ACC 201 CBT PRACTICE

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

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

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

4. The term 'goodwill' refers to:

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

6. 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

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

8. Which of the following statements is incorrect?

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

10. Hire Purchase Price is a combination of

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

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

13. Which of the following statement is incorrect?

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

15. Purchased goodwill arises when

16. The Garner v. Murray rule applies to

17. Which of the following is not a type of reserve?

18. In consignment accounting, expenses incurred by the consignee are:

19. Non-autonomous branches maintain records

20. Goodwill is best described as

21. 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.

22. Which of the following statements is incorrect?

23. Biological assets are measured at

24. Short workings in royalty accounts represent

25. The accounting treatment for goods taken by a partner for personal use involves:

26. The adjustment of asset values during partnership revaluation involves

27. 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

28. Containers that are used multiple times are classified as

29. The document that outlines the terms of a partnership is called

30. 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

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

32. Goodwill introduced into a partnership due to a new partner is accounted for by:

33. Which of the following statements is incorrect?

34. In a joint venture, participants are referred to as

35. A joint venture memorandum account is similar to

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

37. Which of the following statements is incorrect of trial balance:

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

39. Unrealized profit in hire purchase arises from

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

41. The profit-sharing ratio of partners in the absence of an agreement is:

42. Containers stock account is credited with

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

44. Copy - Revaluation of partnership assets is done to:

45. Retention fees in contracts are withheld:

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

47. Which of the following statements is incorrect?

48. Revenue in construction contracts is recognized using:

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

50. 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

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

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

53. A joint venture differs from a partnership because it:

54. In the absence of a partnership agreement, profits and losses are shared

55. Revaluation of partnership assets is done to:

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

57. When a partner uses firm funds for personal expenses, the entry is:

58. The dissolution of a partnership is necessitated by:

59. Partnership is defined as a relationship between persons who:

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

61. The dissolution of a partnership occurs due to

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

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

64. 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

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

66. The agent’s reward for managing consignment sales is called

67. 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.

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

69. Which of the following is not a type of reserve?

70. 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