1st Term Examination FINANCIAL ACCOUNTING SSS 1

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Subuode Gbaga Gasline Ogun State

1st Term Examination

FINANCIAL ACCOUNTING

SSS 1


Section A

Answer all questions correctly

  1. A document sent from the seller to the buyer showing the description, quantity, unit price and net value of goods bought is known as __________ (a)Receipt (b)invoice (c)cheque (d)credit note
  2. On which source document can E & OE be found? (a)invoice (b)debit note (c)credit not (d)receipt
  3. The financial book where all cash transactions are recorded is called ___________ (a)credit book (b)purchases book (c)sales book (d)cash book
  4. __________ book is used to record the payment of minor expenses in an office (a)petty cash book (b)purchases day book (c)sales day book (d)purchases ledger
  5. The principal book of account is called ____________ (a)ledger (b)journal (c)cash book (d)cheque book
  6. Which of the following is NOT a book of original entry? (a)return inwards book (b)sales day book (c)purchase day book (d)balance sheet
  7. The single column cash book has _________ column on each side (a)one (b)two (c)three (d)four
  8. An account in which all cash receipts and cash payment transactions are recorded is called (a)cash account (b)savings account (c)current account (d)deposit accoun
  9. All are source documents except __________ (a)invoice (b)receipt (c)cheque (d)purchases daily book
  10. All the following are included in the fixed asset except __________ (a)machine (b)motor van (c)stock (d)building
  11. What is a ledger? (a)a book used for bank statement (b)a book in which individual accounts are kept (c)a book which records all credit transactions (d)a book which records all cash transactions
  12. The type of discount given to a buyer for prompt payment is known as __________ discount (a)trade (b)quantity (c)special (d)cash
  13. The cost price of an article is N500 and the profit on the article is 10%. What is the selling price? (a)N300 (b)N250 (c)N500 (d)N550
  14. A cash book has ________ columns (a)credit and debit (b)balance sheet (c)ledger (d)none of the above
  15. In book-keeping, all credit entries must have corresponding ________ entries (a)double (b)debit and credit (c)debit (d)credit
  16. Which of the following is an example of current liability? (a)stock (b)debtor (c)accrual (d)cash at hand
  17. Which of the following is an intangible asset? (a)building (b)motor vehicle (c)goodwill (d)stock
  18. Accounting equation states that _____________ (a)assts = capital – liabilities (b)capital = assets + liabilities (c)assets = capital + liabilities (d)Liabilities = assets + capital
  19. The transfer of money from the cash to bank or withdrawal of cash from bank is known as __________ (a)set – off (b)contra entries (c)cash lodge (d)A and B
  20. What are the two accounts to be opened when cash is withdrawn for personal use? (a)personal a/c and cash a/c (b)drawings a/c and personal a/c (c)cash a/c and drawings a/c (d)withdrawal and personal account

THEORY

Instruction: Attempt any three questions. Questions 1 and 2 are compulsory

  1. Write up a single column cash book of Mr. Ade from the following details and balance off as at end of the month 2015

Jan. 1 Started business with capital in cash N5,000

Jan. 2 Paid rent by cash N170

Jan. 3 Received loan from Pablo N5,000 by cash

Jan. 5 We paid Olu by cheque N165

Jan. 6 We paid general expenses in cash N300

Jan. 16 Cash purchased N500

Jan. 26 Wages paid in cash N35

Jan. 31. Cash sales N1,000

  1. Draft the Balance Sheet of Ojo from the following figures

N

Land Building 20,000

Cash in hand 15,000

Equipment 8.000

Creditors 16,000

Debtors 1,000

Stock 300

Motor Vehicle 2,500

Cash at bank 200

Loan 5,000

Capital 26,000

  1. (a). What are the source documents

(b). State six types of source documents

(c). Differentiate between debit note and credit note

  1. (a). Differentiate between single column and double column cash book

(b). Prepare two or double column cash book format

(c). What is the difference between cash and trade discounts

 

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