END OF SEMESTER EXAMINATION

PRINCIPLES OF ECONOMICS
ANSWER ANY FIVE QUESTIONS

1a. define economics

b. explain the basic problems of economics
c. state two importance of economics

2. Explain the following terms;

i. Choice
ii. Opportunity cost
iii. Scarcity
iv. Want
v. Scale of preference

3a. Define economic system

b. State two characteristics of economic systems
c. State three types of economic system

4a. Define Demand

b. State the law of demand
c. Define demand schedule

5a. Define demand curve

b. Plot the demand curve with the following demand schedule
Price (#) 1 2 3 4 5 6
Rice (qty 30 25 20 15 10 5
demanded)
c. Explain individual demand curve

6a. State four factors influencing demand

b. Explain two types of demand
c. Define supply

END OF SEMESTER EXAMINATION

INTRODUCTION TO ACCOUNTING

ANSWER FOUR QUESTIONS

1a. State three objectives of accounting
b. State the users of accounting information and give three examples each
c. Briefly explain the objectives of the three main branches of accounting

2a. Define book-keeping

b. State four objectives of book-keeping
c. Explain three importance of book-keeping

3a. Differentiate between cash basis and accrual basis of accounting

b. Explain the following accounting concepts
i. business entity
ii. going concern
iii. money measurement

4a. define journal and journalizing

b. state three advantages of journal
c. Draw the format of a journal

5a. Define account and state the two types of accounts

b. Explain the following
i. Personal A/c
ii. Real A/c
iii. Nominal A/c
c. Classify the following into personal a/c, real a/c and nominal a/c.
(i) Stock a/c
(ii) Bank of India a/c
(iii) Cash a/c
(iv) Capital a/c
(v) Drawings a/c
(vi) Motor van a/c
(vii) Electricity charges a/c
(viii) Ms. Taiwo & co. a/c
(ix) Bolu a/c
(x) Rent a/c
(xi) Bank of Nigeria a/c
(xii) Trademarks a/c
(xiii) Investment a/c
(xiv) Loss of fire a/c
(xv) Mr. Yetunde’s a/c
(xvi) Building a/c
(xvii) Salaries a/c
(xviii) Repairs a/c
(xix) Commission a/c
(xx) Loan from David a/c