JSS 2 BUSINESS STUDIES – KnowledgeMerchant

15th September,2020

REVISION QUESTIONS

A manuscript is a/an _
(a) Secretary note (b) Machine note (c) Handwritten note (d) Typescript note
U.C is a symbol which means_____________
(a) United Country (b) Under case (c) Upper case (d) Unity College
N.P in typewriting means_____________
(a) New page (b) Next page (c) New paragraph (d) Neat page
L.C means_______________
(a) Lesser case (b) Letter case (c) Lower case (d) Longer case
The following keys are found in both computer and typewriter except
(a) Back-spacer (b) Delete key (c) Home row keys (d) Spacebar
The process of restarting a computer is called
(a) Boot sector (b) Start up (c) Cold booting (d) Warm booting
When typing a document in a hanging paragraph, the second and subsequent lines are typed__________spaces to the right of the first line.
(a) One (b) Two (c) Three (d) Four
When using indented paragraph, _________spaces are left to the right of the second and subsequent lines.
(a) One (b) Two (c) Three (d) Five and Six
The largest categories of computer criminals are_________
(a) Agents (b) Crackers (c) Organized criminals (d) Hackers
ICT is the acronym for___________
(a) Information and communication techniques (b) Information and communication Technology (c) Information and community technology (d) Information to computer training
Data fed into the computer are processed to human readable language through the help of
(a) Data processor (b) Central processing unit (c) Data output (d) Printer
The present age is known as_______
(a) Jet age (b) Information (c) Electronic age (d) Milennium age

15th September,2020

CORRECTIONS ON THE PREVIOUS LESSON

Central Bank C
Central bank B
Commercial Bank B
Central Bank C
Printing naira note and minting Kobo coins D
Cheque book A
Stale cheque C
Drawer C
Current account B
Payee C
Drawee B
It cannot be cashed over the counter D
Life assurance C
Premium B
Marine C

8th September 2020.

Corrections on the previous lessons.

 Thank you very much for your letter dated 16th June, 1998 about the goods we requested for. The amount you stated as the price of the goods is acceptable to us.
 I enclose a postal order of number 267894 together with delivery charges as specified by you to be paid before the order is received at the Yola account department.

8th September 2020.

Revision questions

______________is the highest financial institution that is responsible for the printing of currencies.
(a) Federal Bank
(b) International bank
(c) Central bank
(d) Capital bank

2.___ bank controls the activities of other Banks.
(a)First Bank
(b) Central bank
(c) capital bank
(d) national Bank

3.____ Banks are established mainly to promote the growth of commerce and industries.
(A) merchant bank (b) commercial Bank (c) Central bank (d) mortgage Bank

4.In Nigeria ____ is regarded as the banker’s bank.
(A) national Bank (b) new Nigerian bank (c) Central bank (d) first bank

The central bank of Nigeria is mainly responsible for ______
(A) printing Nigerians photographs (b) Giving money and overdraft to trader (c) printing money for other country (d) printing naira note and minting Kobo coins
In current account _______________can be used to make payment or withdraw money.
(A) cheque book (b) current slip (c) passbook (d) bank book
_ cheque is the cheque issued but not presented for payment until after six months.
(A) open (b) crossed (c) stale (d) lost

Use this information to answer questions 8_11
Madam Alice, a business woman gives out a cheque to Mr Omololu Adebayo to collect the sum of twenty thousand naira at First Bank plc, Ikeja, Lagos.

(8) Madam Alice is a __________to the bank.
(A)consumer (B)banker (C)drawer (d)drawer

(9) Madam Alice is operating _(A) savings account(B)current account (C) fixed deposit account

(10)Mr Omololu is the __________to the bank.
(A)payee (B)drawer(C) drawee

(11)The bank itself is the_________(A)payee(B)drawer (C)drawee

(12) Whenever a cheque is crossed ,it means that________
(A)The money is a large sum (B)No money in the account of the drawer(C)It is dirty and rough (D)It cannot be cashed over the counter

(13)The__________insurance reduces the financial on a family at the death of a breadwinner (A)Dead insurance (B)Life assurance(C}Burglary insurance

(14)The amount of money paid periodically by an insured to the insurance company to cover a risk is called___________(A)commission (B) premium (C) compensation

(15)_________insurance covers all loses and damages associated with ships and cargos
(A) occeanic (B)water(C)marine.

1st September, 2020.

KEYBOARDING
We shall be considering PRINTERS’ CORRECTION SIGNS this week.
PRINTERS’ CORRECTION SIGNS are the symbols used to give direction to the typist or computer operator on what to do during keyboarding.Printers’ correction signs are also known as Proof Readers’ Marks and signs.
MANUSCRIPT
Manuscript is handritten information. Manuscript can also defined as any document written by hand, not printed such as letters, tabulations or anything which the typist is required to copy.Manuscript contain instructions, omissions, alterations, and margin notes.
TYPESCRIPT is the original typewritten form of writing material.

Consult pages 125-126 of your fundamental business studies textbook for the printers’ correction signs.

ABBREVIATIONS
A1- First class
A/C- Account
Amt- Amount
B/E- Bill of exchange
B/n- Been
Co- Company
C.I.F-. Cost Insurance and Freight
Yr- Year/Your
Fr- From
Pd-. Paid
C.O.D-. Cash On Delivery etc

ASSIGNMENT
Type the passage below and submit online. You should also write the notes and the assignment in your notebook.
You are also required to render all abbreviations full.

 Thank you very much for yr ltr dated 16th June,1998 abt the gds we requested for. The amt stated as the price of the gds is acceptable to us.
 I enclose a postal order of no 267894 tog w delivery charges as specified by you to be of before the order is Reed at the Yola a\c dept.

1st September,2020.

CORRECTIONS ON THE PREVIOUS LESSON
1.Petty cash book (B)
2.Stationery(D)
3.Petty cash book (D)
4.Credit cash book(B)
5.Imprest(C)
6.Float (D)
7.Petty cash book (B)
8.Computer set (A)
9.Petty cash voucher (D)
10.#45.30k

25th August,2020

Revision questions on bookkeeping(cont’d)

Which of the following analyses cash expenses into various sub-heads.
a. Double column cashbook b. Multiple column cashbook c. Petty cashbook d. Single column cashbook.
Consumable items used in the office are generally referred to as________.
a. Office stock b. Consumables c. Petty things d. Stationery.
Imprest system is a way of keeping________.
a. Double column cash book b. Ledger account c. Simple cash book d. Petty cashbook.
When the chief cashier gives money to the petty cashier, the chief cashier will_________
a. Credit capital account b. Credit cash book c. Credit purchases account d. Debit capital account.
The fixed amount given out to a petty cashier is known as__________
a. Cash b. Cheque c. Imprest d. Payslip
The money kept in the office for small cash payment is called________
a. Blot b. Coat c. Vote d. Float
The book where payments for minor expenses are entered is called_______
a. Balance sheet b. Petty cash book c. Profit and loss account d. Three column cashbook
Which of the following may not be paid for from the petty cash account
a. Computer set b. Correction fluid c. Office pin d. Postage stamp
The source document that is used to prepare the petty cashbook is called_______
a. Invoice b. Debit note c. Receipt d. Petty cash voucher
A petty cashier was given an imprest of #100 for a week he made expenses amounting to #54.7, how much will be his balance?
a #45.25 b. #79.16 c. #54.25 d. #35.25

25th August,2020

Correction on the previous assignment

Ledger
Contra entry
2
Creditors account
8 columns
Net profits
Debtors
Contra entry
Page number of a journal or ledger account
Cashbook

18th August,2020

Good day students,I want to commend those that are doing their assignment regularly please keep it up.

Revision questions on Bookkeeping.

The main book of account is_______
A transaction affecting both the cash and bank column of the cashbook at the same time is ________entry
A ledger account is divided into ______parts.
The posting of purchases daybook to the ledger requires a credit entry in the______account.
The simplest form of a ledger has a total of________columns.
The following are components of a ledger except______
A sales ledger contains the account of_____
In bookkeeping,all transactions involving actual transferring of money from cash to bank or vice versa are called____entry.
Which of the following is recorded on the folio column of the ledger or journal?
_______is the book of original entry as well as ledger.

11^th, August, 2020

We shall be considering, three column cash book this week.
**THREE COLUMN CASH BOOK**
This is a cash book which shows the cash, bank and discount column.
**DISCOUNT**
This is the percentage reduction in the price of goods and services.
**TYPES OF DISCOUNT**
**CASH DISCOUNT**: A cash discount is a deduction granted to buyers for paying promptly(paying on time).
**TRADE DICOUNT**: A trade discount is the inducement given by the seller to the buyer in order to encourage the buyer to buy in large quantities.
**EXAMPLE**

Samuel Olatunji made the following transactions. Post the transactions into a three column cash book for the month of May, 2006.

**ASSIGNMENT**
1.       5% of #14,000
2.       15% of #35,000
3.       2% of #42,000
4.       2^1/2 % 0f#28,000
5.       5% of   #21,000
6.       3^1/3 % o #28,000
7.       10% of #7000

**You are required to calculate:**
1.       Discount on sales.
2.       The amount to be paid by the customer after deducting discount.
**NOTICE**
You are to write the notes in your notebook and also submit online.

28^thJuly, 2020.

We shall b e considering Book-keeping aspect of Business studies today. The topic that we are considering this week is CASHBOOK

CASH BOOK : This is a ledger account in which all cash receipts and cash payments are recorded. It is also a book of original entry.

IMPORT ANCE OF A CASH BOOK

It is used for recording cash received.
It is used for recording cash payment.
It is used to keep record of discount received and discount allowed.
It gives clear picture of cash in hand and at bank.

TYPES OF CASH BOOk

*Single column cash book/One column cash book

*Double column/Two column cash book

*Three column cash book

1. SINGLE COLUMN CASH BOOK: This cash book is used for recording mainly cash receipt and cash payments

Hints

This account is divided into two parts ——-Debit side(dr) and Credit side(cr)

Debit sideis for all receipts that is all cash received , examples cash sales, received cash

Credit side is for all payments, that is cash paid, examples are purchased goods on cash, bought stationeries by cash, bought furniture by cash etc.

EXAMPLE

Mr Benjamin started business with capital of #16,000 on January 1, 2015

January 3: Bought goods on cash 4000

January 8: Paid rent in cash 800

January10: Paid wages in cash 960

January 15: Sold goods on cash 4000

January 25: Purchased goods by cash 2700

January26: Cash sales 2450

SOLUTION

Mr Benjamin

Single column cash book for the month of January, 2015

Explanation:

Bal c/d means Balance carried down that is cash in the hand of the business at the end of the month(Subtract credit total from the debit total)22450-8460=13,990

Balance b/d means Balance brought down that is cash that is to be taken to the new month. Here balance c/d and balance b/d must be the same.

ASSIGNMENT

Enter the following transactions in the cash book of Giwa Jimoh for the month of June,2012

June 1 Balance brought forward #6000

June 2 Bought furniture by cash #500

June 5 Bought goods on cash #1000

June 9 Sold goods on cash #6000

June 18 Bought stationery on cash #300

June 25 Received cash from J. Rapha #500

June 28 Bought goods on cash #500

Please copy this notes in your notebook . Also do the assignment in your notebook and submit on line

21^st July, 2020.