ACC 101 CBT PRACTICE TEST

1. How many professional accounting bodies do we have in Nigeria?

2. -------- is when all possible future profits are ignored.

3. -------------- is a reduction given by the supplier of goods to a buyer if the latter pays for them within a period stipulated by the seller at the time of sale.

4. The --------------- is used to record a variety of things that consist of accounting adjustments.

5. The real sense of placing the book keeping entry in each account is called ------------

6. ____ book is used instead of a cash ledger account in the general ledger

7. --------------- is the final destination of all transactions in the books of prime entries

8. Which of the following instruments is used to inform the buyer how much is owed for the goods supplied?

9. -------- is the main or principal book of account where accounts are maintained for income, assets and expenses.

10. A ---------- cash book is one in which cash and cheque transactions are recorded

A. One sided

B. two column

C. Single column

D.

11. ____ book is used to record the credit notes received from suppliers to goods returned where there has been overcharged on an invoice

12. ____ book record the purchase on credit of those bought specially for resale

13. The --------------- is used to record a variety of things that consist of accounting adjustments.

14. ----------- are books into which transactions are recorded on a daily basis from the source documents and from which postings are made periodically.

15. Any transaction that is recorded twice in an account through a debit and a credit entry in the same account is called

16. A set of numbers and codes that defines each account head and also differentiate between classes of account is

17. The debit in two column book is credited to a --------------- account in the general ledger.

18. The cash and bank accounts are taken out of the ledger and combined into a single book the ----------

19. -------------- can also be used to record transactions that are not appropriate to any other book of prime entry

20. The principles upon which preparation of accounting records are based and which are generally accepted is

21. From the following information, determine the purchase day book. On October 1, the company received good worth N33,750 from Lagos Ventures. On October 13, Kaduna Warri Enterprises supplied 15 pieces of calculator at N8,330 each. 22 pairs of shoe at N6,520 per pair, 15 pieces of mobile handset at N80,950 each and another starter pack costing N1,500 were received from Victoria Island concepts limited on October 25.

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22. The -------------- book is written up from the credit notes received from suppliers

23. ____ book is used to record the credit notes received from suppliers to goods returned where there has been overcharged on an invoice

24. The users of accounting information are the following except

25. Which of the following is not a nature of accounting?

26. A ---------------- cash book is used to record receipts and payments by cheque

27. The two government recognized accounting professional bodies in Nigeria are:

28. The ----------- book is written from receipt and petty cash vouchers

29.

----------------- is a permanent record of all transaction book

30. ------- are rebates granted to a debtor for making cash payments within a shorter time period than the normal credit period.

31. Which of the following concepts is accounting equation based?

32. The ------------- cash book represent three accounts

33. ____ system is an accounting system whereby every transaction that has to be recorded gives rise to two entries

34. ------ concept accommodates all revenues and expenses to be received or charged in a given accounting period irrespective of what is actually received or paid.

35. The debit in two column book is credited to a --------------- account in the general ledger.

36. An error which occurs where a wrong account in the same ledger is debited or credited is called ----------

37. ------- entry is when the two entries for a transaction appear on both sides of the cash book.

38. Firms operates their petty cash on an ----------- system

39. A ---------- cash book is one in which cash and cheque transactions are recorded

40. ------- concept suggests that the business is separate from the owner