Grade 8 Economic and Management Science (EMS) (Accounting) June Paper 2 and Memo - 2024
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Course
Accounting
Institution
8th Grade
Grade 8 EMS (Accounting) June Paper 2 and Memo:
Total: 50 Marks. Time: 60min
Contents of the exam paper contains the following details:
Accounting terms and definitions
Cash Receipt Journals
Accounting Equations
This is a practice paper with memorandum meant to test the st...
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Grade 8 June Paper 2
, QUESTION 1
Various options are provided as possible answers for the following questions. Choose the correct
answer and write the letter (A-D) next to the question number (1.1.1 – 1.1.5).
1.1.1 Which of the following formulas will be used to calculate the profit of the business
A Income + Expenses
B Income - Expenses
C Income ÷ Expenses
D Income × Expenses
1.1.2 What does the term "trading stock" represent in accounting?
A Money in the bank
B Investments
C goods that can be sold for a profit
D Money owed to creditors
1.1.3 What does the term "liabilities" represent in accounting?
A Money owed to creditors
B Money owed by customers
C Money invested in stocks
D Money in the bank
1.1.4 The purpose of a trial balance is to …
A summarize a company's financial performance
B ensure that debits equal credits
C forecast future cash flows
D calculate tax liabilities
1.1.5 Which of the following best defines creditors in accounting?
A People or businesses who owe money to the company
B People or businesses to whom the company owes money
C People or businesses who purchase goods or services from the company
D People or businesses who invest money in the company
(5)
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Grade 8 June Paper 2
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