ACC 101 CBT PRACTICE TEST

1. The users of accounting information are the following except

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

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

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

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

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

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

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

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

A. One sided

B. two column

C. Single column

D.

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

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

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

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

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

16.

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

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

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

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

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

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

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

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

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

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

26. -------------- 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.

27. 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.

.

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

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

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

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

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

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

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

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

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

37. ------- concept suggests that the business is separate from the owner

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

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

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