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Accounting First Term Continous Assessment Questions 2019/2020 Session – Senior Secondary School ( SSS 1, SSS 2, SSS3)

              

EDUDELIGHT SECONDARY SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st TERM CONTINUOUS ASSESSMENT TEST FOR 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 GROUP OF SCHOOLS

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS

1ST TERM C.A. TEST 2020

SUBJECT:     ACCOUNTING  CLASS: SS 1

OBJECTIVE: Answer all questions Time: 1hr

  1. Which of the following is not a petty cash book item (a) machinery (b) stamps (c) office pins (d) milk
  2. Which of the following is not a long term liabilities (a) debenture (b) preference share (c) long term loan (d) overdraft
  3. 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
  4. Which of the following is an asset (a) bad debt provision (b) rent prepaid (c) wages accrued (d) sales
  5. The following is a prime books of account except  (a) sales day book  (b) purchases ledger (c) sales ledger (d) return inward ledger
  6. All purchases on credit are recorded in the ————— first   (a)purchases ledger (b)purchases Journal (c)sales journal (d)purchases account
  7. The following is a prime books of account except  (a) sales day book  (b) purchases ledger (c) sales ledger (d) return inward ledger
  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 long term liability (a) Accruals (b) Bank overdraft (c) credit purchases (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

ANSWER ANY ONE QUESTION FROM THIS PART

  1. (a) what is Book-Keeping 2 marks

(b) Write out three (3) uses of book keeping and Accounting 8 marks

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

(b) List and explain three (3) Subsidiary books.3marks

              EDUDELIGHT SECONDARY SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st  TERM CONTINUOUS ASSESSMENT TEST FOR 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 GROUP OF SCHOOLS

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS

1ST TERM C.A. TEST 2020

SUBJECT:  ACCOUNTING     CLASS: SS 2

OBJECTIVE: Answer all questions Time: 1hr

  1. The drawings account of a sole proprietor is transferred  to the (a) capital account (b) debit side of trading account (c) credit side of profit and loss account (d) current liabilities  in the balance sheet
  2. Which of the following shows the stock at start of an accounting period?  (a) current assets in the balance sheet   (b ) current liabilities in the balance sheet (c) trading account (d) profit and loss account
  3. Discount allowed would appear on the (a) fixed asset in the balance sheet (b) debit side of trading account (c) long term liabilities in the balance sheet (d) debit side of profit and loss account 
  4. The concept of double entry book-keeping states that (a) if you receive goods on credit, the seller becomes your  creditor (b)for every debit entry there is a corresponding credit entry party  (c) purchases and sales are stated separately (d) for every seller there is a buyer
  5. Pending the location of error, the differences disclosed in the trial balance is normally posted to (a) an adjustment account (b) a control account (c) a suspense account (d) a profit and loss account
  6. A fixed amount of money set aside for petty expenses is called (a) imprest (b) float (c) receipt (d) fund 
  7. Which is a Nominal Account? (a) Goodwill Account (b) Machinery Account
    c) Account of the supplier (d) None of the above
  8. Which is a Real Account? (a) Land Account (b) Building Account
    c) All of the above (d) None of the above
  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. Accounting System used for the organizations not earning any profit is (a) Accrual System (b) Cash System (c) Mercantile System   (d) Non-profitary System

ANSWER ANY ONE QUESTION FROM THIS PART

  1. Explain (a) three errors that wound affect the trial balance (b) suspense account
  • (a). What is manufacturing account (b). Explain the following terms (I) prime cost (ii) factory over-heads (iii). Work in progress (IV). Finished goods (v). profit on manufacturing

                                    

EDUDELIGHT SECONDARY SCHOOL

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS.

1st TERM CONTINUOUS ASSESSMENT TEST FOR 2020 SESSION

    SUBJECT: Account     CLASS:         SS3             TIME: 45mins

  1. 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 2-4

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

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 GROUP OF SCHOOLS

1 BENSON AVENUE, LEKKI PHASE 1, LAGOS

1ST TERM C.A. TEST 2020

SUBJECT:     ACCOUNTING  CLASS: SS 3

OBJECTIVE: Answer all questions Time: 1hr

  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  (  d) Discount allowed
  2. 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
  3. 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%
  4. The double entries principle of accounting was developed in the year (a) 1894 (b)1494 (c) 1887 (d) 1854
  5. The unit of capital of a limited liability company is known as (a) capital (b) share (c) debenture  (d) accumulated fund
  6. 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
  7. The objective of trading account is to ascertain (a)credit purchases (b) cost of good sold (c) gross profit (d) net profit
  8. A fixed loan capital to an organization back up a certificate evidence is called (a) overdraft (b) bank loan (c) debenture (d) stock
  9. 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
  10. 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

ANSWER ALL QUESTIONS.

  1. ) What is stock exchange 2marks (b) states three (3)  the functions of the stock exchange market (3 marks)
  2. What is trial Balance ? 2marks  (b) distinguish between bad debt and provision for bad debt  3marks

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