Marketing, Accout Second Term Examination Questions 2019/2020 Session – Senior Secondary School (SSS 1, SSS 2)


1 Benson Avenue, Lekki Phase 1, Lagos.


SUBJECT: MARKETING      CLASS:           SS1                        TIME: 1 Hr 30mins


  1. The product created for the production of other product is known as  (a) raw material (b) organization market (c) consumer market (d) production
  2. The retailer can be best classified under the  —————- market  (a) producer  (b) consumer (c) government (d) reseller
  3. The process by which individual select, organizes and interpretes the information received from the environment is known as  (a) norms (b) beliefs (c) perception (d) communication
  4. ______________ is a person’s distinguishing psychological characteristics that lead to relatively consistent and lasting responses to his or her own environment.
    a. Psychographics b. Personality c. Demographics d. Lifestyle
  5. Business to business market can also be referred to as —————————- market (a) consumer
    (b) reseller (c) organizational (d) government
  6. —————  is a learned reaction towards a product offer in a consistently favourable and unfavourable manner  (a) personality  (b) attitude (c) norms (d)motivation
  7. Organizational buying behaviour that is influenced by staff or procurement or purchasing officer is known as ——————  (a) environmental (b) interpersonal (c) individual (d) organizational
  8. ————————– involves evaluation or past purchase review exercise as the functionality of the procured item.  (a) product specification (b) supply research (c) performance review (d) supply selection
  9. A market that purchased goods for personal use is known as  —————-  (a) producer market (b) consumer market (c) organizational market (d) personal market
  10. A book seller can be referred to as (a) a consumer market (b) a producer market (c)a reseller market (d)  an  industrial market 
  11. The higher the demand for consumer goods the ——————— the —————– for ————- goods (a) lower,demand,business (b) higher , supply, consumer (c) higher, demand, business (d) lower , demand, consumer
  12. The concept that relates to the consumer buying a product and rejecting another product is known as —————–  (a) consumer choice (b) consumer priority (c) consumer behaviour (d) consumer alternative
  13. The Power Holding Company can be referred to as ———  market  (a) producer (b) consumer (c) government (d) general
  14. When a market is grouped according to age group, gender etc it is known as —————–  segmentation (a) geographical (b) psychological (c) demographic (d)psychographic

15.       At _________ stage, a staff in an organisation discovers a problem that can be solved or an opportunity that can be tapped by acquiring a specific product? (a) Performance review (b) Supply selection (c) Problem recognition (d) Product specification

16.       Which of these best defines consumer decision process? ________ (a) What to buy, how to buy, price and where to buy (b) How to buy and when (c) What to buy only (d) What to buy and where

17.       The influence due to a foreseeable change in business condition, technology, policies is called _______ (a) Interpersonal factors (b) Organisational factor (c) Individual factor (d) Environmental factor

18.       _________ is when a member of an organisation determines in a specific manner how the identified problem can be solved. (a) General description of need (b) Organisational development (c) Supply of wants (d) Supply search           

19.       A company’s public that is interested in the company and the company is interested in them is called___________ (a) Welcome public (b) Unwelcome Public (c) Formation company (d) Government public                     

20.       The evaluation and review of past purchase exercise as the functionality of the procured item is known as ____________ (a) Acquisition and Analysis (b) Supply selection (c) Supply order (d) Performance review

21.       One of these is a factor influencing Consumer Behaviour __________ (a) Economic Factor                      (b) Product (c) Buyer concept (d) Marketing concept

22.       The set or group of government parastatals or agencies that procures a product for the purpose of producing public services is called ___________ (a) Government market (b) Reseller market (c) Reseller market (d) Buyer market

23.       _______ are organisations trying to satisfy similar customer’s needs and producing products that customer sees as being alternatives. (a) Generic competitor      (b) Company competitors (c) Desire competitor              (d) Competitors

24.       A kind of customer in which the company is interested in but does not take a strong interest in the company is called _______ (a) An unwelcome public (b) Unwelcome customer (c) Sought public (d) Unwelcome public

25.       Consumer decision process passes through the following stages EXCEPT _________ (a) Evaluation of alternatives (b) Information research (c) Solitary survivor (d) Problem recognition

26.       Which of these comprises of people or institutions with sufficient purchasing power to procure a product immediate consumption? ______________ (a) Product market (b) Organisational market (c) Consumer market (d) Industrial market

27.       The Combination of the four inputs or factors that constitute the major components or ingredients or pillar upon which marketing system rests is called __________ (a) Marketing concept (b) Marketing mix      (c) Product concept (d) Product mix

28.       _______ connotes a choice on what to buy, how much to spend, what alternative to acquire and where to purchase it. (a) Consumer decision process (b) Evaluation of Alternatives (c) Consumer model       (d) Psychological factors

29        A detailed and precise technical expertise and intervention and description of the needed item is called ___________   (a) Product buying (b) Product concept (c) Product specification (d) Supply selection                

30.       _________ consist of all potential customers sharing a particular need or want, who might be willing and able to engage in exchange to satisfy the need and wants of individuals.  (a) Product (b) Market (c) Industrial market             (d) Consumer market

31.       _______ is premised on the strategic priorities of the firm and the role that purchasing occupies in the executive hierarchy along with the competitions that a business organisation is facing. (a) Environmental factor       (b) Organisational factor (c) Individual factor (d) Social factor

32.       To “utilize” a product simply means ___________         (a) To put out of stock   (b) To raise stock (c) To put into good and affective use        (d) Production of quality goods and services.

33.       When company recruits personnel’s who are capable of discharging roles and responsibilities efficiently and effectively is known as _____________ (a) Utilization of feedback         (b) Mobilisation of workforce (c) Production of quality goods and service (d) Managing distribution networks

34.       One of these is a consumer product ________ (a) Raw materials (b) Convenience products (c) Accessory equipment (d) Installation         

35.       ________ and _________ are the two types of market. (a) Ijegun and Industrial market (b) Industrial and Organisational market (c) Organisational and industrial market (d) Consumer and Organisational market. 

36.       Umbrella, rain coat, raining boat, cardigan are all example of ___________

(a) Emergency product (b) Unsought products    (c) Speciality Products (d) Shopping products

37.       ________ market consists of buyer and sellers of labour. (a) Consumer (b) Labour (c) Organisational (d) Foreign Exchange

38.       The values, attitudes and behaviours that a group deems appropriate for its members is called ________ (a) Values (b) Culture       (c) Norms (d) Ethics

39.       The moral principles an organisation designed to run its business is called ___________  (a) Policies and contact (b) Ethics of Organisation          (c) Marketing concept (d) Organisational principles

40.       The pattern of the consumer consumption including inflation and tax on personal incomes is regarded as ______ factors influencing buyer behaviour.      (a) Economic (b) Social (c) Psychological (d) Motivation


INSTRUCTION: Answer four questions only.

1a.       Distinguish between organizational market & consumer market               (2 mks)

b.         Explain the terms: (i) Psychological factors (ii) Social factors

            (iii) Personal factors     (iv) Economic factors                                             (8 mks)

2a.       Highlight four factors influencing organizational buyer bahaviour.             (4 mks)

b.         What is perception?                                                                                     (2 mks)

c.         Explain four model of organisational buying behaviour                               (4 mks)

3a.       Define consumer decision process                                                              (2mks)

b.         With the aid of diagram explain the model of consumer buying behaviour  (6mks)

c.         Explain the term evaluation of alternatives                                               (2mks)

4a.       State the types of organization market.                                                    (3 mks)

b.         Explain the following:

            (i) Competitor  (ii) Consumer   (iii) Market                                         (6 mks)

c.         Define the term “Marketing”                                                               (1 mks)

5a.       List and explain the categories of customers/public                                  (6 mks)

b.         State four types of market according to articles traded in them.                (2 mks)

c.         Explain the term “Consumer behavior”.                                                 (2 mks)

6a.       State five actions of the market                                                             (5 mks)

b.         Enumerate the factors influencing consumer buying behaviour             (5 mks)


                                    SUBJECT: ACCOUNT   CLASS: S.S. 1


  1. A trial balance is prepared to ( a) detect error (b). ascertain profit (c). test arithmetical accuracy (d) correct error
  2. The statement that reveals the asset and liabilities of a firm at a glance is known as( a)  Capital ( b) trial balance (c) balance sheet (d) ledger
  3. A fixed amount of money set aside for a petty expenses is  (a) imprest ( b) cash (c) float (d) capital
  4. Which of the following is not a liability  (a) accruals wages (b) rental arrears (c) .prepayments  (d) insurance due but unpaid
  5. Which of the following belong to the nominal ledger (a) fixed assets (b) stock account (c) salaries and wages (d) debtors account
  6. 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
  7. If purchases account is overcast by N200 and Wages account is under cast by N200. This is an error of (a) principle (b) omission (c) compensating (d) commission
  8. Which of the following subsidiary book 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. Which of the following is determined in a trading account (a) net profit (b) capital (c) gross profit (d) discount

Use the information below to answer question 19 and 20

Sales N500, 000, purchases N400, 000 closing stock N50, 000

  1. The cost of sales is (a) 250,000 (b) N100,000   (c) N350,000 (d) N750000
  2. The gross profit is (a) 30,000 (b) 250,000 (c) 150,000 (d) 100,000
  3. The system of running a petty cash is referred to as (a) petty system (b) imprest system (c) cash system (d) reimbursement system
  4. Which of the following is not a subsidiary book (a) Sales Day Book (b)Purchases Day Book (c) General Journal (d)Trial balance
  5. The accuracy of the ledger account can be proved in the (a) trading account (b) balance sheet (c) trial balance (d) journal
  6. Which of the following is a trading account item (a) discount allowed (b) discount received (c) carriage outward (d) carriage inward
  7. The distinguishing feature of a two-column cash book and three-column cash book is (a) discount column (b) cash column (c) bank column (d) ledger folio
  8. Which of the following is not a characteristic of a trial balance (a) it has column for debit and credit balances (b) total of debit balance is equal to total of credit balance (c) it is a statement (d) it is an account
  9. Which of the following is a nominal account (a) machinery account (b) debtors account (c) drawing account (d) wages account
  10. Which of the following has a credit marking (a) purchases account (b) machinery account (c) sales account (d) return inward account
  11. Rent N200 received will be (a) credited to the cash book (b) debited to the cash book (c) credited to the balance sheet (d) debited to the balance sheet
  12. The total value of goods in the sales journal will be (a) credited to sales ledger (b) debited to sales ledger (c) debited to purchase ledger (d) credited to purchase ledger
  13. Return inward is always having ———— balance in the ledger (a) debit (b) credit (a) overdraft (d) none of the above
  14. Purchase of envelope will be best enter in the petty cash under (a) transportation (b) ledger (c) postage (d) office expenses
  15. A petty cashier was given N1,000 and he spent N400 within the period, how much will he be reimburse (a) N1,000 (b) N1,400 (c) N400 (d) N600
  16. The total of the purchase journal is transfer to the (a) debit side of purchase ledger (b) credit side of purchase ledger (c) debit side of sales ledger (d) credit side of sales ledger
  17. The following is not a nominal account (a) rent account (b) rate account (c) insurance account (d) machinery account
  18. A credit balance in the cash book indicates (a) surplus (b) overdraft (c) profit (d) loss
  19. A debit balance in the bank account indicates (a) surplus (b) overdraft (c) profit (d) loss
  20. The title for trading account is (a) as at 31st December (b) for the year ended 31st December (c) during the ended 31st December (d) prior to 31st December

Use the following information to answer question 31 – 34

Opening Stock                       20,000

Closing Stock                         30,000

Purchases                               50,000

Sales                                       100,000

Total expenses                      25,000

  • What is the cost of goods available for sales (a) 90,000 (b) 70,000 (c)40,000 (d) 60,000
  • What is the cost of goods sold  (a) 90,000 (b) 70,000 (c)40,000 (d) 60,000
  • What is the gross profit (a) 90,000 (b) 70,000 (c)40,000 (d) 60,000
  • What is the net profit (a) 20,000 (b) 25,000 (c)40,000 (d) 35,000
  • Return on purchases is known as (a) carriage inward (b) carriage outward (c) return inward (d) return outward
  • Creditors for goods is generally known as a (a) capital (b) asset (c) liability (d) overdraft

Use the following information to answer question 37 – 39

Cash Balance carried down                         N20, 000

Cash sales                                                      N2, 000

Rent paid in cash                                          N5, 000

Motor expenses by cash                              N4, 000

  • What is the total expenses (a) N5,000 (b) N8,000 (c)N13,000 (d) N9,000
  • What is the cash book balance (a) N5,000 (b) N8,000 (c)N13,000 (d) N9,000
  • What is the total figure on both side of the account (a) N25,000 (b) N20,000 (c)N13,000 (d) N19,000
  • The money introduced into the business by the owner is known as (a) cash (b) capital (c) drawing (d) asset

Instruction:  Section Two:-  answer question 1 or 2 and any other two questions from this section:

  1. Mr. Ojola has the the following transactions for the month of June 2015

Cash purchases                                                 3,000

Cash sales                                                           10,000

Paid wages by cash                                                200

Paid insurance by cash                                         800

Settle olu by cash                                                   300

You are required to record the transactions, balance off and prepare a trial balance (20 marks)

  • Rule a petty cash book containing columns headed as follows: postage, fares, stationery and telegrams. Enter the following transactions and balance the account

Jan .1  Received from a cashier for petty cash  N500

Jan.2   Bought stamps N50

“      3  paid bus fare N80, telegram N42

‘’      4  paid for telegram N30: Stationery N75

‘’     5   paid for postage stamp N25

‘’     8  Received from cashier cheque to make up with the amount of the imprest N500

‘’      9  Bought stamps N25

‘’     10 paid railway fares N15: telegram N20

‘’      12 paid for postage stamps N50: envelopes N40

‘’      13 bus fares N50         ( 20 marks )

  • (a). What is a trial balance  2marks   (b) list four items on the debit and credit side of the trial balance respective  8marks
  • (a). Differentiate between discount allowed and discount received   4marks  (b) explain the following term (i) Imprest  system  (ii) Cash Float  (6marks)
  • (a)What is petty cash book  2marks    (b) state at least four advantages of the imprest system 8marks
  • Give a format of a trial balance with ten items  10marks


1 Benson Avenue, Lekki Phase 1, Lagos.


SUBJECT: ACCOUNT         CLASS:           SS2                    TIME: 1 Hr 30mins


SECTION A: OBJECTIVES- Answer all questions

  1. 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 current assets
  2. Outstanding rent  of N300 is paid by the proprietor, the office on the balance sheet is that (a) both the liability are increased (b)  both the liability are increased. (c) liability is increase while the asset is decreased (d) liability is decreased while the asset is increased (e) both liability and assets remains unchanged.
  3. When a buyer returns damaged goods to the seller, the buyer received a (a) profoma invoice (b) credit note (c) debit note (d) consignment note
  4. Trade discount is (a) allowance for prompt payment (b) allowance for damaged goods (c) allowance of price list (d) discount on creditors (e) discount on debtors.
  5. Which of the following is not true of capital expenditure? (i) assets required for the purpose of earning income (ii) extention of office building (iii) it is incurred and its full benefits consumed one period of account (a) I only (b) ii only (c) I and ii only (d) ii and iii only (e) iii only                            

            Use the following information to answer questions 6-12                                                                            manufacturing and trading account                                                                                                                                           N                                                N                                           N

Opening raw materials           10,000         Manufacturing cost         114,000                    Purchases                                    60,000



Less opening stock                       8000



Direct labour                                     20,000

         Direct  expenses                    20,000

            Factory over head                   2,000

————— —————

                                                          114,000     114,000

                                                     ————-   —————- 

            Stock b/d                               10,000               Sales           x      

             Purchases                              x                   Less sales returns  5,000

            Stock c/d                               12,000


            Gross profit of 20% on sales  

  • What is total of raw materials consumed? (a) N144,00 (b) N114,000 (c) N 70,000 (d) N62,000 (e) N360,000
  • What is the prime cost? (a) N62,000 (b) N70,000 (c) 78,000 (d) 102,000 (e) 114,000
  • What is the factory cost of production? (a) N114,000 (b) 102,00 (c) 78,000 (d) 62,000 (e) N60,000
  • What is the cost of finished goods purchased? (a) N60,000 (b) N50,000 (c) N40,000 (d) 30,000 (e) 20,000
  • What is the net sales for the period? (a) N175,000 (b) N170,000 (c) 165,000 (d) 132,000 (e) 114,000
  • What is the average cost of goods? (a) N8,000 (b) N9,000 (c) 10,000 (d) 11,000 (e) 12,000
  • What is the gross profit? (a) N33,500 (b) 28,800 (c) 28,500 (d) 26,400 (e) N22,800
  • Rent payable of account is   an example of a (a)  (a) nominal account (b) real account (c) personal account (d) private account
  • A provision is (a) is an amount set out for profit for other uses (b) an amount of loss from trading activities (c) an expenses of business to be paid for in cash (d) A loss in value of all business assets
  • The term bad debts is used to describe (a) a debt that can not be received (b) a debt  is long over  due (c) an over charge on debtor’s account  (d) a debt owned by former employee.                                    

            Use the following information to answer questions 16-19


Land and building                                                                                              20,000

     Stock                                                                                                           5,000                       

Cash in hand                                                                                                         1,000

Profit and loss b/f                                                                                                14,000

Rent owing                                                                                                                400 Creditors                                                                                                                    11,000 Furniture and filleting                                                                                                7,500 Motor vehicles                                                                                                         12,500                                Debtors                                                                                                                      13,750

Bank overdraft                                                                                                            8,750

  1. The valve of current liabilities is (a) N32,750 (b) 20,150 (c) 19,750 (d) 11,000
  2. The value of current assets is (a) N28,500 (b) 20,150 (c) 19,750 (d) 17,000
  3. The opening capital is (a) N32,000 (b) 26,000 (c) 25,600 (d) 14,000
  4. The value of fixed assets is (a) N57,300 (b) N47,500 (c) 40,000 (d) 37,500
  5. Partner’s interest on capital is shown in the (a) profit and loss account (b)  partners fixed capital account (c) profit and loss appropriation account (d) trading profit and loss account
  6. 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
  7. 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
  8. Subscription in advance is treated in the balance sheet of a non-profit making organization as  (a) current assets (b) fixed assets (c) current liabilities (d) accumulated fund
  9. 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
  10. The capital of a non- profit making organization is known as (a) capital reserved (b) accumulated fund (c) development capital (d) endowment fund
  11. Given the following : Debtors (1/1/16) N4,000, Debtors (31/12/16) 2,000, cash received from customers N8,000, what will be the amount to be carried to the trading account (a) N10,000 (b) N6,000 (c) N16,000 (d) N2,000
  12. Prime cost consist of (a) direct material and direct labour only (b) direct material, direct expenses and direct labour (c) direct material, direct expenses, direct labour and overheads (d) direct material and direct expenses
  13. One of the following may be the cause of dissolution of a partnership (a) admission of a partner (b) asset taken over by partner (c) death of a partner (d) revaluation of assets
  14. Receipt and payment account is equivalent to (a) income and expenditure (b) cash account (c) trading account (d) profit and loss account
  15. 25% mark-up is equivalent to —————— margin   (a) 50% (b) 331/3 % (c) 20% (d) 75%
  16. Average stock is derived by (a) adding the opening stock to the closing stock (b) dividing the sum of the opening stock and closing stock by two(2) (c) dividing the differences of opening stock and closing stock by two(2) (d) ½ of purchases
  17. Given rent owing at 1/1/15 as N5, 000, 31/12/15 as N1, 000 and cash paid during the year as N8, 000. How much will be charged to profit and loss account (a) N5,000 (b) N13,000 (c) N4,000 (d) N12,000    

Use the following information to answer question 33 – 35

Abu and Bello are in partnership business sharing profit and loss in the ratio 2:3 with a total of fixed assets of N30, 000, liabilities of N4, 000. They decided to dissolve the partnership by selling all assets and paying out all liabilities. The fixed assets realized N20, 000; Goodwill was valued at N15, 000.

  • What is the share of profit of Abu   (a) N3,000 (b) N2,000 (c) N4,000 (d) N1,000
  • What is the share of profit of Bello (a) N3,000 (b) N2,000 (c) N4,000 (d) N1,000
  • The liability will be  (a) debited to realization account (b) credited to cash account (c) debited to cash account (d) credited to realization account
  • Subscription in arrears is treated as    (a) current liability (b) current asset (c) fixed asset (d) capital
  • Goodwill can be valued in partnership when (a) partners make profits (b) large losses are made (c) a partner retires (d) a new branch is opened
  • When partners make drawing of stock items from the partnership, the accounting impact of the drawing is to increase partner’s (a) goodwill account (b) current account credit balance (c) current account debit balance (d) profit and loss credit balance
  • An item of appropriation in a partners profit and loss account is (a) interest on partner’s capital (b) interest on partners’ loan (c) employees salaries (d) partners’ drawing

Subscriptions received during the year   N30,000

Subscription owed last year                           N4,000

Subscription received for next year               N6,000

  • The N6,000 subscription received is (a) current assets (b) current liability (c) fixed asset (d) capital                                                                                              

Part B

Answer only one question from this part.

1.   Below is a summary of the receipt and payments of  unity club for the year ended 31st Dec. 2015


Balance 01/1/15                                                                                              48,310

Proceeds from dance                                                                                      36,150

Transfer to bank deposit                                                                              120,000

Rates                                                                                                                 10,000

Wages paid                                                                                                    72,300

Entrance fees received                                                                                     5,000

Subscription received                                                                                  300,000

Equipment bought                                                                                         40,000

Repairs                                                                                                              16,172

General expenses                                                                                            48,896

Stationery bought                                                                                              9,790

Interest received on bank deposit                                                                  12,000

Donation received                                                                                                4,200

Additional information (a) wages of N4,800 were due and unpaid at 31st December  2015 (b) Rates prepared amounted to N2,000 (c) general expenses include N3,000 owing since the  previous year. (d) of the subscriptions received N8,000 was in arrears the previous year while N20,000 was paid in advance for the coming year. In addition N12,000 was still owing at 31st December, 2015 (e) the club had the following properties on 1st January 2015.


  1. Club house                                                                                               960,000
  2. Equipments                                                                                             600,000
  3. Bank deposit                                                                                           400,000
  4. (f) Depreciate club house by 5% and equipment including additions within the year by 10%.

You are required to prepare: (i) receipt and payment account for the year ended 31st December 2015 (ii) Income and expenditure account for the year ended 31st December 2015  (iii) Balance sheet as at that date.  20 marks

2.  Obe, Ajala and Kayode who share profit and losses in the ratio 2:3:1 decided to dissolve their partnership as at 31st December 2009

Balance sheet as at 31st december 2009

Capital account:                                                  Fixed Assets:

                                                                                    Building                                   2,500

 Obe        3,000                                                             Equipment                               1,500

Ajala      2,500                                                              Motor car                                   1,250

Kayode  1,500                     7,000                                                                                  5,250

                                 Current Asset

Current Account:                                                           Stock                   900

Obe           100                                                                Debtors            1,400

Ajala           50                                                              Bank                   700               3,000             

Kayode      250                       400

Creditors                                850   

                                             8,500                                                                                8,500                                                              

Additional Information: (a) the following assets were realised

                                    Equipment                   900

                                    Stock                           950

                                    Goodwill                      1,500

                                    Debtors                        1,350

(b) the motor was taken over as follows Obe N400 : Ajala  N500 : Kayode N250

(c) the building was taken over by Kayode at a value of N2,750

(d) the creditors were discharged for N800 and cost of dissolution were N500. You are required to prepare the necessary accounts.  20 marks

Part 3. Answer  any two questions from this part

  1.  (a) Explain what it mean by dissolution of partnership     1. (b) list at least five reason necessary for the dissolution of partnership ( 10 marks )
    1. Define the following accounting ratio and state the formula applicable to each of them I. Margin  II. Mark-up III. Rate of stock turn over IV. Gross profit percentage ( 10 marks)
    1. State the meaning and treatment of the following (a) subscription in arrears (b) subscription in advance (c) expenses in advance (d) accumulated fund (e)  subscription received
    1. Give at least five differences between the receipt and payment account and the income and expenditure account (10 marks)


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