SCHOOL:- CABAX INTERNATIONAL SCHOOLS
NAME:-
CLASS: SENIOR ONE (1) S.S. 1
SUBJECT: FINANCIAL – ACCOUNTING
FIRST TERM EXAMINATION 2023 17. Companies and allied matter Act ________ (as amended in
OBJECTIVE PARTS: SECTION A: 2004) (a) 1990 (b) 1986 (c) 1960 (d)
1. One of the following is NOTa quality of accounting 1870
information (a) Relevance (b) Timeless (c) 18. __________ are the properties of a business and are
competitors (d) verifiable expected to be of future benefit (a) capital (b)
2. This includes making journal entries so that your Assets (c) Liabilities (d) all of the above
accounts will balance (a) data recording (b) data 19. ICA Scotland was establish in what year (a) 1854
processing (c) data reporting (d) data collection (b) 1880 (c) 1999 (d) 1965
3. There is no accurate record as to when account started 20. Accounting is not used for tax assessment (a) True (b)
(a) True (b) False False
4. Nigeria accounting standard board was born to set 21. __________ is the final destination of all transactions in the
standard to guide accounting operation in what year subsidiary books (a) banks (b) ledgers (c) cash
(a) 1494 (b) 1854 (c) 1982 (d) 1965 book (d) all of the above
5. Asset = _________ + liabilities (a) capital (b) assets 22. __________are customers that sell things on credit (a)
(c) cash (d) commodity owners (b) accountant (c) creditors (d) debtors
6. A good accountant must possess the following qualities 23. _______ is a basis for business language (a) creditor
EXCEPT________ (a) objectivity (b) honesty (c) (b) accounting (c) book keeping (d) recording
politicians (d) integrity 24. Who gives under the principle of double entries (a)
7. In _______ cash book, there is separate column for date, debit (b) credit (c) debit and credit (d) none of
particulars folio, cash and bank (a) one column (b) the above
double column (c) three column (d) none of 25. ________ is an integral of accounting (a) data collection
the above (b) management (c) booking keeping (d)
8. Where rules and guideline are neglected, the accounting accounting recording
information will not be _____ (a) reliable (b) 26. The two side of accounting equation must not be equal
verifiable (c) relevance (d) comparability (a) True (b) False
9. The following are users of accounting information 27. A nurse is to the medical doctor just as book keeper is
EXCEPT ______ (a) banks (b) owners (c) farmers the _________ (a) company (b) accountant (c)
(d) creditors teacher ( d) business
10. _____ is an amount owed by the business to outsiders 28. _________ Is the first stage of the accounting cycle (a)
(a) capitals (b) Assets (c) money (d) reporting (b) data processing (c) data collection
liabilities (d) all of the above
11. _______ is the process of recording data relating to 29. ICA England and Walesa was establish in what year
accounting transaction in the accounting book (a) (a) 1965 (b) 1880 (c) 1990 (d) 1854
book recording (b) book organizing (c) book 30. _________ is a document sent by a seller to the customer
collection (d) book keeping for reduction in the amount owe by him (a invoice
12. ________ account are accounts for expenses, incurred , (b) debit note (c) credit note (d) Receipt
income, received , losses and gains (a) real (b) 31. ______ is the book of original or prime entry (a
nominal (c) impersonal (d) personal subsidiary book (b) accounting (c) credit note
13. The following are sources of documents EXCEPT______ (d) book keeping
(a) credit note (b) out voice (c) Receipt (d) 32. Association of public accountant in USA was establish in
debit note what year (a) 1965 (b) 1494 (c) 1887 (d)
14. In – transactions, buyer pay immediately for goods 1982
bought (a) credit (b) market (c) cash (d) 33. ____ can be linked to the merchants in the Babylonian
capital and Assyrian civilization (a) data collection (b)
15. _______ is the process of recording, classifying, measuring book keeping (c) accounting (d) trade
and communicating accounting information to its users 34. There are number of limitation to accounting
(a) book keeping (b) book recording (c) information (a) 3 (b) 4 (c) 10 (d) 2
accounting (d) accounting recording 35. One of these is not a division of ledgers (a) sales or
16. The principle of double entry operates on the basis that debtors (b) normal (c) impersonal (d)
every financial transaction must have two _______ (a) private
parts (b) side (c) aspects (d) none of the 36. _______ cannot help for decision making (a) consumer
above (b) accounting (c) book keeping (d) owners
37. Record keeping is as old as (a) God (b) man
(c) creation (d) the earth
38. ICAN of Nigeria was establish and affiliated with the 58. There are _____ steps in recording cash transactions (a)
professional institutes in ______ and _____ (a) Britain, 10 (b) 3 (c) 4 (d) 2
Italy (b) Britain, Nigeria (c) USA, Italy (d) 59. There are accounting for something we can see touch or
Britain, USA move (a) normal accounts (b) real accounts (c)
39. _________ interprets the accounting record to its owner impersonal accounts (d) personal account
(a) management (b) owners (c) accountant 60. What side of your hand receives values in ledger (a)
(d) book keeping right (b) left (c) right and left (d) none of the
40. The history of accounting is not complete without above
mentioning the name (a) John Smith (b)
Luccapaciolo (c) James pacido (d) Lucca Pociolo MARKING GUIDE (ANSWERS)
41. _______ is book of recording detailed particulars of all 1.C 2.A 3.A 4.D 5.A 6.C 7.B 8.A 9.C
money received and paid (a) sales book (b) pay 10.D 11.D 12.D 13.B 14.C 15.C 16.B 17.B
book (c) cash book (d) buyer book 18.B 19.A 20.B 21.B 22.C 23.C 24.B 25.C
42. The following are qualities of accounting information 26.B 27.B 28.C 29.D 30.C 31.A 32.C 33.C
EXCEPT__________ (a) Reliable (b) comparability 34.D 35.B 36.A 37.C 38.D 39.C 40.B 41.C
(c) comprehensiveness (d) government 42.D 43.B 44.A 45.D 46.B 47.A 48.B 49.C
43. The total amount invested by the owner in a business is 50.C 51.B 52.D 53.A 54.A 55.C 56.C 57.B
called (a) credit (b) capital (c) time (d) 58. 59.B 60.B
liabilities
44. _______ ledgers are for creditors accounts and debtors THEORY
account (a) personal (b) private (c) general Answer three questions NO 1 is compulsory
(d) normal 1. Complete the gap
45. The following are accounting stages EXCEPT________ Assets liabilities
(a) data processing (b) data collection (c) capital
accounting recording (d) reporting a. 300,000 ?
46. The systematic recording of business transactions in 190,000
monetary terms is A. auditing B. book-keeping b. 15,653 4,532
?
C. debiting D. crediting
c. 130,000 ?
47. Cash book also performs the function of a ledger (a)
90,000
True (b) False
d. ? 18,000
48. ______ refers to the guidelines that professional needs to
14,000
follow while practicing accounting (a) data recording
e. ? 140,000
(b) accounting ethics (c) accounting processing
70,000
(d ) data collection
49. One of the following is quality of an accountant (a)
2. i. Define accounting
knowledgeable (b) wise (c) confidentiality (d)
ii. What are the accounting stages?
liar
50. The double entry principle of accounting was 3. Write short note on the following
developed by A. Frank Wood B. Akintola i. Assets
Williams C. Luca Pacioli D. William Pickles ii. Capital
51. A book that contains the accounts for the financial iii. Liabilities
transactions of an organisation is the A. journal iv. Double entry principle
B. ledger C. folio D. register v. Cash transaction
52. This is the book of original entry in which credit sales
are recorded before posting to the ledger (a) sales 4. Write out the full meaning of the following words
day book (b) subsidiary (c) credit note (d) i. NASB
debit note ii. ACA
53. There are _____ books of accounts (a) 4 (b) 5 iii. ICAN
(c) 2 (d) 1 iv. ANAN
54. ICA of Nigeria was establish when (a) 1854 (b) v. ICA
1880 (c) 1982 (d) 1965
55. SAS means (a) statement of all standard (b)
state of subsidiary (c) statement of accounting
standard (d) statement of Africa standard
56. Lucca paciolo introduce _______ in accounting (a)
single entry (b) data processing (c) double entry
(d) cash book
57. _______ require skill and knowledge (a) data recording
(b) book keeping (c) accounting (d) accounting
reporting
