FORM TWO BKEEPING NECTA MULTIPLE CHOICE 2008

(i)If the assets of a business amount to Tshs.  and owners capital is Tshs.  how much is the liability of the business? 

  1.  Tshs.
  2. Tshs.
  3.  Tshs. 45,000/
  4.  Tshs.
Choose Answer :

Katubi bought goods valued Tshs. 60,000/= on credit from Mwambasha. Therefore Mwambasha is a:

  1. customer
  2.  creditor
  3.  debtor
  4.  purchases
Choose Answer :

(iii)   Given a desired cash float ofTshs. 10,000/ = ,if Tshs. is spent, how much will be reimbursed?

  1. Tshs. 2,800
  2.  Tshs.7,200
  3.  Tshs.7,300
  4.  Tshs.10,000
Choose Answer :

(iv)    Which of the following is correct?

  1.  Capital can only come from profit
  2. Profit does not change capital
  3. Profit increases capital 
  4.  Profit reduces capital
Choose Answer :

(v)     An officer who controls Public Money is known as:

  1. Authorized Officer 
  2. Accounting Officer
  3. Paymaster General
  4.  D.  Receiver of Revenue
Choose Answer :

(vi)    In the Trading Account the Returns inwards should be:

  1.  added to cost of goods sold
  2. added to scale
  3. deducted from purchases
  4.  deducted from sales
Choose Answer :

(vii)  The arithmetical accuracy of the double entry system of business transactions is checked from the:

  1.  Balance Sheet
  2. Final Accounts
  3.  Income Statements 
  4. Trial Balance
Choose Answer :

(viii)The sale of goods on credit to Maganga should be recorded in:

                debit                                credit

A.

Cash Account

Sales Account

B.

Magangas Account

Cash Account

C.

Magangas Account

Sales Account

D.

Sales Account

Magangas Account

Choose Answer :

(ix) Capital and drawings accounts are classified as:

  1.  Nominal Accounts 
  2. Personal Accounts
  3.  Properties Accounts 
  4.  Real Accounts
Choose Answer :

(x) Which of the following is not correct?


Assets

Liabilities

Capital
A
 6,540
 1,120 
5,420
B

7,850


1,250


6,600


C

8,200


2,800


5,400


D

9,550


2,800


5,400


Choose Answer :

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