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Accounts

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7 views

Accounts

Uploaded by

damilolasukanmi20
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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Accounts

Class: S.S.1

Duration: 40 minutes

Answer all questions

1a. Distinguish between the term Book-keeping and Accounting.

1b. Classify the following into assets or liabilities:

i. Investments

ii. Goodwill

iii. Furniture

iv. Land and building

v. Loan from biodun

vi. Interest on loan due.

2a. Briefly explain cash and credit transaction

2b. List six source documents

3. Complete the table below, showing the accounts to be debited and those to be credited

Account to be debited. Account to be credited

i. Bought furniture by cheque

ii. Received commission by cheque

iii. Paid wages by cash

iv. Cash sales

v. Cash purchases

Class: S.S.2

Answers all

1. List the types of errors that do not affect the agreement of the trial balance

2. Explain five types of errors that do not affect the agreement of the trial balance.
3. List and explain two procedures to be followed when correcting errors.

Class: S.S.3

Duration: 40 minutes

Answer all.

1a. Briefly explain four errors that will be disclosed by the trial balance

1b. Explain three uses of suspense account

2a. Explain the following terms:

i. Bad debts

ii. Provision for doubtful debts

iii. Reserves

iv. Provision for discount on creditors

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