AL-BASAR SENIOR HIGH SCHOOL

TERMINAL EXAMINATION PAPER

SUBJECT: FINANCIAL ACCOUNTING

TERM: 2 FORM: 1
Read instructions contain carefully for each section before attempting to answer
 FINANCIAL ACCOUNTING 11. In all standards, the accounting information must
OBJECTIVE [ 40 marks ] present
A. Giant parties
1. Accounting represents a collection and evaluation of B. Taller men than women
economic events in a particular field on a C. Reliable information
A. Paper D. Employment
B. Movie 12. Accounting has one objective that says every
C. Scholl project according information must be necessarily required for all
D. Government role A. Details
2. When all financial transactions are duly classified and B. Relevant information
summarized into monetary transaction mode, this is not C. Partners
related to financial accounting 13. All information on accounting should be
A. False A. Unbiased
B. True B. Biased
3. One of the following does not perform the function of C. Uncommon
accounting record procedures and requirements D. Uncovered
A. Recording 14. It is required by law to prepare a business financial
B. Summarizing statements of operational stance for future obligations
C. Interpreting A. False
D. Future TV show B. True
4. The functions and objectives of accounting are then 15. A business financial organization has three aspects,
same the works, the owner and the
A. True A. Money
B. False B. Capital circulation
5. The main purpose of accounting is to collect data, C. Business as entity
record and present a report on the performance of the D. Fire containers
records and businesses available resources for the future 16. Every financial statement of the organization must
concerns include
A. True A. Cash flows
B. False B. Breakfast
6. It very important for the Clark's and the management C. Lunch
accounts to have thorough information on the D. Basket rags
organizations records to date 17. The following career opportunities can be applied for
A. False if you enroll through accounting except
B. True A. Auditor
7. One of these cannot play the function of accounting B. Phone receiver
A. Management C. Insurance broker
B. Customers D. Project manager
C. President Maham 18. Financial, cost and management accounting all fall in
D. Shareholders the career areas of any accounting students
9. The aspect of accounting that deals with daily A. False
economic data capture is called B. True
A. Economics 19. Auditors, tax advisors, investment advisors and
B. Daily transactions banking consultants play important roles in the economic
C. Bookkeeping and financial corridors of the world
D. Data capture deals A. False
10. We acknowledge that fact that bookkeeping is B. True
......work 20. When an enterprise owed goods and services
A. Daily purchased in relations to the contract’s obligation, it is
B. Weekly recorded as
C. Monthly A. Sunday services
D. Yearly B. Friday jumah
C. GIMSA records
D. Sandry credit 29. The concept of the accounting business entity implies
21. When your customers are due for goods and services that the
to be rendered under the contract obligations, we refer A. Owner is tall
to this as B. Business be separated from ownership
A. Sand C. Look to yourself
B. Sandry debtors D. Individual attire
C. Bitters 30. The going concern assumption is a principle that
D. Beta Malta stress the for business to ......once it has begun
22. Accounting operates on a basic principle equation to A. Continue operations
analyze its capital and B. Commence
A. Assets C. Last day
B. Members D. Fall
C. Customers 31. The matching principle of accounting entity existence
D. Cash out and functioning is that the business can equate in
23. The accounting principles and procedures are drawn whatever value at any period of time when it is being sold
into one equation called A. False
A. Cost accounting B. True
B. Financial accounting 32. Which of the following can be called accounting
C. Accounting equation principle
D. Management accounting A. Objective principle
24. When you happen to supply new goods to a new B. Socialization principle
customer from the new resources contributed into the C. Media principles
output becomes what is called ....in accounting D. Schools principles
A. Capital 33. The time period principles help to know when
B. Insurance different kinds of Span value and Businesses recordings
C. Brokers needed at any time of business growth and targets
D. Providence A. False
25. If you invest all your capital resources into a business, B. True
and the capital now turn out to be called ......in 34. Any asset of business unit represents a Bonafide
accounting property of the business customers in accounting
A. Capital A. False
B. Area contribution B. True
C. Equity 35. All the financial obligations of the organization has to
D. Roll on be paid to other entity parties so that the management
26. The tangible results as outputs of your physical capita can fully operate is called
and resource contributions into business operations at A. Azumie
the end is called B. Bet.com
A. Tangible C. Liability
B. Assets D. Waterfalls
C. Goals 36. Assets can be classified into intangible and
D. Self concept A. Tangible
27. The accounting equation stressed that Capital equals B. Capital
A. Asset C. Liabilities
B. City D. Liquidity
C. Country 37. Liability is said to be divided into long-term liability
D. Has more population and
28. We can inversely say that from the accounting A. Individual liability
equation, Asset is equal to B. Organizational liability
A. Liability C. Company liability
B. Post D. Current liability
C. City 38. The balance sheet account is drawn in T form with
D. Capital A. Two sides
B. Bold letters
C. Capital letters A. Her initial capital injection into to her business
D. Bank accounts B. Her liability after going for additional confectionery
39. The two sides of the balance sheet contain the two C. Her total asset if what she is loan has a longer period
essential information captured as D. Her assets if later she has made a sum of ¢800.00 in
A. Money and internet addition to what she invested and has paid all her
B. Assets and Liabilities commission and debts from confectionery.
C. social media and internet
D. TV shows and internet
40. If we sum Capital and Liability, our result is expected SECTION C
to be [ 10marks ]
A. Assets
B. Capital-Liability Select one question only from here
C. Liability company
D. Capital resources sharing 1. Arrange the following to represents accounting
equation order using
a. Asset
SECTION B b. Capital
c. Liability
Compulsory[ 40 marks ] B. Determine the formula for
a. Capital
1. Fauziyah started her "Wakyi" business with a sum of ¢ b. Asset
200.00, after which she later collected chocolate pie and c. Liability
fish cream from a baker costing ¢470.00 separate from 2. Write short notes on any five of the accounting
her initial personal contributions. Use this simple principles you know
information, determine