HIGHGATE COLLEGE

General Certificate of Education Z.J.C (FORM 2)

ACCOUNTS PAPER 1
END OF YEAR 2024 PAPER 1
Additional materials:
Answer paper
TIME: 1hr 15min
1. The principal book of accounts is
A. Ledger B. Cash book C. Journal
D. petty cash book
2. A subsidiary which is also part of the ledger is
A. Cash book B. Sales journal C. Ledger
D. general journal
3. Drawing account is found in
A. Cash book B. private ledger C. sales
ledger D. general ledger
4. _____________ is an example of a personal account
A. Drawings B. Cash C. Premises
D. stationery
5. The double entry for goods sold on credit to Peter is
Debit Credit
A. Purchases Peter
B. Sales Peter
C. Peter Drawings
D. Peter Sales
6. Cash withdrawn from bank for office use is debited to
A. Cash account B. bank account
C.Drawings D. capital
7. Furniture is
A. Liability B. current asset C. current liability
D. asset
8. Cash and bank account are found in
A. Petty cash book B. General ledger C. sales ledger
 D. purchases ledger
9. Which item is recorded in the left side of the cashbook?
A. Capital B. advertising C.
insurance D. purchases
10. ____________________ is a general ledger account
A. Cash account B. trade payables C. Trade
receivables D. sales
11. A source document used to remind customers to make
their payments is
A. Receipt B. statement of account C. Invoice
D. bank statement
12. Total in the sales returns journal at the end of the month
is
A. Debited to sales returns account
B. Debited to purchases returns account
C. Credited to sales returns account
D. Credited to purchases returns account
13. The source document of the sales returns journal
A. Debit note B. invoice C. statement of
account D. credit note
14. Another name for capital is
A. debtors B. creditors C. drawings
D. equity
15. Which account is not a general ledger account?
A. Stationery B. Cash C. Insurance
D. Fixtures
16. The double entry for goods bought on credit from Olinda
Limited is
Debit Credit
A. Sales OlindaLimited
B. Olinda limited Sales
C. Purchases Olinda Limited
D. Olinda Limited Purchases
17. Sole traders
A. Enjoy all profits earned by the business
B. Share profits with other partners
C. Have more capital than partnership
D. Share responsibilities with other partners
18. A business into buying and selling of groceries is in
A. Manufacturing activities
B. Service rendering
 C. Trading activities
D. None of the above
19. The form of business transaction which allows the
business to sell goods first before make payment to the
supplier is called
A. cash transactionB. barter transaction C. bank
transaction D. credit transaction
20. Which item is not part of the accounting cycle?
A. Source document B. ledger C. Journals
D. Premises
21. Goods returned to business by the credit customers are
called
A. Returns inwardsB. Returns outwards
C.Purchases D. Sales
22. Which of the following items is a set of expenses of a
business organisation?
A. Rent, advertising and sales
B. Water bill, electricity and rent receivables
C. Commission, rent and aadvertising. D. Commission
received, rent received and sales
23.A source document for the petty cash book is
A. Sales invoice B. Voucher C. Receipt
D. Till sslip
24. A document used to remind a customer to make his or
her payment is
A. Bank statement B. Statement of account C. Invoice D.
ReReceipt
25.Cash purchases are recorded in
A. Sales journal B. Cash book. C. General
Journal D. Petty cash bbook
26.Which item is used by business for more than one year?
A. Land B. Inventory C. Trade
receivables D. Cash
27. A business exchanged its old delivery van and office
equipment. What name is given to this business
transaction?
A. Cash transaction
B. Bank transaction
C. Barter transaction
D. Credit transaction
28.Goods taken from the business by the owner for private
 use are known as
A. Capital B. Cash C. Drawings
29. Sales Two sides of an account are
A. Receiving and giving
B. Receipts and payments
C. Left and right
D. Debit and credit
30. Which of the following contains the trading business?
A. Schools, hospitals and pharmacies
B. Schools, Colleges and supermarkets
C. Furniture shops, wholesales and supermarkets
D. Insurance company, banks and advertising company
31. Which of the following organisations is a making
organisation?
A. Supermarket
B. Universities
C. Band
D. Football club
32. The three books of accounts are
A. Cash book, sales journal and sales ledger
B. Cash book, journal and ledger
C. Cash book, petty cash book and general ledger
D. Cash book, general ledger and general journal
33. The maximum number of members in a sole trade
business is
A. Twenty B. Two C. Seven D.
One
34. Which of the following books is not a day book?
A. Ledger B. Petty cash book C. Cash book
D. Sales journal
35. Peter, James and John are in business selling potatoes in
Gweru. What name is given to this business organisation?
A. Sole trade business
B. Partnership
C. Company
D. Non-profit making organisation
36. Cr represents
A. Creditors B. Credit C. payments
D. right side
37. The section of ledger found drawings account is
A. Cash book B. Sales ledger C. Purchases
 ledgerD. Private ledger
38. The main advantage of the companies over sole trade
business and partnership is that they
A. Have huge cacapital B. Have limited liliability C. Have
unlimited liability
D. Have continuity
39. The main source of revenue of the non-profit making
organisation is
A. Donation
B. Sales
C. Rent receivable
D. Commission receivable
40. ________________ is a real as well as a current asset
A. Fixtures
B. CaCas
C. Premises
D. Office furniture