ACC 101 CBT PRACTICE TEST

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

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

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

4. -------------- 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.

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

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

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

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

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

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

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

12. Errors which arise when a transaction is completely missing from the books are called --------

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

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

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

16. 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.

.

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

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

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

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

21. The users of accounting information are the following except

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

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

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

25. The ----------- accounts are the accounts of assets

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

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

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

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

30. The ---------------book is written up from copies of the credit notes retained by the seller

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

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

A. One sided

B. two column

C. Single column

D.

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

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

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

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

37. The ---------------book is written up from copies of the credit notes retained by the seller

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

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

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