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Account Second Term Continous Assessment Questions 2019/2020 Session – Senior Secondary School One, Two ( SSS 1, SSS 2)

                                                    EDUDELIGHT SECONDARY SCHOOL

                             1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

2nd TERM CONTINUOUS ASSESSMENT TEST (ONE) 2019/2020 SESSION

SUBJECT: ACCOUNT     CLASS:   SS1      TIME: 40 MINUTES

SECTION A

  1. Which of the following books of original entry is used to record all payments and receipts by cash or cheque? A. purchases day book. B. sales day book C. cash  book D general journal
  2. The statement that reveals the asset and liabilities of a firm at a glance is known as    A. capial B. trial balance C. balance sheet D. ledger
  3. A fixed amount of money set aside for a petty expenses is known as the                                  A. imprest  B. cash C. float D. capital
  4. Which of the following is not a liability  A. accruals wages B. rental arrears C.prepaymentsD.insurance due but unpaid
  5. Which of the following belongs to the nominal ledger A. fixed assets B.stock account     C. salaries and wages D.debtors account
  6. A deduction from the sales price of goods, if payment is made at a specified period of time is                                                                                                                                          A. rebate B. quantity discount C cash discount D. trade discount
  7. The double entry for the purchase of a Motor van is debit  A. cash account and credit motor van account B. capital and credit cash account C. motor van account and credit cash account D ledger account and credit cash account
  8. Which of the following subsidiary books involved cash movement A. sales day book B. return inward journal C. cash journal D. purchases journal
  9. The major difference between a two column cash book and three column cash book is —————– column A. folio B. bank C. discount D contra
  10. Minor expenses for office entertainment are recorded in the ———  book         A. cash   B. petty cash   C. sales day    D. purchase da

SECTION B:  Answer all questions in this part

  1. List five items on the debit and credit side of the trial balance respectively.   ( 10 marks )
  • Write short note on the following                                                                       ( i). Imprest system

          ( ii). Discount allowed

(iii) Discount received

(v). Folio                              (10 marks)

                                 EDUDELIGHT SECONDARY SCHOOL

                1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

2nd TERM CONTINUOUS ASSESSMENT TEST (ONE) 2019/2020 SESSION

SUBJECT: ACCOUNT             CLASS:   SS2          TIME: 40 MINUTES

SECTION A

  1. Outstanding rent of N600 is paid by the proprietor, the effect on the balance sheet is that(a) liabilities and assets are decreased (b) liabilities and assets are increased (c) Liability is increase while the asset is decreased (d) liability is decreased while the asset is increased.
  2. When a buyer returns damaged goods to the seller, the buyer receives a (a) profoma invoice (b) credit note (c) debit note (d) consignment note
  3. Trade discount is (a) allowance for prompt payment (b) allowance for damaged goods (c) allowance of price list (d) discount on creditors
  4. Which of the following is not true of capital expenditure? (i) assets required for the purpose of earning income (ii) extension of office building (iii) it is incurred and its full benefits consumed within one period of account (a) I only (b) ii only (c) I and ii only (d) ii and iii only                           
  5. Which of the following is not prepared by a partnership (a) Trading Account (b) Profit and Loss Account (c) income and expenditure account (d) Balance sheet
  6. The cash realized from the sales of assets on dissolution of partnership is      (a) debited to cash account and credited to asset account (b)credited to cash account and debited to assets account (c) debited to cash account and credited to realization account (d) debited to realization account and credited to cash account
  7. The term bad debts are used to describe (a) a debt that cannot be received            (b) a debt that is long overdue (c) an over charge on debtor’s account (d) a debt owned by former employee.           
  8. At the dissolution of a partnership, the dissolution expenses is (a) debited to realization account and credited to cash account(b) debited to cash account and credited to realization account (c) credited to cash account and credited to realization account                                                         (d) debited to partner’s current account and credited to realization account
  9. The capital of a non- profit making organization is known as (a) capital reserved (b) accumulated fund (c) development capital (d) endowment fund
  10. 25% mark-up is equivalent to —————— margin   (a) 50% (b) 331/3 % (c) 20% (d) 75%

SECTION B:  Answer all questions in this part

  1.  Give at least five reasons necessary for the dissolution of partnership                                                                                       ( 5 marks)
  2. Define the following accounting ratio                                                                                         I. Margin

 II. Mark-up

 III. Rate of stock turns over

IV. Gross profit percentage (5 marks)

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