SS1 = Account

1. Which of the following items is found on the credit column of the trial balance? a.
provision for doubtful debt b. bad debt written off c. carriage inward d. carriage outwards
2. Discount can be divided to trade discount and……. a. allowed b. received c. cash
discount d. trade discount
3. The following are on the debit side of the trial balance except…..a. cash b. bank c.
machinery d. overdraft
4. The items in a three column cash book cash divided into… a. five b. six c. four d. two
5. The distinguishing feature between a two column and three column cash book is a.
discount column b. cash column c. bank column d. ledger folio
6. The balance sheet is prepared to reveal ….. a. financial records b. arithmetical accuracy
of the ledger c. the accruals and prepayment d. financial position of the business
7. The trial balance is prepared to reveal ….. a. financial records b. arithmetical accuracy of
the ledger c. the accruals and prepayment d. financial position of the business
8. How many types of cash discount do we have a. 2 b. 3 c. 4
9. How many types of discount do we have a. 2 b. 3 c. 4
10. An account is divided into a. 2 b. 3 c. 4

Theory
Answer Five questions. Number 1 is compulsory

1a. What is cash book?

b. State the principle of double entry
c. Nature of trial balance
d. What is petty cash book?
e. What is imprest system?

2. Mr. Johnpaul Oyin Entreprises, at 31 March 2023.

Purchase N 50,125
Capital N20,500
Return outward N170
Land and Building N7,000
Loan N 16,000
Stationery N630
Drawing N 90
Insurance N470
Advertisement N210
Debtors N5000
Carriage Outwards N110
Motor van N1025
Machinery N12,140
Creditors N7,000
Fixtures and fitting N19,915
Returns inwards N365
Discounts allowed N80
Rent N130
Commission receivable N 700
General expenses N1,130
Sales N70,500
Equipment N16,000
Discount received N300
Salaries N750
Prepare Trial Balance,
3. The following is a summary of petty cash book transaction of Dorcas for Feb, 2024
Feb 1: Receipt from cashier N3500 petty cash float
Feb 2: Postage 100
“ 3: Travelling 120
“ 4: Cleaning 150
“ 5: Delivery Van 220
“ 6: Traveling 250
“ 7: Stationery 170
“ 8: Cleaning 180
“ 9: Postage 50
“ 10: Travelling 80
“11: Stationery 990
“ 12: Cleaning 230
“ 13: Postage 130
“ 15: Delivery Service 430
“ 16: Petrol 180
“ 17: Cleaning 210
“ 18: Postage 50
“ 29: Petrol 140

4. Mr. Emma with 300,000 on the 2nd of Feb 2024 and paid into the bank on the 4th of Feb
2024 his transaction for the month is as follows
Feb 5 purchase by cheque 34,300
“5 Credit purchase 2500
“ 6 Electricity paid cheque 500
“ 6 Rent 500 paid by cheque
Feb 7 withdrew cash for office use 100
“ 7 sale by cash 500
“ 8 Paid creditor by cheque 20,000 and received discount of 240
“ 9 Cash sale 34,230, cash wages 500
“ 10 paid into the bank the sales made on the 9th of January 2024
“ 10 stationary bought by cash 500
“ 12 received from customer cheque to 58200 and discount allowed of 800
“ 15 withdrew cash for office use 200

5. What is Cash float?

b. List 3 differences between cash and trade discount, and 2 differences between discount
allowed and discount received
c. List 5 examples that will be debited in the trial balance
d. List 5 examples that will be credited in the trial balance
e. Draw a format of petty cash book?

6. What is three column cash book?

b. List 3 accounting concept and 2 accounting convention
c. List 2 differences between trading and profit and loss account, 3 similarities between
trading and profit and loss account
d. List 5 types of capital
e. Draw a format of petty cash book
SS1 - Economics
1. Which of the following is an advantage of division of labour? (a) employment of experts
(b) monotony of work (c) greater use of machinery (d) Production of specialized goods
2. A limited liability company is owned by the ___________________. (a) president of the
country (b) workers (c) general manager (d) shareholders
3. Standardization of products or services is a feature of ______________ (a) large firms
(b) retailers (c) small firms (d) wholesalers
4. Which of the following is not a reason for establishing a public enterprise? (a)
discouraging investors (b) opening up neglected parts of the country (c) effective control
of a natural monopol (d) rapid economic development
5. A business outfit is said to be a public limited company when it ________. (a) is owned
by government (b) it operates as a public corporation (c) is run by the public (d) it sells
its shares to members of the public
6. Which of the following is a disadvantage of large scale production? (a) Market
economies (b) Managerial economies (c) impersonal organization (d) Division of
labour
7. Which of the following is not true of small companies? They (a) cannot benefit from
economies of scale (b) are a good source of new jobs (c) can satisfy demand in specialist
markets. (d) have good record of technical innovations.
8. An arrangement in which the debts of a company can only be paid from its own assets
implies ___________________. (a) unlimited liability (b) transferred liability (c)
limited liability (d) capital liability
9. In which of the following business units are the owners mostly the customers? (a) Co-
operative (b) Limited liability companies (c) Partnerships (d) Public
corporations
10. Which of the following does not affect a country’s population? (a) Birth rate (b) Death
rate (c) emigration (d) Unemployment
11. __________ uses primary production a. Small firms b. Large firms c. Scale of production
12. Division of Labour saves time. True/False
13. Division of labour leads to creation of life True/False
14. Specialization leads to repetition True/False
15. Division of labour leads to creation of job True/False
16. Division of labour leads to tiredness True/False
17. ____________ is the conceration of the productive efforts of an individual a.
division of labour b. specialization c. Scale of production
 18. Breaking down of a production process into a number of separate operation is
___________ a. division of labour b. specialization c. Scale of production
19. Internal and external economics are example of _______ a. division of labour b.
specialization c. Scale of production
20. Large scale production is an example of _____________ a. division of labour b.
specialization c. Scale of production
Theory
Answer any Four Questions
1. What is division of labour?
b. What is specialization?
c. List 3 advantages and 2 disadvantages of division of labour
2. What is the different between firms, industry and plant?
b. What is the Full meaning of TP, AP, MP?
c. Factors that determine the size of firm
3. List 5 characteristics each of small and large firms
b. What is business organization?
c. List 5 types of business organization
4. What is population?
b. What is population census?
c. List Four companies you know
5. What is capital?
b. List and explain the types of capital
c. What is entrepreneur with there function?
 Economics SS2
1. Frictional unemployment occurs when (a) there is a change in the techniques of
production (b)job seekers lack information where job exists (c)bad weather prevents
workers from progressing (d)job seekers have disabilities
2. Which of the following will increase the demand for labour?(a)increase wage rate
(b)labour demand for output (c)low wage rate (d) low marginal productivity
3. Production of firms and Industries is not influenced by (a)availability of raw materials
(b)existence of other firms (c)nearness to the source of money supply (d)government
policy
4. Cyclical unemployment is the one associated with (a)inadequate information (b)trade
fluctuations (c)structural changes (d)seasonal changes
5. Perfect knowledge of events in a perfect market will be made possible by the existence of
(a)many buyers and sellers (b) homogeneous products (c)means of communication (d)
large member of traders
6. In economics, a market is defined as any (a)agreement made for consumers to buy all
they need (b)agreement to sell commodity at low prices (c)arrangement made for
producers to sell all their goods (d)arrangement whereby buyers and sellers are in close
contact
7. The following constitutes the criteria for identifying an economic system
except(a)ownership of resources (b)scarcity of resources (c)method of decision making
(d)motivation for production
8. The movement of labour from one grade to an entirely different grade is an example of
(a)industrial labour mobility (b)horizontal occupational mobility (c) vertical occupational
mobility (d)geographical mobility
9. An industry is best described as (a)firms that sells a set of closely related commodities
(b)a factory that produces different lines of products(c)a group of firms that sell a closely
related set of products (d)industrial concern that is into production and selling goods
10. The allocation of goods and services in a free market economy is performed by (a) the
price system (b) the banking system (c) the central planning body (d) government
11. A market structure where profit is maximized when marginal revenue, marginal cost and
price are equal is known as (a) perfect competition (b) monopoly (c) Oligopoly (d)
imperfect competition
12. The movement of labour from one grade to an entirely different grade is an example of
(a)industrial labour mobility (b)horizontal occupational mobility (c) vertical occupational
mobility (d)geographical mobility
13. Productive resources can also be called (a) principle of production (b) factors of
production (c) items of production (d) labour and material resources.
14. Production covers all the following except when (a) utility is created (b) a good is
manufactured (c) a commodity is consumed (d) individual want
15. __________ is owned and controlled by private individual a. Mixed Economy b.
Socialism c. Capitalism
16. __________ is owned and controlled by government a. Mixed Economy b.
Socialism c. Capitalism
17. __________ is owned and controlled by private individual and government a.
Mixed Economy b. Socialism c. Capitalism
18. __________ is to provide welfare to the citizen a. Mixed Economy b. Socialism
c. Welfarism
19. ____________ increase crime rate a. Mixed Economy b. Socialism c. Capitalism
20. Nigeria practice ________ economic system a. Mixed Economy b. Socialism c.
Capitalism
Theory
Answer Four questions, Number 5 is compulsory

1. What is cost?
b. What is revenue?
c. Differences between cost and revenue
d. List 2 types of cost
e. List 3 types of revenue
2. What is economic system?
b. List and explain 3 types of economic system
c. List 5 disadvantages and advantages each of economic system mention above
d. What is supply and demand of labour?
e. What is trade union?
3. Explain market structure
b. Explain perfect market and list 5 features
c. Explain imperfect market and list 5 features
d. Explain Unemployment and list 5 types of unemployment
e. List two types of wage determination
4. List 5 type of industries with examples
b. What is location of industry?
c. What is localization of industry?
d. 3 Advantages and 2 disadvantages of location of industry
e. Why is localization of industry important?
5. List and explain the types of wages
b. List and explain the types of wage rate we have
c. List and explain the types of market we have
SS2 = Account
1. Business organization should be treated as a separate entity from it owner is _______
concept a. dual b. business entity c. money measurement
2. There are two aspect of accounting which are credit and debit is _______ concept a. dual
b. business entity c. money measurement
3. The concept that state all expenditure must be matched against there revenue is _______
concept a. dual b. matching c. money measurement
4. The concept that state all transaction must be recorded according to monetary value is
_______ concept a. dual b. matching c. money measurement
5. Type of accounting ratio a. 2 b. 3 c. 4
6. How many types of cost do we have a. 2 b. 4 c. 5
7. Sales ratio can also be called a. purchase b. turn over c. floor
8. Area space can also be called a. purchase b. turn over c. floor
9. Article sold can also be called a. purchase b. turn over c. floor
10. The amount bought an article is a. money b. cost c. expenses

Theory
Answer Five questions. Number 1 is compulsory
1. What is Departmental account?
a. Method of appropriation in departmental account
b. What is Manufacturing Account?
c. List and explain the principal element of cost
d. Difference between capital and revenue expenditure
e. List and explain 3 accounting concept and 2 accounting convention
2. Below is the trial balance of Dorcas Emeka shop for the year ended
Particular Dr Cr
Sales: Dept: E 30,000
F 20,000
Opening Stock E 800
F 750
Purchase E 22,000
F 18500
Commission 1500
Salary 800
Insurance premium 1000
Stationary 450
Discount allowed 100
Discount received 350
Sundry expenses 110
Closing Stock E 1100
F 1900
Addition Information
The total floor area occupied by each depart is department 2/5 E 3/5 F. Appropriation basis are
commission and discount allowed sales ratio. Discount received

3. The federal ministry of health inquire same expenses in the year 2024
Construction of hospital ward 28,500,000
Purchase of bed 920,000
Repair of ambulance 25,000
Salary and wages 31,000,000
Maintenance of vehicle 7,500,000
Purchases of fuel and lubricant 800,000
Purchase of theatre equipment 7,500,000
Construction of bore holes 1,200,000
Purchase of drug 10,550,000
Purchase of vehicles 1,330,000
Maintenance of mortuary building 670,000
Purchase of incubator 3,800,000
Purchase of x-ray machine 4,200,000
You are require to prepare a capital and expenditure account

4. The following shows the figure extracted from the books of Victor Samuel, for the year
ended 31st Dec 2024
Stock of finished goods: Jan 1st 2532, Dec 31st 3569
Stock of raw material: Jan 1st 1608, Dec 31st 1432
Stock of work in progress: Jan 1st 874, Dec 31st 947
Sales 92800
Office rent 525
Purchases of RM 19,000
Carriage inward on RM 471
Manufacturing wages 26,430
Factory expenses 1,828
Depreciation: PM 3250, Delivery van 625
Factory Fuel 1,855
Advertising 517
Van running expenses 2315
Sales man commission 713
Maintenance of factory equipment 10,800
Lighting 8,000
Salaries 5,000
Insurance 4,480
Additional Information:
Lighting 3:2 (factory and offices)
Salaries: 1500 goes for factory
Insurance: 3200 goes for factory

5. The following information was extracted from book of SS2 accounting year 31st March
2024
N N
Sales 60,000
Less Cost of goods
Opening Stock 18,700
Add purchases 37,500
56250
Less Closing Stock (11230) 45,000
Gross profit 15,000
Less expenses (7,500)
Net Profit 7,500
Balance Sheet
Fixed Asset:
Motor car 1500
Current Asset
Stock 11,250
Debtors 18,750
Bank 3,750
 33750
Less Current Liabilities
Creditors 3750 30,000
31,500
Financed by:
Capital 28,500
Add Net profit 7,500
36,000
Less Drawings (4,500)
31,500
You are require to calculate the following ratio:
a. Gross Profit Percentage
b. Net Profit percentage
c. Expenses as a percentage of sale
d. Stock turnover
e. Current ratio
f. Acid test ratio
g. Rate of return of the net profit on capital employed
h. Creditors/ purchases ratio
i. Debtors/Sales ratio
j. Average Stock

6. List 10 characteristics of a good financial report

b. What is accounting ratio
c. List the types of accounting ratio
d. List three of each accounting ratio with the formula