2015 GRADE 12 FINAL EXAMS
Principles Of Accounts Paper 1
Time 1 hour
instructions to candidates
There are forty (40) questions in this paper. Answer all questions. For each question there are four possible answers. choose the one you consider correct.
Information for candidates
Each correct answer will score one mark , A mark will not be deducted for a wrong answer .
Non-programmable calculators may be used.
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Question 1 of 40
1. Question
An alternative name for a sales journal is ………
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Question 2 of 40
2. Question
The following information is taken from a sole trader’s accounts
K
Opening Capital 1 500
Closing Capital 1 150
Drawings 200
What is the trader’s profit/loss?
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Question 3 of 40
3. Question
Which concept emphasizes on the adoption and use of same accounting policies from year to year?
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Question 4 of 40
4. Question
Machinery typewriter and cash owned by the business are collectively called…
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Question 5 of 40
5. Question
A Cash Transaction means that….
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Question 6 of 40
6. Question
If mututwa buys good for resale from mabote on credit, the correct double entry in mututwa’s ledger would be……
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Question 7 of 40
7. Question
In business books, the ledger account of kasamu, a customer, showa a debit balance of K4 500. What does this mean?
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Question 8 of 40
8. Question
Which of the following is the most appropriate title?
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Question 9 of 40
9. Question
If 5 tables have sold at K120 each with an agreed trade discount of 5% and a cash discount of 2%, what is the total amount payable if VAT of 20% is included?
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Question 10 of 40
10. Question
What is the best way of ascertaining closing stock of a business?
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Question 11 of 40
11. Question
A motor van costing K100 000 is expected to have a working life of five years and a scrap value of K10 000. Using the straight line method of depreciation, the annual charge of depreciation will be…
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Question 12 of 40
12. Question
Ben and bill are in partnership sharing profit and losses in the ratio 2:3. Bill receives a salary of K12 000 per year. The firm’s net profit is K52 000. What are the amounts to be credited to the partner’s current accounts……?
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Question 13 of 40
13. Question
P.k Mandona was debited for the goods sold to P.K Mandola. Which error was commited?
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Question 14 of 40
14. Question
A business with two departments had:
Sales: hardware k20 000 and electrical k10 000.
Expenses: k6 000
How much expenses would you charge to hardware department, if expenses are charged on the basis of sales?
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Question 15 of 40
15. Question
The following information is available for Kateule Enterprise:
Bank balance shown in the statement for K650;
Amount paid in but not yet entered in the cash book, K100;
The cash book balance should be….
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Question 16 of 40
16. Question
On which side of the control Account should dishonoured cheques appears?
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Question 17 of 40
17. Question
Subscription in advance at the end of the year should be…….
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Question 18 of 40
18. Question
Owner’s equity refers to…
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Question 19 of 40
19. Question
Which of the following is not a Revenues Account?
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Question 20 of 40
20. Question
The books of a business shows the following:
K
Sales 90 000
Cost of sales 50 000
Expenses 10 000
What is the net profit as a percentage of sales?
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Question 21 of 40
21. Question
The balance sheet may be defined as a list of….
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Question 22 of 40
22. Question
The double Entry for Gross loss is…….
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Question 23 of 40
23. Question
If Opening Stock is K6 000; closing stock K10 00; Sales K40 000; Gross profit K8 000, then purchases is……
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Question 24 of 40
24. Question
Which type of accounts have credit balances in the ledger?
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Question 25 of 40
25. Question
Tabo PLC has advertised its ordinary shares of 10 000 at K650 each.
What document does the company use for this purpose?
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Question 26 of 40
26. Question
Which of the following errors would be detected by the Trial Balance?
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Question 27 of 40
27. Question
Which book of prime entry is part of the double entry system?
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Question 28 of 40
28. Question
Cost of goods sold is equal to….
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Question 29 of 40
29. Question
The cost of goods sold for the business was K80 000 and the gross loss was K10 000. What was the figure for sale?
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Question 30 of 40
30. Question
What is the method of calculating depreciation for loose tools and livestock at a farm?
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Question 31 of 40
31. Question
What is the effect on the assets and liabilities when a firm pays its creditors by cheque?
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Question 32 of 40
32. Question
A wholesaler sold 100 cases chicco biscuits at k20 a case; 50 cases vanilla biscuits at k40 a case ,both subject to 20% trade discount, what was the invoice price?
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Question 33 of 40
33. Question
Carriage inwards usually increases the… of the business.
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Question 34 of 40
34. Question
An example of real account is…
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Question 35 of 40
35. Question
The mark-up is the gross profit’s relationship with the…
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Question 36 of 40
36. Question
In the books of tambulukani the discount received of k400 was posted to the discount allowed account. what would be in the entry in the suspense account to correct the error?
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Question 37 of 40
37. Question
A sole proprietorship business is best described as…
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Question 38 of 40
38. Question
The total amount of credit purchases is recorded on the….
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Question 39 of 40
39. Question
In a Limited Company which of the following are shown in the Appropriation Account?
(i) Directors remuneration.
(ii) Proposed dividends
(iii) Debentures interest
(iv) Transfer to reserves
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Question 40 of 40
40. Question
Which subsidiary book records the correction of errors?
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