Accounting 9 Final Term 1

INTERNATIONAL COMMUNITY SCHOOL OF BEIRA
Rua Dr Lacerda & Almeida , Nº. 164, Ponta--Gêa

Beira, Mozambique
First Term Examination in
Accounting 9
S. Y. 2021
Name:__________________________ Score: ______ Percentage:_______
Teacher: Mike Date:
State whether each of the following is an asset or liability

1. Land and buildings _________________________
2. Inventory of goods _________________________
3. Trade receivables/ debtors _________________________
4. Cash _________________________
5. Bank _________________________
6. Trade payable/ creditors _________________________
7. Loan from AB Finance Company _________________________
8. Motor vehicle _________________________
9. Fixtures and fittings _________________________
Choose the appropriate answer from the box below
Statement of comprehensive Income, Statement of Financial position, Statement of

cash flows, Statement of changes in equity
10. The ___________________________________________ shows capital

changes within the business during the accounting period
11. The ___________________________________________ measures the
performance of a business in profit or loss
12. The ___________________________________ measures the performance of
a business in terms of cash coming in and going out of the business.
13. The _______________________________________________ shows the
financial position of the business at the end of the accounting period.
List any three users of accounting information.
14.___________________________________________________________
15. ___________________________________________________________
16. ___________________________________________________________
Answer the following questions correctly. Write your answer on the blank space
provided before the question.
17._______ Another name for sales journal is

A. Sales invoice B. Sales day book C. Sales ledger D. Sales revenue
18._______ a written paper that provides the evidence of a transaction is a
A. Paper evidence B. source document C. bank statement D. voucher
19._______ Which of the following is a liability?
A. profits B. creditors for goods C. cash at bank D. assets
20. _______ Any person or group with a direct interest in the performance of a
business. A. stakeholder B. sole trader C. shareholders
21._______ Money used by the owner for personal use is called
A. market share B. working capital C. Capital employed D. Drawings
22. _______ Which of the following is true about the trial balance.
A. Should never balance B. should agree C. it is not important
23. _______ Which of the following is not an asset?
A. buildings B. Loan from K. Harris C. debtors D. cash balance
24. _______ Which of the following statements is incorrect?
A. assets = capital + liabilities B. liabilities + assets = capital
25. _______ The cash book is for recording
A. All business transactions B. all cash transactions C. invoices
26. _______ A person who uses accounting information is called a _

A. an accountant B. user C. Sole trader D. manager
27. ____ External users of accounting include all the following except:
A. Directors B. investors C. Government
Use the information below to answer question 44, 45

Mr Dee who owns a small business that specialises in jewellery took jewellery worth
$500 and gave them to his sister. He also took $700 which he used during the visit to
his son’s school. He used $ 400 to pay for the business rent and $200 for the
business electricity.
28. _______How much were the drawings for the business?

A. $1 200 B. $700 C. $500 D. $1 800
29. _______ How much were the expenses for the business?
A. $600 B. $700 C. $1 800 D. $400
30. _______ Which of the following is a current asset?
A. receivables B. land. C. loan D. payables
31._______Which of the following are books of prime entry?
A. Sales day book and trial balance.
B. Cash book and Purchases journal.
C. Cash book and income statement.
32. _______Which of the following takes place at the last stage of accounting
cycle?
A. Classification of transactions.
B. Preparation of financial statements.
C. Posting entries to the ledger.
33. _______Which of the following best explains capital?
A. Money used to pay business bills.
B. Money or resources used to start a business.
C. Money withdrawn for personal use.
34. _______ The following are the importance of accounting except:
A. they enable period to period comparisons.
B. They are used in fighting competition and generate oxygen.
C. They generate information on how a business is using its resources.
35. _______ Which statement is true about drawings?
A. they increase capital of the business.
B. they decrease capital of the business.
C. They have no effect on capital and they are assets.
36. ___ Which of the following is an example of an expense?
A. purchases. B. rent. C. sales D. Capital
37. _______ The following do not operate to make profit except
A. Churches B. supermarkets C. Non-Governmental organisations D. Clubs
38. ______ Which of the following provides evidence of business transaction?
A. Subsidiary books B. source documents C. final accounts
39. ______ Which of the following marks the end of the accounting cycle?
A. Business plan B. final accounts C. trial balance D. ledger
40. _____ The following are source documents except:
A. voucher B. cash book C. receipt D. invoices
41.________Which of the following is the first step in the accounting cycle?

A. assets B. transaction C. ledger D. capital
42. ________The following are users of accounting information except
A. Doctors and lawyers B. banks and investors C. workers and managers
43. ________ A sole trader started business with $1 000 cash and furniture
worth $3 000. How much was his capital? A. $ 4000 B. $ 3000 C. $ 1 000
44. _____ Net profit reinvested back into a company after deducting tax and
payments and dividends is called A. Retained profit B. Operating expenses
C. Gross profit
45. _____ In accounting the abbreviation ‘Dr’ and ‘Cr’ stand for:
A. Debit and Credit B. Doctor and Christmas C. Drug Risk and Cross Rate
List any 5 examples of subsidiary books
46. __________________________________________________________
47. ___________________________________________________________
48. ___________________________________________________________
49. __________________________________________________________
50. __________________________________________________________
List any 4 examples of source documents
51.___________________________________________________________
52. __________________________________________________________
53. __________________________________________________________
54. ___________________________________________________________
List any four errors that may make the trial balance fail to balance.
55. __________________________________________________________
56. ___________________________________________________________
57. ___________________________________________________________
58. __________________________________________________________
List any 4 importance of accounting
59. ___________________________________________________________
60. ___________________________________________________________
61. __________________________________________________________
62. __________________________________________________________
Fill in the missing figures in the following table.
Assets Capital Liabilities
63. 20 000 12 500
64. 35 000 12 500
65. 44 400 19 300
66. 67 300 55 000
Ajay started business on 1 January 2017. His transactions for his first week of
trading are shown below. Draw up a Trial Balance below posting the transactions
in the right columns.
Cash 300
Bank overdraft 3 000
Capital 42 500
Drawings 750
Land and buildings 30 000
Office equipment 1 050
Loan 2 200
Inventory 7 500
Purchases ` 9 850
Sales 10 650
Sales Returns 940
Purchases returns 1 030
Carriage Inwards 400
Wages 1 500
Rent received 830
Sundry expenses 1 290
Trade receivables 12 300
Trade payables 5 670
Details Debit $ Credit $

You are required to open the asset, expense, liability, capital and income
accounts and for June 2017 in the records of Ajay.
2017
January 1. Ajay began business with a capital of $80 000 in the business bank account
1. Paid rent of premises, $400 by cheque.
2. Fixtures and equipment costing $30 000 were bought and paid for by bank.
3. Paid insurance, $250 by cheque.
3. A short term loan of $10 000 was received from AB loans.
5. Paid motor expenses, $50 by cheque.
6. A long term loan of $5000 was received from Ajay’s sister Mallika..
7. Part of the premises were rented out to another business and a cheque
for $95 was received.
Enter the transactions above in Ajay’s ledger accounts and balance off the
bank account.
Prepared by:
Tr. Mike
**************************** Best Wishes *****************************

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INTERNATIONAL COMMUNITY SCHOOL OF BEIRA

Rua Dr Lacerda & Almeida , Nº. 164, Ponta--Gêa

State whether each of the following is an asset or liability

2. Inventory of goods _________________________

3. Trade receivables/ debtors _________________________

6. Trade payable/ creditors _________________________

7. Loan from AB Finance Company _________________________

8. Motor vehicle _________________________

9. Fixtures and fittings _________________________

Choose the appropriate answer from the box below

Statement of comprehensive Income, Statement of Financial position, Statement of

10. The ___________________________________________ shows capital

List any three users of accounting information.

17._______ Another name for sales journal is

26. _______ A person who uses accounting information is called a _

Use the information below to answer question 44, 45

28. _______How much were the drawings for the business?

41.________Which of the following is the first step in the accounting cycle?

List any 4 examples of source documents

List any 4 importance of accounting

Bank overdraft 3 000

Land and buildings 30 000

Office equipment 1 050

Sales Returns 940

Purchases returns 1 030

Carriage Inwards 400

Rent received 830

Sundry expenses 1 290

Trade receivables 12 300

Trade payables 5 670

Details Debit $ Credit $

3. Paid insurance, $250 by cheque.

3. A short term loan of $10 000 was received from AB loans.

5. Paid motor expenses, $50 by cheque.

**************************** Best Wishes *****************************

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