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Form 2 Exam

Examination for form two

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19 views

Form 2 Exam

Examination for form two

Uploaded by

gamutriune
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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REGINA COELI HIGH SCHOOL

FORM 2 MID YEAR EXAMINATION 2024

PRINCIPLES OF ACCOUNTING

Answer all questions

SECTION A

1. Define (a) accounting (2)


(b)debtors or accounts receivable (2)
(c) assets (2)

2. Give the accounting equation. (3)

3. _____ is a software for processing data in accounting. (1)

4. What are the five advantages of electronic method of processing accounting information (5)

5. List any three current assets.(3)

6. List any five users of accounting information (5)

7. Describe any two importance of accounting. (2)

8 (a). Give two advantages of manual method. (2)

(b) list three disadvantages of the manual method (3)

9. Draw the accounting cycle(5)

10. Write whether the following transactions are payments, receipt or contra entry.

(a) Bought office furniture for $100 paying by cash. (1)

(b) Withdrew $20 cash for business use (1)

(c) Paid $70 wages in cash (1)

11. The following details relates to a Pine furniture shop.

2022 May

1. Started business with capital in cash $5000


2. Paid rent by cash $500
3. G Broad lent us $6000, paid by cheque.
4. We paid J Fine by cheque $900
5. Cash sales $400
6. F. Love paid us cheque $100
7. We paid A Moore in cash $150
8. Cash sales paid direct into the bank $300
9. P. Hood paid us in cash $350
10. We took $2000 out of our cash till and paid it into the bank account.
11. We paid R. Onions $1000 by cheque
12. Withdrew $160 cash from the bank for business use.
Required

Write up a two column cash book for the pine furniture shop and balance it off at the end of the
month. (14)

12: List any 3 internal users of accounting information. (3)

SECTION B

1: What is the first step in the data processing cycle?

A) Input

B) Processing

C) Output

D) Storage

2: What is the final step in the data processing cycle?

A) Input

B) Processing

C) Output

D) Storage

3: The following are business activities except.

A) Mining
B) Trading
C) Renting
D) Manufacturing

4: The owner of a business is referred to as

A) Bookkeeper
B) Debtor
C) Rich person
D) Proprietor

5: Which of the following is owned by one person

A) Company
B) Sole trader
C) Partnership
D) Parastatal

6: Which of the following is a computer hardware


A) Data
B) Software
C) Keyboard
D) Pastel

7What is the purpose of a journal entry?

A) To record a single transaction

B) To classify and report financial transactions by type

C) To provide a detailed record of all financial transactions

D) To prepare financial statements

8: What is the primary purpose of a cash book?

A) To record all financial transactions

B) To record only cash transactions

C) To classify and report financial transactions by type

D) To prepare financial statements

9 Which column in a cash book records the date, description, and debit or credit amount of ach
transaction?

A) Cash column

B) Bank column

C) Discount column

D) Details column

10: What is the name of the column in a cash book that records the total amount of cash received?

A) Cash column

B) Bank column

C) Debit column

D) Credit column

11: Which of the following is NOT a typical section in a cash book?

A) Cash receipts

B) Cash payments

C) Discount

D) Assets

12: Information is

A) Raw facts
B) Unprocessed facts
C) Facts arranged into meaningful diagrams
D) Facts that are in their original state

13: which of the following is not a possible output of computerised system.

A) Income statement
B) Transactions
C) Management information
D) Statement of cash flow

14: The following are names of journal except.

A) Principal journal
B) The main journal
C) The purchases journal
D) The journal

15: The source document raised when there has been credit sale is.

A) Sales invoice
B) Cheque counterfeit
C) Voucher
D) Receipt

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