PRECIOUS SECONDARY SCHOOL, ARAMOKO-EKITI

1. 
   Banks perform the following functions except ______ assisting companies to raise capital (b) granting loan (c) paying compensation.
   
2. 
   The first link in the chain of distribution of good is the _______ (a) retailer (b) consumer (c)producer.
   
3. 
   The production process is completed by the ______ (a) wholesaler (b) producer (c) consumer.
   
4. 
   A _____ buys goods from a producer in large quantities and sell in small quantities (a) distributor (b) retailer (c) wholesaler.
   
5. 
   The process through which new product are brought to the notice of the public is known as _____ (a) advertising (b) communication (c) insurance.
   
6. 
   Which of the following is not rights of the consumer ______ (a) right to steal (b) right to safety (c) right to redress.
   
7. 
   Contra entries is important in _______________ cash book (a) single column (b) double column (c) half column
   
8. 
   Purchase that are not budgeted or planned for is called _______ (a) impulse buying (b) unplanned buying (c) forgotten buying.
   
9. 
   The person that prepare the petty cash book is called __________ (a) typist (b) petty cashier (c) accountant
   
10. 
    TAP means _____, _______ and _____ (a) take accept and part (b) try, arrange and probity (c) transparency, accountability, and probity.
    
11. 
    Which of the following is a characteristic of book-keeper (a) he must be self-centered (b) he must respect the authority (c) he must take bribe.
    
12. 
    Which of the following is not effect of TAP (a) reduction in the profit of the organization (b) regular payment of wages and salaries (c) payment of salaries to the ghost worker
    
13. 
    The principal book of account where records of all transaction are kept (a) source document (b) ledger (c) trading book.
    
14. 
    Discount given to the customer to allow prompt payment of cash is ______ (a) discount received (b) discount allowed (c) discount granted.
    
15. 
    Items in the ledger include the following except ______(a) particular (b) payment (c) folio.
    
16. 
    The book used for recording small amount which are met through cash payment is ______ (a) petty cash book (b) two column book (c) single column cash book
    
17. 
    A loan given to somebody to execute expenses of small items is _____ (a) imprest (b) bankdraft (c) overdraft.
    
18. 
    The movement of money between the cash account is called ____ (a) contra entries (b) imprest system (c) discount allowed.
    
19. 
    Which of the following is not types of cash book (a) half column cash book (b) three column cash book (c) double column cash book.\
    
20. 
    Another name for single column cash book is _______(a) one column (b) side column (c) mono column.
    

(1a) What is cashbook?

(1b) State five importance of cashbook.

(1c) List three types of cashbook.

(2) Write up a two column cash book for a Adeson from the following.

Nov.1 balance bought forward from last year; cash #105 and bank #2164.

Nov.2 cashsales #605.

Nov.3 took #500 out of the cash till and paid it into the bank.

Nov.4 J. Matins paid up by cheque #215.

Nov.5 he paid for postage stamps in cash #60.

Nov.6 bought office equipment by cheque #180.

Nov.7 we paid J. Lucas by cheque #72.

Nov.11 withdrew #250 from bank for business uses.

Nov.12 paid wages in cash #239.

Nov.14 paid motor expenses by cheque #57.

Nov.15 L.Levy lent us #200 in cash.

Nov.20 R.Norman paid us by cheque #112.

Nov.28 we paid general expenses in cash #22.

Nov 29 paid insurance by cheque #24.