Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace ACC 102 exam

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

Note

Do not be in a hurry to answer the questions
Do not waste time on a question you don’t know
Move as fast as possible and starting with questions that don’t have calculation first to save time
Always crosscheck
Don’t be in a hurry to submit, you are not in a competition
Don’t be scared. Getting an A is easy
Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book
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70 – 100 A

60 – 69 B

50 – 59 C

45 – 49 D

40 – 44 E

0 – 39 F

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ACC 102

1 / 40

A subsidiary book which can conveniently cater for recording of special transaction like revaluation of asset is

A. Sales day book

B. Journal prosper

C. Purchases day book

D. Discount allowed by bank

2 / 40

Debts which in the opinion of management of an organization may not be fully recovered are called

A. Bad debts

B. Bad debts provision

C. Recoverable Debt

D. Doubtful debt

3 / 40

Which of the following statements is incorrect?

A. Discount received and discount allowed are referred to as contra entry transaction

B. Each side of the cash book has three column for cash, bank and discount in three column cash book

C. Cash discount is recorded in three column cash book but not trade discount

D. Discount allowed column is on the debit side while discount received column is on the credit side

4 / 40

The cost of transporting goods meant for resale into the organization is

A. Carriage outward

B. Return inward

C. Carriage inward

D. Return outward

5 / 40

The amount set aside out of profit earned by a company and constitute part of shareholders fund is called

A. Gross profit

B. Fund

C. Reserve

D. Investment

6 / 40

The differences between the balances of bank column of the cash book and bank statement could be as a result of the following except

A. Entries not brought to the notice of the company by the bank e.g. bank charges, interest, transfer etc

B. Errors

C. Proficiency of the accountant

D. Timing differences

7 / 40

The book used in recording goods previously sold to customers but were later returned by the buyer to the seller is

A. Return outward journal

B. Purchases return book

C. Return with discount journal

D. Return inward journal

8 / 40

All the following except one can lead to sales return

A. Defect in the goods

B. Short in quantity, weight and other measuring discrepancies

C. Advance payment not accomplished

D. Government Policy

9 / 40

A statement sent periodically, usually once a month by a buyer to his suppliers, showing the position of their accounts up to a certain date.

A. Creditor credit statement

B. Creditor statement of account

C. Creditor control account

D. Creditor current account

10 / 40

10.

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

A. Account descriptions

B. Chart of account

C. Codes

D. Account types

11 / 40

11.

One of the books of original entry that is used to record any transaction which cannot be conveniently recorded or classified into any of the other subsidiary book is

A. Return inward day book

B. Journal prosper

C. Cash book

D. Purchases day book

12 / 40

12.

A book of original entry use in recording all cash transaction is

A. cash book

B. cash purchase book

C. cash discount book

D. Cash sales book

13 / 40

13.

Which of the following is not a method of preparing trial balance?

A. Total and balance method

B. Total method

C. Equilibrium method

D. Balance method

14 / 40

14.

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

A. Contra entry

B. Cash and bank entry

C. Debit entry

D. Credit entry

15 / 40

15.

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.

A. N1,359,190

B. N1,399,190

C. N1,214,250

D. N1,939,250

16 / 40

16.

One of the following is a reason why return inward may be justified

A. Wrong specification of model or colour

B. Credit note not supported

C. Payment voucher error

D. Invoice not written properly

17 / 40

17.

Cheques which have been issued for payment by a bank account holder but have not been presented for payment at the bank as at the date the bank prepared the bank statement are called

A. Indirect Cheque

B. Direct Cheque

C. Uncredited Cheque

D. Unpresented Cheque

18 / 40

18.

One of the following is not an advantage of bank reconciliation statement

A. It assists in detecting errors that might have occurred in the cash book or in the bank statement

B. It is useful in detecting fraud either from the bank or office

C. It shows arithmetical accuracy of books of account

D. It aids the bank customer to monitor unpresented cheques, uncredited cheque, etc

19 / 40

19.

Which of the following statements is incorrect?

A. Cash transaction recorded in the cash book can be for cash purchases or cash sales

B. Cash book is divided into three sides

C. Receipt of cash from customers is equally recorded in the cash book

D. The left side records all cash receipts

20 / 40

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

A. Financial Concept

B. Organization concept

C. Accounting rules and regulations

D. Accounting concept

21 / 40

21.

______ is an inducement given to debtors for payment their debt promptly

A. Trade discount

B. Cash lodgement

C. Cash discount

D. Trade lodgement

22 / 40

22.

Table of Contents

The only system which signifies a way of recording all accounting transactions twice in the book of account is

A. Double entry system

B. Contra entry system

C. Debit and credit entry system

D. Double column cash book system

23 / 40

23.

Cheques deposited into the bank but have not been credited to the customer account by the bank as at the date of preparing the bank statement are called

A. Uncredited Cheque

B. Direct Cheque

C. Indirect Cheque

D. Unpresented Cheque

24 / 40

24.

The money spent in an organization in order to generate income either now or in the future is

A. Expenses

B. Expenditure

C. Recurrent Cost

D. Cost

25 / 40

25.

Debts which in the opinion of management of an organization may not be fully recovered are called

A. Bad debts

B. Bad debts provision

C. Recoverable Debts

D. Doubtful debts

26 / 40

26.

A kind of subsidiary book of account prepare to record cash transaction, bank transaction, discount received and discount allowed is called ________

A. Cash book

B. Three column cash book

C. Special column cash book

D. Double Column cash book

27 / 40

27.

Which of the following statements is incorrect?

A. Double entry system states that the receiver should be credited while the giver should be debited

B. Double entry states that for every debit entry for a transaction, there must be a credit entry for the same transaction

C. Double entry system states that a transaction will appear twice in the accounting

D. Double entry system states that for any transaction, two parties must at least be involved

28 / 40

28.

Which of the following statements is incorrect?

A. Any transaction that will reduce the customers indebtedness is credited to debtor control account

B. Debtors control account is the same as statement of financial position

C. Any transaction that will increase the customers indebtedness is debited to debtor control account

D. Debtors control account is not used for cash customers

29 / 40

29.

An important functions of accounting which shows expenses, assets, financial position at a given period of time is

A. recording

B. auditing

C. Measurement

D. Controlling

30 / 40

30.

A statement sent periodically usually once a month by a seller to his customers, showing the position of their accounts up to a certain date

A. Debtor statement of account

B. Debtor financial statement

C. Debtor current account

D. Debtor control account

31 / 40

31.

Reconciling the bank column of the cash book and the bank statement balances is treated under

A. Bank adjusted cash book

B. Bank cash book statement

C. Bank reconciliation statement

D. Bank company account

32 / 40

32.

One of the following is not an example of subsidiary book:

A. Cash book

B. Double column cash book

C. Trial Balance

D. Petty cash book

33 / 40

33.

Which of the following statements is incorrect?

A. Trial balance does not require the principle of double entry in its preparation

B. Trial balance is a special kind of account of accuracy

C. Trial balance agreement does not mean that there is no errors in the account

D. Trial balance is a statement of debit and credit balances extracted from ledger for testing the arithmetical accuracy

34 / 40

34.

One of the following is not a reason for dishonoured cheques:

A. Unsigned Cheque

B. Irregular signature from the issuer

C. If the Cheque is not dead

D. Bank network problem

35 / 40

35.

Which of the following statements is incorrect of trial balance:

A. It helps in detecting certain errors

B. It helps to check the arithmetical accuracy of the account in the ledger

C. It helps in calculating balance carried down easily

D. It forms the basis for preparing the financial statement

36 / 40

36.

The process of making the balance on the bank column of a cash book to agree with the balance on the bank statement is

A. Bank reconciliation statement

B. Bank cash book statement

C. Bank adjusted cash book

D. Bank company account

37 / 40

37.

Which of the following statement is incorrect?

A. Journal proper is a book of original entry that is used to record any transaction which cannot be conveniently recorded in any other subsidiary book

A. Another name for journal is journal proper

B. Any transaction that cannot be recorded in other books of original entry as a result of their nature will be recorded in journal

C. Petty cash book, cash book and trail balance are also subsidiary book

D. Journal proper is a book of original entry that is used to record any transaction which cannot be conveniently recorded in any other subsidiary book

38 / 40

38.

Which of the following is not a type of reserve?

A. Capital Reserve

B. General Reserve

C. Revenue Reserve

D. Shareholder Reserve

39 / 40

39.

The principal book of account where the double entry principle is completed is called

A. Ledger

B. Cash book

C. Subsidiary book

D. Contra Entry

40 / 40

40.

The recording of cash transactions in the appropriate subsidiary book is any of the following except

A. Acquisition of properties by cash

B. Payment of cash to supplier

C. Advance payment settle in cash

D. Receipt of cash from customers

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Blessing

1 year ago

Please can you drop IRP CBT?

-1

Can we get more questions please?

Please sir,can we get Bus 106 & 102¿

Odeyemi Nifemi

3 months ago

Please sir can we get past questions on ams 102

Author

Aruwaji Philip

Reply to Odeyemi Nifemi

Kindly message me on WhatsApp.

FUOYE ACC 102 CBT Practice

A subsidiary book which can conveniently cater for recording of special transaction like revaluation of asset is

Debts which in the opinion of management of an organization may not be fully recovered are called

Which of the following statements is incorrect?

The cost of transporting goods meant for resale into the organization is

The amount set aside out of profit earned by a company and constitute part of shareholders fund is called

The differences between the balances of bank column of the cash book and bank statement could be as a result of the following except

The book used in recording goods previously sold to customers but were later returned by the buyer to the seller is

All the following except one can lead to sales return

A statement sent periodically, usually once a month by a buyer to his suppliers, showing the position of their accounts up to a certain date.

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

One of the books of original entry that is used to record any transaction which cannot be conveniently recorded or classified into any of the other subsidiary book is

A book of original entry use in recording all cash transaction is

Which of the following is not a method of preparing trial balance?

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

One of the following is a reason why return inward may be justified

Cheques which have been issued for payment by a bank account holder but have not been presented for payment at the bank as at the date the bank prepared the bank statement are called

One of the following is not an advantage of bank reconciliation statement

Which of the following statements is incorrect?

______ is an inducement given to debtors for payment their debt promptly

The only system which signifies a way of recording all accounting transactions twice in the book of account is

Cheques deposited into the bank but have not been credited to the customer account by the bank as at the date of preparing the bank statement are called

The money spent in an organization in order to generate income either now or in the future is

Debts which in the opinion of management of an organization may not be fully recovered are called

A kind of subsidiary book of account prepare to record cash transaction, bank transaction, discount received and discount allowed is called ________

Which of the following statements is incorrect?

Which of the following statements is incorrect?

An important functions of accounting which shows expenses, assets, financial position at a given period of time is

A statement sent periodically usually once a month by a seller to his customers, showing the position of their accounts up to a certain date

Reconciling the bank column of the cash book and the bank statement balances is treated under

One of the following is not an example of subsidiary book:

Which of the following statements is incorrect?

One of the following is not a reason for dishonoured cheques:

Which of the following statements is incorrect of trial balance:

The process of making the balance on the bank column of a cash book to agree with the balance on the bank statement is

Which of the following statement is incorrect?

Which of the following is not a type of reserve?

The principal book of account where the double entry principle is completed is called

The recording of cash transactions in the appropriate subsidiary book is any of the following except

Office Hours

A subsidiary book which can conveniently cater for recording of special transaction like revaluation of asset is

Debts which in the opinion of management of an organization may not be fully recovered are called

Which of the following statements is incorrect?

The cost of transporting goods meant for resale into the organization is

The amount set aside out of profit earned by a company and constitute part of shareholders fund is called

The differences between the balances of bank column of the cash book and bank statement could be as a result of the following except

The book used in recording goods previously sold to customers but were later returned by the buyer to the seller is

All the following except one can lead to sales return

A statement sent periodically, usually once a month by a buyer to his suppliers, showing the position of their accounts up to a certain date.

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

One of the books of original entry that is used to record any transaction which cannot be conveniently recorded or classified into any of the other subsidiary book is

A book of original entry use in recording all cash transaction is

Which of the following is not a method of preparing trial balance?

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

One of the following is a reason why return inward may be justified

Cheques which have been issued for payment by a bank account holder but have not been presented for payment at the bank as at the date the bank prepared the bank statement are called

One of the following is not an advantage of bank reconciliation statement

Which of the following statements is incorrect?

______ is an inducement given to debtors for payment their debt promptly

The only system which signifies a way of recording all accounting transactions twice in the book of account is

Cheques deposited into the bank but have not been credited to the customer account by the bank as at the date of preparing the bank statement are called

The money spent in an organization in order to generate income either now or in the future is

Debts which in the opinion of management of an organization may not be fully recovered are called

A kind of subsidiary book of account prepare to record cash transaction, bank transaction, discount received and discount allowed is called ________

Which of the following statements is incorrect?

Which of the following statements is incorrect?

An important functions of accounting which shows expenses, assets, financial position at a given period of time is

A statement sent periodically usually once a month by a seller to his customers, showing the position of their accounts up to a certain date

Reconciling the bank column of the cash book and the bank statement balances is treated under

One of the following is not an example of subsidiary book:

Which of the following statements is incorrect?

One of the following is not a reason for dishonoured cheques:

Which of the following statements is incorrect of trial balance:

The process of making the balance on the bank column of a cash book to agree with the balance on the bank statement is

Which of the following statement is incorrect?

Which of the following is not a type of reserve?

The principal book of account where the double entry principle is completed is called

The recording of cash transactions in the appropriate subsidiary book is any of the following except

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