EXAM CODE 02

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UNIVERSITY OF CAPE COAST ;" ~ ·,
COLLEGE OF DISTANCE EDUCATION \ l..r~-n:.~ j
SEMESTER II QUIZ II - 2020/2021 ACADEMIC YEAR ~
DIPLOMA IN COMMERCE (ACCOUNTIN G & MANAGEMEN T) YEAR 1
BACHELOR IN COMMERCE (ACCT/FIN/M GT/HRM/MKT 'G & PSCM) YEAR t
BACHELOR OF EDUCATION (ACCOUNTIN G & MANAGEMEN T) YEAR 1
DCO/DMS YR 1, 4 YR BCOM (ACCT, FIN, MGT, MKT'G, PSCM) YR 1 &
B.ED (ACCT. & MGT) YR 1
ACC 052D: FOUNDATIO NS OF ACCOUNTIN G 11
(PRINCIPLES OF ACCOUNTIN G II)
EXAM CODE: 02

NAME: .... · · · · •· •·•· · · · · •· ••· · •· · · •· · · · · · · · ••· · · · · · · · · · · · · · · · · · · · · · · · · · · · · •· · · · · · ·· ·· · · · · · · · · · · · ••· · · ·

REGISTRATION NO.: .................... .................... ...... SIGNATURE: .............. .

STUDY CENTRE: .. .................... ................... TIME ALLOWED: 40 MINUTES

INSTRUCTION: Answer all questions by circling the correct option in ink

1. In Manufacturing account Prime Cost is _ _ __

A. all factory indirect costs
B. ali factory costs
C. all direct factory costs
D. direct material plus direct expenses

2. Royaltie · anufacturing business are included under the

heading of
A. raw ma-te_n_·a-ls- - ----=---....::
B. drrectexpenses
C. indirect expenses
D· overheads
3.
Which one of the following will not appear in a manufacturing
account?
A. Depr . .
B. De ec~at~on on factory account
c. Po Preciation on office equipment
D R rernen' s wages
· 0 Yalties
EXA M CO DE 02
Us e the data below to answer questions 4
to 6.
Ak ont a Ent. has the following information
as at 30 Jun e, 20 21 ·
GHC
Co st of raw 1naterials consumed
70, 000
Ma nuf act uri ng overheads
32, 000
Pro duc tive wages
48, 000
Work-in-progress (1/7/20)
24, 000
Work-in-progress (30/6/21)
10,000
Royalties
16,000
Fin ish ed goods transferred to trading accoun
t 224 ,000
Clo sin g sto ck of finished goods
10,000
4. Th e prime cost is
----
A. GHC94,000
B. GH Cl 18,000
C. GHC124,000
D. GHC134,000

5. Th e manufacturing profit is
-----
A. GHC32,000
B. GHC44,000
C. GHC80,000
D. GH Cl0 0,000

6. The cost of goods manufactured is

A. GHC166,000 ~,e ___- -

B. GHC180,000
C. Gl-ICl 90,000
D. GHC224,000
7. of the capital account of a
. non-profit org a .
- i -om
~ e- -s acc
surplu ount n1satio
· n
receipts and payments account
income and expenditure account
D. accumulated fun d
/
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EXAM CODE 02
S. Given the closing cnpil:il ;1~ (ii TC 149,000, drawings made by th e
prop,ictnr a~ ( 1li C90,000 and the profit for tbc year as GHC 4 I ,OOO,
'"·hat is the openi ng capita l?
A. GHC1 08,000
B. GHC J 90,000
C. GHC l 98,000
D. GHC239,000

9. A c1ub 's Receipts and Payments Account is similar to a firm's

A . Balance sheet
B. Capital Account
C. Cash book
D. Profit and loss Account

] 0. Tn a club 's balance sheet, subscriptions in arrears are recorded as

A current liability
current asset
A fi asset
d fund

Use the data below to ans · r questions 11 and 12

A society has 100 members an e subscription is GHCS00 per ye
During the course of the year to 30 ne, 2021, all have paid the ar.
correct amount except for four ~nembers o paid GHC l 000 each
becau~c they owed for the prev10us year, an n1en1bcrs who have
paid for next year.

11.
What. amount
,
wiJl be sh·owrtin the balance ·sheet and un der what
headmg !
A. GHCI,000; current asset
B. GHCI ,000; curren t liability
c. GHC2 ,000; current asset
D. GHC2,000; current liability

3
 EXJ
m
E X A M C O D E 02
ri p ti o n in co m e fo r this y ea r' s Inco e and Expendi.ture
I2 · Th e subsc . _ _ _.
Ac co u n t 1s _ _ _
A . Gl-IC47,000
B. G H C 4 8 ,0 0 0
C. GHCS0,000 17
D . GHC53 ,0 0 0

t o f A ff a ir s" is si m il ar to a/an
13. A "S ta te m en ----
A. Cash b o o k
en t
B. In co m e st at em
C. Trial b al an ce
financial position
D. S ta te m en t o f
that
le en tr y sy st em o f book-keeping is
ge o f sing
14. A disadvanta
e p ro fi t o r lo ss for the period
to d et er m in
A . it is d if fi cu lt
ta i sa le s fo r th e p er io d is re d u ce d
B. to lt
m ai n ta in in g ca sh b o o k is d if fi cu
C.
n e r ca n m a k e la rg e d ra w in g s
D. th e o w
m em b er sh ip fe es in each o f its
fe
ed th e following
li
15. A club re ce iv
frrst two y ea rs G H C 3 0 ,0 0 0 18
Ju ly , 2 0 2 0
Year to 31 G H C l 6 ,0 0 0
Ju ly , 2 0 2 1 ership fees in equa
l
Year to 31 fo r li fe m em b
The cl u b 's p o li c y is
to ta k e cr ed it
b e transfen ::.!.-e_ _ _ __
-ed tot..fb
un t is to
s o v e r 1 O y ea rs . W h a t a m o
am ou nt
A c c o u n t fo r th e y e a r to 31 Ju
d it u re
Income an d E x p en
A . G H C l, 6 0 0 19
\ _...--
B. G!.J...J,,l.e,~,_._
' 00
. G H C 4 ,6
D . G H C 5 ,2 0 0
16
· W h ic
product?
h o f th e fo llowing it em s ar e
p ar ts o f c o n v er si o n cost of a

I
J ')_ co
'2 -
D3 'l..DPE AASTTl ON
J. C?st o f ra w mater
st
ials
( l. - Jsl1f
3 O C,- oU C
1STAN CE.E 1'
II. Direct la b o u r co s UNIVE
III. F ac to ry overh
ead
o G E,, O f, .~" -r ,0 N~ l_J ~I
c L L E
C ." ~ ~ ! '
IV . R o y al ti es
 EXA M CO DE 02
:nd itu rc A. I, II and III only
B. II, III and IV only
c. I, II and IV only
D. II and III only

17. Which of the following calculations

can be use d to give a figure
for net profit wh ere full double-entry
book-keeping records ha ve
not been kept?
A. Increase in val ue of capital ad
d drawings
B. Increase in val ue of cap ita l less
drawings
C. Current ye ar' s net assets les s las
t ye ar' s net assets
D. Increase in the cas h an d ba nk balanc
e
tha t Use the data be low to answer quest
ions 18 to 20
30/6/20 30/6/21
GH C GH C
Non-current As set s (Cost}
68,000 57 ,20 0
Current Assets
120,000 16 4,0 00
Current Liabilities
30,000 28 ,00 0
Provision for De pre cia tio n
1 of its 12,000 11 ,20 0
During the yea r to 30/6/21 a no n-c urr
ent asset costing GH C9 ,00 0
with a bo ok val ue of GH C4 ,00 0 wa s
sol d for GHC3,000

18. What was the cap ita l of the bu sin ess

in equ al as at 30/6/20?
A. GH C1 46 ,00 0
to the
B. GH C1 58 ,00 0
0-21?
C. GHCI 72,000
D. GHC188 ,00 0
-
19
· What was the va lue of the ne t pro
fit or los s for the yea r en de d 30
June, 202 1?
,fa A. GHC36,000 loss
B. GH C36,0 00 pro fit
. ~- GHC48,000 loss
. GHC48,000 pro fit

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EX AM CO DE 02

20. \\nat was the depreciation charge for

the year to 30 Jun e, 20 2 J ?
A,.. GH C8 00
B. GH C4 ,200
C. GH Cl 0,800
D. GH Cl 1,200

1'l. - 13.
UNIVERSIT'f)OP
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