ACC 101 CBT PRACTICE TEST

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

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

3. The real sense of placing the book keeping entry in each account is called ------------

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

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

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

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

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

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

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

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

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

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

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

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

17.

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

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

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

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

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

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

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

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

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

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

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

28. -------------- 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.

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

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

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

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

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

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

37. The users of accounting information are the following except

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

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

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