ACC 101 CBT PRACTICE TEST

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

2. -------------- 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.

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

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

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

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

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

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

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

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

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

12. The users of accounting information are the following except

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A. One sided

B. two column

C. Single column

D.

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

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

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

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

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

40.

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