ACC 201 CBT PRACTICE

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

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

3. The term 'goodwill' refers to:

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

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

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

7. 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

8. 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

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

10. Revenue in construction contracts is recognized using:

11. 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

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

13. The Garner v. Murray rule applies to

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

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

16. 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

17. Unrealized profit in hire purchase arises from

18. Hire Purchase Price is a combination of

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

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

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

22. A joint venture memorandum account is similar to

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

24. Containers stock account is credited with

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

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

27. Retention fees in contracts are withheld:

28. 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

29. Containers that are used multiple times are classified as

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. Copy - Revaluation of partnership assets is done to:

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

33. Which of the following statement is incorrect?

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

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

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

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

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

39. Which of the following statements is incorrect?

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

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

42. The adjustment of asset values during partnership revaluation involves

43. The dissolution of a partnership is necessitated by:

44. Which of the following statements is incorrect?

45. Non-autonomous branches maintain records

46. 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.

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

48. 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.

49. Which of the following statements is incorrect?

50. Which of the following statements is incorrect?

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

52. Biological assets are measured at

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

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

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

56. The dissolution of a partnership occurs due to

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

58. Revaluation of partnership assets is done to:

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

60. Purchased goodwill arises when

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

62. Goodwill is best described as

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

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

65. Short workings in royalty accounts represent

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

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

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

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

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