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    S4 BAFS 1st Term Test 2020-2021 Q Paper

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    This document contains a test for a secondary school business studies class. It includes multiple choice questions testing concepts like bookkeeping functions, accounting classifications, and double entry bookkeeping. It also includes fill-in-the-blank accounting questions and application problems involving preparing accounting entries for business transactions and explaining the uses of financial statements. The test covers topics relevant to the business and financial accounting curriculum.

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    S4 BAFS 1st Term Test 2020-2021 Q Paper

    Uploaded by

    jjjjjjjjjjjjjjjjjj
    100 views5 pages
    This document contains a test for a secondary school business studies class. It includes multiple choice questions testing concepts like bookkeeping functions, accounting classifications, and double entry bookkeeping. It also includes fill-in-the-blank accounting questions and application problems involving preparing accounting entries for business transactions and explaining the uses of financial statements. The test covers topics relevant to the business and financial accounting curriculum.

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    This document contains a test for a secondary school business studies class. It includes multiple choice questions testing concepts like bookkeeping functions, accounting classifications, and double entry bookkeeping. It also includes fill-in-the-blank accounting questions and application problems involving preparing accounting entries for business transactions and explaining the uses of financial statements. The test covers topics relevant to the business and financial accounting curriculum.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    100 views5 pages

    S4 BAFS 1st Term Test 2020-2021 Q Paper

    Uploaded by

    jjjjjjjjjjjjjjjjjj
    This document contains a test for a secondary school business studies class. It includes multiple choice questions testing concepts like bookkeeping functions, accounting classifications, and double entry bookkeeping. It also includes fill-in-the-blank accounting questions and application problems involving preparing accounting entries for business transactions and explaining the uses of financial statements. The test covers topics relevant to the business and financial accounting curriculum.

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    HOI PING CHAMBER OF COMMERCE SECONDARY SCHOOL

    First Term Test 2020/2021


    S4 BAFS Time Allowed: 60 Minutes
    Total marks: 85
    PUT ALL THE ANSWERS IN THE ANSWER BOOK.

    Part A MULTIPLE CHOICE (20 marks)


    Choose the best answer in each question.

    1. Which of the following is not a function of bookkeeping?


    A. Classifying accounting data
    B. Summarising daily transactions
    C. Keeping financial records
    D. Communicating information

    2. Which of the following statements is incorrect?


    A. Accounting can provide information to internal users.
    B. Accounting can provide information to external users.
    C. The details of all business transactions should be included in a business’s financial
    statements.
    D. The double-entry system is used in bookkeeping.

    3. Which of the following are incorrect classifications of assets and liabilities?


    Assets Liabilities
    (1) Office Furniture Money owed to suppliers
    (2) Money owed by customers Delivery vans
    (3) Equipment Long-term loans
    (4) Cash in hand Machinery

    A. (1) and (3) only


    B. (2) and (4) only
    C. (1), (3) and (4) only
    D. (2), (3) and (4) only

    1
    4. Which of the following double entries is correct?
    Transactions Account to be debited Account to be credited
    A. The owner, K Leung, K Leung Cash
    introduced cash as capital.
    B. Bought furniture by cheque Furniture Simple Furniture Ltd
    from Simple Furniture Ltd.
    C. Paid a creditor, D Poon, by D Poon Bank
    cheque.
    D. Sold machinery to P Cheng P Cheng Machinery
    for cash.

    5. Which of the following accounts of a firm should be credited when there is an increase in the
    amount?
    (1) Debtors
    (2) Capital
    (3) Commission Received
    (4) Bank loans
    (5) Furniture and Fixtures

    A. (1), (2) and (3) only


    B. (1), (4) and (5) only
    C. (2), (3) and (4) only
    D. (2), (4) and (5) only

    6. Which of the following double entries are correct?


    Transaction Account to be Account to be
    debited credited
    (1) The owner contributed 2 premises for the Premises Capital
    business.
    (2) Took money out of the bank and put it in the
    Cash Bank
    cash box of the business.
    (3) Pony Ltd returned goods to the business. Inventory Sales returns
    (4) A motor van dealer bought a van to be used
    Purchases Staff Welfare
    for staff transportation
    A. (1) and (2) only
    B. (1) and (3) only
    C. (1), (2) and (4) only
    D. (1), (2), (3) and (4)
    2
    7. The following is a list of the assets and liabilities of a firm as at 30 September 2009.
    $
    Equipment 9,560
    Inventory 7,790
    Bank loan 6,220
    Cash in hand 8,770
    Creditors 6,240

    The firm’s capital as at 30 September 2009 was


    A. $38,580.
    B. $13,660.
    C. $26,100.
    D. None of the above

    8. Which of the following are the liabilities of an enterprise?


    (1) Motor vehicles contributed by the owner
    (2) Money borrowed from a finance company
    (3) An unpaid telephone bill
    (4) An electricity deposit paid

    A. (1) and (2) only


    B. (2) and (3) only
    C. (3) and (4) only
    D. (2), (3) and (4) only

    9. Which of the following transactions will lead to an increase in asset of a business?


    A. The owner brings in cash as capital.
    B. Trade-in a fax machine worth $160 for a printer of $160.
    C. Purchase a motor van by cheque.
    D. Receive cash from a debtor.

    10. Which of the following statements is incorrect?


    A. A debtor is a person or organisation which owes money to a firm.
    B. A creditor is a person or organisation to whom a firm owes money.
    C. Net assets refer to the excess of assets over capital.
    D. All of the above are correct.

    - END OF PART A -

    3
    Part B FILL IN THE BLANKS (20 marks)

    Copy the following table into the answer book and show what accounts are to be debited and what
    accounts are to be credited (amount included).

    2020 Account to be Account to be


    Transaction
    debited credited
    (a) Oct 1 James Bond invested $500,000 cash
    in HPCCSS Limited, and deposited
    one-fifth of the sum into the current
    account that HPCCSS Limited
    opened with a bank.
    (b) Oct 5 HPCCSS Limited signed a purchase
    agreement with Loyal Limited for
    their coming Christmas sales
    campaign, and paid a deposit of
    $10,000 by cheque to Loyal Limited.
    (c) Oct 16 HPCCSS Limited bought 5 chairs
    ($55 each), 5 tables ($200 each), 10
    filing cabinets ($250 each) from SU
    Limited in cash.
    (d) Oct 22 HPCCSS Limited paid a telephone
    bill of $880 by cheque.
    (e) Oct 25 HPCCSS Limited returned 1 chair
    and 1 table to SU Limited. SU
    Limited agreed to refund the amount
    next month.

    4
    Part C APPLICATION PROBLEMS (45 marks)

    QUESTION 1
    Andy is the owner of a restaurant. Recently, he plans to renovate the restaurant to attract more
    customers. As he doesn’t have enough capital, he decides to borrow some money from the bank.
    The bank requires Andy to provide financial statements of his business for its reference.
    Explain to Andy TWO uses of the financial statements to the bank. (6 marks)

    QUESTION 2
    Write up the accounts to record the following transactions for Billy Chow, a wholesaler, and then
    balance off all the accounts at the end of October 2018. (39 marks)
    Oct 1 Billy Chow deposited $125,000 into the business bank account as
    initial capital.

    " 5 Withdrew $15,000 from the bank and put it into the office safe.
    " 7 Received a cash loan of $50,000 from Elle Chan.
    " 8 Bought office equipment on credit from Mandy Ltd for $36,000.
    " 11 Bought a telephone system for $30,000 in cash.
    " 12 Bought two delivery vans on credit from Nancy Motors for $80,000.
    " 17 Paid Mandy Ltd $16,000 in cash.
    " 20 Settled half of the sum owed to Nancy Motors by cheque.
    " 22 Bought conference tables and chairs on credit from Omega Furniture
    Ltd for $5,000.

    " 23 Paid Nancy Motors $20,000 in cash.


    " 24 Repaid $20,000 of Elle Chan’s loan by cheque.
    " 28 Returned one conference chair costing $300 to Omega Furniture Ltd.
    " 29 Bought goods from Lemon Ltd for $2,000 in cash.
    " 30 Sold a delivery van at its original cost of $26,000 for cash.

    - END OF PAPER -

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