CBT TESTFuoye

ACC 101 CBT PRACTICE TEST

Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace ACC 101 exam

PS

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

Note

Do not be in a hurry to answer the questions

Do not waste time on a question you don’t know

Move as fast as possible and starting with questions that don’t have calculation first to save time

Always crosscheck

Don’t be in a hurry to submit, you are not in a competition

Don’t be scared. Getting an A is easy

Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book

Please do well to use our comment box incase there’s a message you want to pass to us

70 – 100 A

60 – 69 B

50 – 59 C

45 – 49 D

40 – 44 E

0 – 39 F

I wish you success

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❤️ Undergragra

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ACC 101

1 / 40

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

2 / 40

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

3 / 40

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

4 / 40

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

5 / 40

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

6 / 40

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

7 / 40

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

8 / 40

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

9 / 40

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

A. One sided

B. two column

C. Single column

D.

10 / 40

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

11 / 40

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

12 / 40

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

13 / 40

13.

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

 

14 / 40

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

15 / 40

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

16 / 40

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

17 / 40

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

18 / 40

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

19 / 40

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

20 / 40

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

21 / 40

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

22 / 40

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

23 / 40

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

24 / 40

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

25 / 40

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

26 / 40

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

27 / 40

27. The users of accounting information are the following except

28 / 40

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

29 / 40

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

30 / 40

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

31 / 40

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

32 / 40

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

33 / 40

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

34 / 40

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

35 / 40

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

36 / 40

36. 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.

.

37 / 40

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

38 / 40

38. -------------- 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.

39 / 40

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

40 / 40

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

Your score is

The average score is 45%

0%

Please do well to drop a comment if this has really helped you. Thanks❤️

Ace/Undergragra

Ace aka Undergragra is a 500 Level Computer Engineering Student at the Federal University Oye-Ekiti. He is a passionate teacher, writer, educational consultant and educational informant.

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