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CSEC Principles of Accounts · January 2009 · Paper 2

34 questions and parts from this paper. Open one to see it in full, then practise it on Quelpr and get it marked against the mark scheme.

Practise this paper
  1. 1(a)8 marksPrepare the partnership Profit and Loss Appropriation Account for the year ended December 31, 2008.
  2. 1(b)10 marksPrepare the Current Accounts for the partnership as at December 31, 2008.
  3. 1(c)1 markState ONE disadvantage of being a general partner in a partnership.
  4. 1(d)1 markCalculate the amount of the net profit due to EACH partner based on the principles of the Partnership Act of 1890.
  5. 2(a)(i)1 markState whether the statement is True (T) or False (F): Accounting records business activities that cause changes in money value.
  6. 2(a)(ii)1 markState whether the statement is True (T) or False (F): Accounting reports are useful for good decision-making.
  7. 2(a)(iii)1 markState whether the statement is True (T) or False (F): Government tax agencies use accounting information to compute taxes.
  8. 2(a)(iv)1 markState whether the statement is True (T) or False (F): Accounting can ensure that profits are made.
  9. 2(a)(v)1 markState whether the statement is True (T) or False (F): Business qualities such as reliability and good service can be accounted for.
  10. 2(b)(i)1 markIndicate which of the five transactions would normally be entered in another book of original entry.
  11. 2(b)(ii)10 marksPrepare the General Journal of Rennie Joseph as at November 30, 2007.
  12. 2(c)4 marksPrepare the Rates Account in the books of Rennie Joseph for the six-month period ending May 31, 2008, showing the amount to be transferred to the Profit and Loss Account.
  13. 3(a)6 marksPrepare L. Marcus' Statement of Affairs as at January 1, 2008.
  14. 3(b)(i)3 marksCalculate Purchases for the year by means of statements or accounts.
  15. 3(b)(ii)3 marksCalculate Sales for the year by means of statements or accounts.
  16. 3(c)8 marksPrepare L. Marcus' Trading and Profit and Loss Account for the year ended December 31, 2008.
  17. 4(a)14 marksPrepare Lipset Enterprise's Manufacturing Account for the year ended June 30, 2008, showing clearly: Cost of material available for use, Cost of material consumed, Prime cost, Factory overheads, and Cost of production.
  18. 4(b)2 marksCalculate the production cost per bench.
  19. 4(c)1 markCalculate the total revenue earned from the sale of the benches, assuming Lipset Enterprise sells all 1 000 benches at $500 EACH.
  20. 4(d)3 marksCalculate the profit made by Lipset Enterprise for the period, showing all your workings.
  21. 5(a)3 marksCopy the Receipts and Payments Account and balance it.
  22. 5(b)(i)6 marksPrepare a Bar Trading Account for the St. Dominic's Cricket Club.
  23. 5(b)(ii)5 marksPrepare a Subscriptions Account for the St. Dominic's Cricket Club.
  24. 5(c)6 marksPrepare an Income and Expenditure Account for the St. Dominic's Cricket Club, for the year ended June 30, 2008.
  25. 6(a)5 marksPrepare the Profit and Loss Appropriation Account for Serve-Me-Well Ltd. for the year ended November 30, 2008.
  26. 6(b)13 marksPrepare a Classified Balance Sheet in vertical style for Serve-Me-Well Ltd. as at November 30, 2008.
  27. 6(c)(i)1 markState what a negative working capital indicates about the financial position of a business.
  28. 6(c)(ii)1 markIdentify ONE method, other than issuing shares, which Serve-Me-Well could have used to finance the business.
  29. 7(a)15 marksOn the answer sheet provided, prepare the payroll for the four employees.
  30. 7(b)(i)1 markWrite a brief definition for: Time clock card
  31. 7(b)(ii)1 markWrite a brief definition for: Gross pay
  32. 7(b)(iii)1 markWrite a brief definition for: "Take home pay"
  33. 7(b)(iv)1 markWrite a brief definition for: Bonus
  34. 7(b)(v)1 markWrite a brief definition for: Voluntary deductions

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