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
