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Q1
(a) (i) Direct service: Is defined as the service one gets from direct consumption without the help of another.
(ii)
1. Insurance
2. Banking
3. Warehousing
4. Transportation
(b)
Computer:
- It performs calculations & processes information.
- It saves and retrieves data & files.
- It connects to the internet & other devices.
Adding Machine:
- It adds numbers and provides a total.
- It prints calculations on paper for records.
- It subtracts numbers.
Accounting Machine:
- It records financial transactions & maintains accounts.
- It generates financial reports & statements.
- It performs complex financial calculations.
2a) Number of spaces a typist should use after the following signs:
i) Full stop: 1 space
ii) Comma: 1 space
iii) Hyphen: No space
iv) Semi colon: 1 space
v) Question mark: 1 space
(2b) Five purposes of an organization chart:
1. Clearly displays the chain of command and reporting relationships.
2. Defines specific roles and responsibilities within the organization.
3. Helps in understanding who to contact for various issues or tasks.
4. Assists in workforce planning and management by visualizing structure.
5. Helps new employees understand the organizational structure and their place within it.
Section B
Q3(a)
(i) A cheque is a written order given to a bank by an account holder to make payment to a named person or a bearer.
(ii)
1. Drawer
2. Drawee
3. Payee
(b)
- It reduces the risk of carrying physical cash.
- It allows payments of large sums without the need for cash.
(c)
(i) Drawer: It is the person or entity who writes and signs the cheque.
(ii) Drawee: It is the bank where the drawer holds an account.
(iii) Payee: It is the person to whom the cheque is made payable.
Q4(a) A joint-stock company* is a business entity where shares of the company's stock can be bought and sold by shareholders, who own company stock in proportion to their shares.
Q4(b) Five documents required for the registration of a joint-stock company are:
1. Memorandum of Association
2. Articles of Association
3. Declaration of Compliance
4. Statement of Nominal Capital
5. List of Directors
Q7. (a)
(i) Dr = Debit
(ii) Cr = Credit
(iii) b/d = balance brought down
(iv) c/d = balance carried down
(v) a/c = account
(b)
(i) Cost price = le 30
Discount = 10%
Amount discount = \(\frac{10}{100} \times 30 = le 3.00\)
(ii) Amount paid = Cost price - discount
= le 30.00 - 3.00
= le 27.00
(c) Steps in double entry:
(i) Identify the two accounts involved
(ii) Decide which account receives the benefit and which account gives the benefit
(iii) Debit the account which receives the benefit and credit the account that gives the benefit
Q8
(a) Partnership Deed: This refers to a formal, written agreement between the partners of a partnership firm that outlines the terms and conditions of their business.
(b) Types of partnership:
1. Active partner
2. Sleeping partner
3. Nominal partner
(c) Forms of partnership:
1. General partnership
2. Limited partnership
(d) Incidents causing:
1. Mutual agreement
2. Expiration term
3. Death of a partner
4. Legal prohibition
5. Breach of partnership agreement
