Duration: 1 hour (multiple choice)
There are 40 questions in this paper
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Question 1 of 40
1. Question
The importance of accounting information is to…
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Question 2 of 40
2. Question
Which of the following are job opportunities for someone who has studied accounts?
(i) Secretary
(ii) Public Relations Manager
(iii) Technician
(iv) Bursar
(v) Buyer
(vi) Stores Manager
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Question 3 of 40
3. Question
Explain the term business transaction.
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Question 4 of 40
4. Question
The exchange of goods, money and services between persons is called….
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Question 5 of 40
5. Question
Which of the following are not included in the sales Day book?
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Question 6 of 40
6. Question
If a Debtor’s Account is overcharged on the invoice, which document is sent to him to adjust the amount from him?
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Question 7 of 40
7. Question
The ledger is the main book of accounts where….. are completed.
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Question 8 of 40
8. Question
……..is an example of a nominal account.
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Question 9 of 40
9. Question
The double entry is completed in the…….
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Question 10 of 40
10. Question
The personal account of debtors are found in the….
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Question 11 of 40
11. Question
Trial Balance is prepared to check the…..
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Question 12 of 40
12. Question
Below is a trial balance prepares by an inexperienced book-keeper. You are required to redraft it and find the correct balance. Which of the following is the correct balance?
Dr Cr
(K) (K)
Purchases return 3000
Carriage inwards 2000
Purchases 40 000
Sales 70 000
Debtors 20 000
Creditors 12 000
Bank overdraft 14 000
Motor vehicle 134 000
Sales Returns 15 000
Capital 112 000
274 00 148 000
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Question 13 of 40
13. Question
The balance sheet can be defines as a…………
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Question 14 of 40
14. Question
In which statement is gross profit calculated?
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Question 15 of 40
15. Question
Calculate the cost of goods sold from the following items
Closing stock K72 400
Carriage inwards K5 700
Purchases k213 600
Open Stock K21 360
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Question 16 of 40
16. Question
Which of these would appear as a current liability in the Balance Sheet?
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Question 17 of 40
17. Question
The cost of a machine is K250 000, provision for depreciation is K60 000, depreciation charges for the year are K19 000. In the Balance Sheet, the machine will be shown at a net value of…
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Question 18 of 40
18. Question
Which of the following errors would not affect the balancing of the trial balance?
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Question 19 of 40
19. Question
Which of these errors will be revealed by the trial balance?
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Question 20 of 40
20. Question
Discount received K2 000 has been posted on the debit side of the Discount allowed account. The entry to correct the error is…
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Question 21 of 40
21. Question
Which statement is sent by the bank to its customers to verify the balance at bank at the end of the month?
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Question 22 of 40
22. Question
Which one of the following does not create a difference, between the bank balance of the firm and the balance shown by the bank statement?
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Question 23 of 40
23. Question
Why do Accountants prepared control Accounts? To….
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Question 24 of 40
24. Question
Which item appears on the credit side of a purchases ledger control Account?
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Question 25 of 40
25. Question
Which of the following is similar to a club’s Reciepts and payments Account?
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Question 26 of 40
26. Question
Social club’s records for the year show
Subscription K8 000
Sales of refreshments K4 000
Purchases of refreshments K2 000
Opening stock of refreshments K800
Closing Stock of refreshment K600
What is the total net income for the year?
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Question 27 of 40
27. Question
Which item should be treated as capital expenditure in the accounts of a company?
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Question 28 of 40
28. Question
Which of the following is a revenue receipt for a newspaper agent?
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Question 29 of 40
29. Question
Single entry records are kept by…..
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Question 30 of 40
30. Question
Which of the following is not used in the calculation of profit for incomplete records?
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Question 31 of 40
31. Question
Which of the following item used in sales calculation for single entry organization?
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Question 32 of 40
32. Question
A partnership is formed by….
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Question 33 of 40
33. Question
Which one is not an appropriate of profit?
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Question 34 of 40
34. Question
In manufacturing account, prime cost is equal to total
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Question 35 of 40
35. Question
The manufacturer provides you with the following balances.
What is the prime cost?
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Question 36 of 40
36. Question
In manufacturing business, royalty paid on every item manufactured is regarded as……
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Question 37 of 40
37. Question
Why is it against Accounting ethics and Standard to value closing stock in the final account at market value? It ….
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Question 38 of 40
38. Question
Explain the meaning of ethics in accountancy. Study of….
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Question 39 of 40
39. Question
The Add Test Ratio is calculated by….
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Question 40 of 40
40. Question
Which organization has a high Rate of Stock Turnover?
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