE: Answer all questions

  1. 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
  2. Discount received had been credited to discount allowed account this is an error of : (a) Omission (b) original entry (c) compensating (d) principle
  3. The following are method of depreciation except (a) straight line method (b) manufacturing method (c) reducing balance method (d) annuity method
  4. The addition of prime cost and factory overheads is equal (a) market value (b) cost of production (C) total overhead cost (d) work in progress
  5. Which is a Nominal Account? (a) Goodwill Account (b) rent and rate
    c) Account of the supplier (d) None of the above
  6. Partners whose liabilities are limited to the capital contributed to the business are referred to as (a) ordinary partner  (b) limited partner (c) active partner (d) nominal
  7. The reduction in the value of the fixed assets which can arise due to time factor is
    (a) Discount  (b) Depreciation  (c) Reduction   (d) None of the above
  8. A business which converts raw material into finished goods prepares  (a) an appropriation account (b) Manufacturing account (c) income and expenditure account (d) receipt and payment account
  9. Which type of expenditure is shown in asset side of Balance sheets?  (a) Capital Expenditure   (b)  prepaid Expenditure   (c) accrued Expenditure
    (d) None of the above
  10. Directors remuneration are recorded in the books as (a) capital expenditure (b) revenue expenditure (c) appropriation (d) deferred expenditure

THEORY.

ANSWER ALL QUESTION

  1. (a). What is dissolution of Partnership ? 2marks  (b) Give three reasons that could lead to “ dissolution of Partnership” 3marks
  2. What is trial Balance? 2marks  (b) distinguish between bad debt and provision for bad debt   3marks

              EDUDELIGHT GROUP OF SCHOOL        

              1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

2nd  CONTINEOUS ASSESSMENT 2019/2020

                SUBJECT: ECONOMICS    CLASS: SS 1            TIME: 1HR

OBJECTIVE: Answer all questions

  1. 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
  2. Data presented in table are usually arranged in (a) charts and graph (b) graphs and rows (c) rows and columns (d) columns and graphs
  3. Choice is necessitated by  (a) demand and supply (b) cost of production (c) scarce resources (d) wants
  4. The concept of opportunity cost can also be referred to as  (a) social cost (b) fixed cost (c) real cost (d) variable cost
  5. The following are examples of economics goods except, (a) bottle water (b) Air (c) house hold utensils (d) shelter
  6. Find the mean of the following numbers 8,9,6,5,10 (a) 5  (b) 6 (c) 8 (d) 9
  7. Which of the following problems arises where there are more than one technically possible method of production? (a) where to produce  (b) how to Produce (c) when to produce (d) for whom to produce
  8. Land is a factor of production because (a) assist in the creation of utility (b) it is a free gift of nature (c) contain valuables mineral resources (d) It is owned by individual and government
  9. Economics as a field of study is a (a) social science (b) pure science (c) political science (d)physical science
  10. Which of the following is not an advantage of tabular presentation of data (a) occupy more space than mathematical equation (b) enable easy location of required figure (c) makes for easy comparison (d) show whether the figure are increasing or decreasing

THEORY :   

 ANSWER ALL QUESTIONS

  1. (a) Define median (2marks)      (b). give three advantages and two disadvantages of median (3MARKS)
  2. List and explain the various branches of economics (5marks)

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