ACC 101 CBT PRACTICE TEST

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

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

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

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

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

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

8. -------------- 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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

26.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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