Principles of Accounting (ACCT2101)
Faculty of Economics and Management Science (FEMS)
Semester: First Semester
Level: 200
Year: 2015
Duration: 2 hours
Section A: write the letter of the correct answer, (10 marks)
1)
The recording of day-to- day financial activities and information pertaining to a business is called? A.
accounting B. business transaction C. book keeping D. financial communication.
2)
The branch of accounting that helps in pricing of products and services is? A. financial accounting B.
cost accounting C. management accounting D. public sector accounting
3)
The branch of accounting that deals with gathering evidence to be used in the law court for
accounting malpractices id known as? A. tax accounting B. financial accounting C. government
accounting D. forensic accounting
4)
A resource owned or controlled by an entity as a result of past transaction is known as? A. building B.
Capital C. Assets D. owners’ equity
5)
Which of the following classification of elements of financial statements do not match? A. stock of
goods, cash in hand, account receivable, and prepaid expenses B. Accrued rents, loan, debenture, bank
overdraft C. building, machinery, furniture, creditors D. bank, inventory, prepaid rent, debtors
6)
Which of the following sets of assets are intangible assets? A. good will, patent and receivables B.
copy right, trade mark, debtors C. software, license, research and development D. patent, trade mark
and air.
7)
The following equations are different forms of the fundamental accounting equation except? A. assets =
liabilities + capital B. capital = assets C. liabilities = assets – capital D. owners’ equity = assets +
liabilities
8)
In accounting, recording of transaction assumes that the business continues its existence indefinitely.
Which concept handles this fact? A. periodicity concept B. business entity concept C. going concern
concept D. matching concept
9)
Which of the following is a business transaction? A. John made a profit of
100,000FCFA from sales to Mary B. the cash till of John increased by 100,000FCFA due to a sale of
goods to Mary C. John received 100,000FCFA cash from Mary D. Mary now owes John 150,000FCFA
as a result of credit purchase.
10)
In which ledger is the sales return account found? A. sales ledger B. sales return ledger C. general
ledger D. purchase ledger
Section B:
Question one (10marks)
Write up a two column cash book from the following:
January
THE UNIVERSITY OF BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES
1
st
Semester C.A
Course Title: Principles of Accounting
Credit Value:
Course Lecturers:
Time:
Course Code: ACCT201
Venue:
www.schoolfaqs.net
1 balance brought forward from last months’ cash 105,000FCFA: bank
2,154,000FCFA.
2 Cash sales. 605,000FCFA
3 Paid cash into bank 500,000FCFA
4 J. Mathew paid us by cheque 217,000FCFA
5 Paid for postage stamps in cash 60,000FCFA
6 bought office equipment by cheque 189,000FCFA
7 Paid Banga J. by cheque 50,000FCFA
9 Received rent refund by cheque 72, 000FCFA
11 Withdraw cash 250,000FCFA from the bank for business use
12 Paid wages in cash 239,000FCFA
14 Paid motor expenses by cheque 57,000FCFA
16 L. Edward lent us by cheque 200,000FCFA
20 P. Alang paid us by cheque 112,000FCFA
28 Paid general expenses in cash 22,000FCFA
30 Paid insurance by cheque 74,000FCFA
Question two (10 marks)
Complete the following table by stating the account to be debited and credited in each case.
Transaction Account to be
debited
Account to be
credited
1)
Goods bought on credit from H
HANS
2)
Goods sold on credit to B SANYUY
3)
Motor van bought on by cheque
4)
Cash sales
5)
Goods returned to supplier G
LANTAR
6)
Machinery sold for cash
7)
Goods returned to us by customer B
SANYUY
8)
Cheque received for letting an
apartment to a tenant
9)
Withdrawal of cash from the bank by
the business
10)
Deposit of cash into the bank
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