ACC 101 CBT PRACTICE TEST

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

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

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

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

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

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

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

8. The users of accounting information are the following except

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

32.

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

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

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

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

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

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

A. One sided

B. two column

C. Single column

D.

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

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