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Principles of Accounting Form 1 End of Year Paper

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104 views4 pages

Principles of Accounting Form 1 End of Year Paper

question paper

Uploaded by

patiencetinashemafumhwa
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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PRINCIPLES OF ACCOUNTING

FORM 1

TIME: 1 HOUR

TOTAL MARKS : 50

Instructions:

1. Answer all questions.


2. Write your answers clearly and neatly.

Section A: Multiple Choice (20 marks)

1. The first step in the accounting cycle is:

A) Posting to the ledger

B) Preparing financial statements

C) Analyzing transactions in source documents

D) Closing the books

2. Which of the following is a source document?

A) Ledger

B) Journal

C) Invoice

D) Trial Balance

3. A receipt is used to:

A) Record sales on credit

B) Document cash received

C) Record purchases on credit

D) Document goods returned


4. The primary purpose of the journal is to:

A) Summarize financial information

B) Record transactions in chronological order

C) Close temporary accounts

D) Prepare financial statements

5. Which of the following is NOT a subsidiary book?

A) Sales Journal

B) Purchases Journal

C) Ledger

D) Cash Book

6. Data processing methods include:

A) Manual processing

B) Computerized processing

C) Both A and B

D) None of the above

7. The document that provides evidence of a transaction is called a:

A) Source document

B) Ledger

C) Account

D) Journal entry

8. An example of a data processing method is:

A) Capitalizing accounts

B) Entering data into a spreadsheet


C) Counting cash

D) All of the above

9. A Purchase Journal

A) Records cash sales

B) Records credit sales

C) Records credit purchases

D) Records cash purchases

10. Which document is used to summarize cash transactions?

A) Sales Journal

B) Purchase Journal

C) Cash Book

D) General Journal

Section B: Structured Questions (30 marks)

1. a) Define accounting. (3 marks)

b) List and briefly explain the first three steps of the accounting cycle. (5 marks)

c) State the accounting golden rule (2 marks)

2. a) Explain the purpose of source documents in accounting. (5 marks)

b) Differentiate between the Sales Journal and the Purchases Journal. (5 marks)

3. Below are some transactions of Taribeth Christian College for the month of
November 2023:

i. Nov 1: Sold goods on credit for $300.


ii. Nov 5: Bought supplies on credit for $200.
iii. Nov 10: Received cash of $150 for services offered.
iv. Nov 15: Paid cash for office rent amounting to $100.

a) Record each transaction in the appropriate subsidiary book. (10 marks)


THE END

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