ACC 101 CBT PRACTICE TEST

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

20. -------------- 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.

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

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

23.

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

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

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

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

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

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

A. One sided

B. two column

C. Single column

D.

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

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

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

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

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

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

35. The users of accounting information are the following except

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

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

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

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

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