LAWAB HIGH SCHOOL

SSS 1 COM
FINANCIAL ACCOUNTING
2nd Term Examination
INSTRUCTION: You Have Two (2) Sections
Section A (Compulsory)
(Answer All Questions)
Q1. Enter the transactions below in the ledgers accounts
June 1. Jane started business with Le 5,000 cash
June 2. Bought furniture Le 50 paying by cheque
June 3. The proprietor put a further Le 8,000 into the business by cheque
June 4. Took out of the cash till Le 40 and put into the bank
June 5. Sold goods on credit to Koni Le 200
June 6. Bought goods on credit from Barrow Le 500
Q2. The following transactions relate to the LAWAB HIGH SCHOOL
June 1. Paid Le 400 cash into bank
June 2. Withdrew Le 200 cash from bank
June 3. Cash sales Le 800
June 4. Cash sales paid directly into bank Le 600
You are required to prepare;
a. Ledgers and balance the account
b. Trial Balance
 SECTION B
Answer Two (2) Questions Only
Q1a.) Briefly write on the following:
i. Accounting
ii. Book Keeping
iii. Account
b) Accounting can be viewed under three main categories, Highlight them
and briefly explain one.
Q2.) Give five differences between Financial and Cost Accounting
Q3a.) What is ledger?
b.) Give five classification of ledger and explain two main ledger from
the above you have named
Q4a.) State the two rules or principles of double entry
b.) Give three steps you apply when faced with any transaction
Q5a.) What is Trial Balance?
b.) Give two purposes of Trial Balance
c.) Highlight the rules of Trial Balance