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Are 115: Introduction To Accounting(Cat 1) Question Paper
Are 115: Introduction To Accounting(Cat 1)
Course:Bachelor Of Science In Agricultural Economics And Resource Management|Bachelor Of Science In Agricultural Education And Extension|Bachelor Of Science In Horticulture
Institution: University Of Kabianga question papers
Exam Year:2018
UNIVERSITY OF KABIANGA.
SCHOOL OF AGRICULTURE AND BIOTECHNOLOGY.
DEPARTMENT OF AGRICULTURAL BIOSYSTEMS AND ECONOMICS.
2017/2018 ACADEMIC YEAR.
FIRST YEAR FIRST SEMESTER EXAMINATION.
FOR THE DEGREE OF BACHELOR OF SCIENCE IN AGRICULTURAL EXTENSION EDUCATION, HORTICULTURE AND BACHELOR OF SCIENCE IN AGRICULTURAL ECONOMICS AND RESOURCE MANAGEMENT.
COURSE CODE: ARE 115
COURSE TITLE: INTRODUCTION TO ACCOUNTING (CAT 1).
INSTRUCTIONS: Answer ALL questions.
Q1. a). Describe the functional elements of accounting. (2.5 Marks)
b). Explain the objectives of accounting. (1.5 Marks)
c). Explain 3 qualitative characteristics of accounting information in financial statements. (3 Marks)
d). Discuss 3 limitations of financial information. (3 Marks)
Q2. XYZ Ltd balances as at 31/10/2017 are as shown below;
Motor vehicle 6,000
Machinery 19,000
Inventory. 4,900
Debtors. 3,000
Creditor 8,000
Capital 35,000
Bank 10,100
On 1/11/2017, the following transactions took place;
i. A cheque for ksh 3,000 was paid to a creditor.
ii. A debtor paid ksh 500 in cash.
iii. A loan for ksh 8000 which paid into the bank was received from KCB.
iv. A cheque for ksh 7,000 was paid for an additional machine.
Required:
a). Prepare a trial balance for XYZ Ltd at 1/11/2017.
b). Draw up XYZ Ltd balance sheet as at 1/11/2017.
Q3. Kabianga Agrovet Ltd is selling the following items at the retail prices as shown;
Plastic tubing at ksh 1 per metre, polythene sheeting at ksh 2 per length, Vinyl padding at ksh 5 per box, foam rubber at ksh 3 per sheet. She makes the following sales in June 2017:
i. June 1: To Sonko Tree Nursery Youth Group: 22 metres plastic tubing, 6 sheet foam rubber and 4 boxes Vinyl padding. Less 25% trade discount.
ii. June 5: To Chepnyogaa Supplies Ltd: 50 length polythene sheetings, 8 boxes Vinyl padding, 20 sheets foam rubber. Less 20% trade discount.
iii. June 11: Destiny Ltd: 4 metres plastic tubing, 33 lengths of polythene sheeting, 30 sheets foam rubber. Less 25% trade discount.
iv. June 21: Ezekiel and Sons Company: 29 metres plastic tubing. No discount trade discount is given.
v. June 30: Momul Wholesalers: 32 metres plastic tubing, 24 lengths polythene sheeting and 20 boxes Vinyl padding. Less 33.33% trade discount.
Required:
a). Enter the above transactions in sales Daybook and post to the personal accounts. (8 Marks)
b). Transfer the total to the sales account in theGeneral Ledger. (2 Marks)
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