Precious secondary school, aramoko ekiti

2. 
   Write five differences and five similarities between money and other commodity used for exchange in trade by barter.
   

1. 
   Goods bought for resale is _____ (a) purchase (b) sales (c) return outward.
   
2. 
   The stock that is available in the store at the end of the financial year is ______ (a) closing stock (b) opening stock (c) end stock.
   
3. 
   Deducting closing stock of goods from cost of goods available for sales will result at (a) sales (b) cost of goods sold (c) return inward.
   
4. 
   Return inward is also known as (a) purchases returned (b) sales returned (c) stock returned.
   
5. 
   Gross profit is arrived by taking excess of sales over ______ (a) cost of good available(b) goods stolen (c)cost of goods sold.
   
6. 
   The book for recording small disbursement is called (a) cash book (b) single column cash book (c) petty cash book.
   
7. 
   There are ______ types of transaction (a) two (b) three (c) one.
   
8. 
   Money used to convey goods from the supplies to the organization is ____(a) carriage inward (b) carriage outward (c) return inward.
   
9. 
   A place where people meet to transaction business is (a) bank (b) market (c) company.
   
10. 
    The monetary value of goods sold at end of the financial year is (a) cost of goods sold (b) sales (c) purchases.
    
11. 
    ______ Transaction is the payment of goods bought in future time (a) cash (b) loan (c) credit.
    
12. 
    Which of the following is not present in cash book (a) date (b) particular (c) price
    
13. 
    The following are type of cash book except (a) single column (b) bi-column (c) double column.
    
14. 
    Which of the following is the principal book of account? (a) subsidiary book (b) ledger (c) cash book.
    
15. 
    ______ is the book for recording goods returned to the supplier (a) purchase day book (b) sales day book (c) returned outward day book.
    
16. 
    Credit the giver and debit the _____ (a) receiver (b) owner (c) buyer.
    
17. 
    Which of the following is not a subsidiary book? (a) sales day book (b) general journal (c) common journal.
    
18. 
    The document sent by the seller to the customer for reduction u the amount owned is _____ (a) credit note (b) debit (c) statement of account.
    
19. 
    Evidence of payment is (a) receipt (b) invoice (c) overdraft.
    
20. 
    According to the principle of double entry book keeping “for every debit entry there must be a ____ (a) corresponding credit entry(b) responding credit enter(c) functioning credit entry.
    

From the following trial balance of Adeleke Isiaka draw up trading profit and loss account for the year ended 31^st December 1996.

(b) A balance sheet as at 31ist December 1996

DR CR

Capital 22,636

Stock 2,368

Carriage outward 200

Carriage inwards 310

Returns inwards 205

Sales 18,600

Returns outwards 322

Purchases 11,874

Salaries and wages 3,862

Rent 304

Insurance 78

Sunday expenses 664

General expenses 480

Land and building 5,000

Advertising 216

Furniture&fitting 1,800

Motor car 350

Debtors 3,896

Bank 10,482

Creditors 1,731

Drawings 1,200

Total 43,289 43,289.