ACC 101 CBT PRACTICE TEST

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

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

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

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

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

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

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

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

9. The users of accounting information are the following except

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

31. -------------- 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.

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

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

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

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

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

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

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

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

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