JPTS INSTITUTE OF SCIENCE MANAGEMENT AND TECHNOLOGY

COURSE TITLE: BASIC ACCOUNT & ECONOMICS (GST 115)

TIME ALLOWED: 2 HOURS

RETURN THE QUESTION SHEET ON COMPLETION OF THE EXAMINATION

INSTRUCTION: ANSWER FOUR QUESTIONS

1. Describe the meaning of Accounting and differentiate it from Book

Keeping

b. State the importance of Book Keeping and Accounting.

c. Name ten major uses of account and explain any five of them

2. What does accounting concept and convention represent?

b. Discuss seven of the concepts and convention

3. Economics is the study of human behaviour as a relationship

between ends and scarce means which have alternative uses.
Discuss not less than one page

4. Write short note on the following

Petty cashier, voucher, impress system, float and transaction

i. What is demand and the factors that influence it.

ii. Why scale of preference relevance?

5 Prepare cash book for ABC ltd from the following

Information:
22/5/2021 Capital = 800,000
22 5/2021
/
Cash Sale = 250,000
24/5/2021 Rent and Rate = 7,000
24 5/2021
/
Electricity = 2,000
25 5/2021
/
Purchases = 10,000
26 5/2021
/
Sales to date = 80,000
Cash Payment = 3,500
Cash Received = 15,000