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 102 exam

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
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70 – 100 A

60 – 69 B

50 – 59 C

45 – 49 D

40 – 44 E

0 – 39 F

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ACC 102

1 / 40

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.

A. N1,214,250

B. N1,939,250

C. N1,399,190

D. N1,359,190

2 / 40

All the following except one can lead to sales return

A. Advance payment not accomplished

B. Short in quantity, weight and other measuring discrepancies

C. Government Policy

D. Defect in the goods

3 / 40

One of the books of original entry that is used to record any transaction which cannot be conveniently recorded or classified into any of the other subsidiary book is

A. Cash book

B. Return inward day book

C. Journal prosper

D. Purchases day book

4 / 40

The process of making the balance on the bank column of a cash book to agree with the balance on the bank statement is

A. Bank reconciliation statement

B. Bank adjusted cash book

C. Bank company account

D. Bank cash book statement

5 / 40

A kind of subsidiary book of account prepare to record cash transaction, bank transaction, discount received and discount allowed is called ________

A. Double Column cash book

B. Three column cash book

C. Cash book

D. Special column cash book

6 / 40

Which of the following statements is incorrect of trial balance:

A. It helps in calculating balance carried down easily

B. It helps to check the arithmetical accuracy of the account in the ledger

C. It forms the basis for preparing the financial statement

D. It helps in detecting certain errors

7 / 40

One of the following is not an example of subsidiary book:

A. Cash book

B. Petty cash book

C. Double column cash book

D. Trial Balance

8 / 40

Which of the following statements is incorrect?

A. Trial balance is a statement of debit and credit balances extracted from ledger for testing the arithmetical accuracy

B. Trial balance does not require the principle of double entry in its preparation

C. Trial balance is a special kind of account of accuracy

D. Trial balance agreement does not mean that there is no errors in the account

9 / 40

The amount set aside out of profit earned by a company and constitute part of shareholders fund is called

A. Reserve

B. Investment

C. Gross profit

D. Fund

10 / 40

10.

Which of the following statements is incorrect?

A. Each side of the cash book has three column for cash, bank and discount in three column cash book

B. Cash discount is recorded in three column cash book but not trade discount

C. Discount allowed column is on the debit side while discount received column is on the credit side

D. Discount received and discount allowed are referred to as contra entry transaction

11 / 40

11.

One of the following is not an advantage of bank reconciliation statement

A. It shows arithmetical accuracy of books of account

B. It aids the bank customer to monitor unpresented cheques, uncredited cheque, etc

C. It is useful in detecting fraud either from the bank or office

D. It assists in detecting errors that might have occurred in the cash book or in the bank statement

12 / 40

12.

A statement sent periodically, usually once a month by a buyer to his suppliers, showing the position of their accounts up to a certain date.

A. Creditor credit statement

B. Creditor statement of account

C. Creditor current account

D. Creditor control account

13 / 40

13.

Which of the following statements is incorrect?

A. Receipt of cash from customers is equally recorded in the cash book

B. Cash transaction recorded in the cash book can be for cash purchases or cash sales

C. The left side records all cash receipts

D. Cash book is divided into three sides

14 / 40

14.

The differences between the balances of bank column of the cash book and bank statement could be as a result of the following except

A. Timing differences

B. Entries not brought to the notice of the company by the bank e.g. bank charges, interest, transfer etc

C. Errors

D. Proficiency of the accountant

15 / 40

15.

A statement sent periodically usually once a month by a seller to his customers, showing the position of their accounts up to a certain date

A. Debtor statement of account

B. Debtor control account

C. Debtor financial statement

D. Debtor current account

16 / 40

16.

Which of the following statements is incorrect?

A. Any transaction that will reduce the customers indebtedness is credited to debtor control account

B. Debtors control account is not used for cash customers

C. Any transaction that will increase the customers indebtedness is debited to debtor control account

D. Debtors control account is the same as statement of financial position

17 / 40

17.

______ is an inducement given to debtors for payment their debt promptly

A. Cash discount

B. Cash lodgement

C. Trade discount

D. Trade lodgement

18 / 40

18.

Debts which in the opinion of management of an organization may not be fully recovered are called

A. Bad debts

B. Recoverable Debts

C. Bad debts provision

D. Doubtful debts

19 / 40

19.

A book of original entry use in recording all cash transaction is

A. Cash sales book

B. cash purchase book

C. cash book

D. cash discount book

20 / 40

20.

Reconciling the bank column of the cash book and the bank statement balances is treated under

A. Bank cash book statement

B. Bank company account

C. Bank reconciliation statement

D. Bank adjusted cash book

21 / 40

21.

The recording of cash transactions in the appropriate subsidiary book is any of the following except

A. Receipt of cash from customers

B. Acquisition of properties by cash

C. Payment of cash to supplier

D. Advance payment settle in cash

22 / 40

22.

The cost of transporting goods meant for resale into the organization is

A. Return outward

B. Carriage outward

C. Carriage inward

D. Return inward

23 / 40

23.

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

A. Credit entry

B. Contra entry

C. Cash and bank entry

D. Debit entry

24 / 40

24.

The principal book of account where the double entry principle is completed is called

A. Contra Entry

B. Ledger

C. Cash book

D. Subsidiary book

25 / 40

25.

Debts which in the opinion of management of an organization may not be fully recovered are called

A. Bad debts provision

B. Recoverable Debt

C. Doubtful debt

D. Bad debts

26 / 40

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

A. Accounting concept

B. Financial Concept

C. Organization concept

D. Accounting rules and regulations

27 / 40

27.

An important functions of accounting which shows expenses, assets, financial position at a given period of time is

A. recording

B. Controlling

C. auditing

D. Measurement

28 / 40

28.

The only system which signifies a way of recording all accounting transactions twice in the book of account is

A. Debit and credit entry system

B. Double entry system

C. Contra entry system

D. Double column cash book system

29 / 40

29.

Which of the following statement is incorrect?

A. Journal proper is a book of original entry that is used to record any transaction which cannot be conveniently recorded in any other subsidiary book

A. Another name for journal is journal proper

B. Any transaction that cannot be recorded in other books of original entry as a result of their nature will be recorded in journal

C. Petty cash book, cash book and trail balance are also subsidiary book

D. Journal proper is a book of original entry that is used to record any transaction which cannot be conveniently recorded in any other subsidiary book

30 / 40

30.

Cheques which have been issued for payment by a bank account holder but have not been presented for payment at the bank as at the date the bank prepared the bank statement are called

A. Direct Cheque

B. Uncredited Cheque

C. Indirect Cheque

D. Unpresented Cheque

31 / 40

31.

Cheques deposited into the bank but have not been credited to the customer account by the bank as at the date of preparing the bank statement are called

A. Indirect Cheque

B. Unpresented Cheque

C. Direct Cheque

D. Uncredited Cheque

32 / 40

32.

Which of the following is not a method of preparing trial balance?

A. Equilibrium method

B. Total and balance method

C. Balance method

D. Total method

33 / 40

33.

Which of the following statements is incorrect?

A. Double entry system states that the receiver should be credited while the giver should be debited

B. Double entry states that for every debit entry for a transaction, there must be a credit entry for the same transaction

C. Double entry system states that for any transaction, two parties must at least be involved

D. Double entry system states that a transaction will appear twice in the accounting

34 / 40

34.

A subsidiary book which can conveniently cater for recording of special transaction like revaluation of asset is

A. Journal prosper

B. Sales day book

C. Purchases day book

D. Discount allowed by bank

35 / 40

35.

The money spent in an organization in order to generate income either now or in the future is

A. Expenditure

B. Expenses

C. Cost

D. Recurrent Cost

36 / 40

36.

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

A. Account descriptions

B. Codes

C. Account types

D. Chart of account

37 / 40

37.

One of the following is a reason why return inward may be justified

A. Wrong specification of model or colour

B. Credit note not supported

C. Payment voucher error

D. Invoice not written properly

38 / 40

38.

One of the following is not a reason for dishonoured cheques:

A. Bank network problem

B. Irregular signature from the issuer

C. If the Cheque is not dead

D. Unsigned Cheque

39 / 40

39.

The book used in recording goods previously sold to customers but were later returned by the buyer to the seller is

A. Return inward journal

B. Return outward journal

C. Return with discount journal

D. Purchases return book

40 / 40

40.

Table of Contents

Which of the following is not a type of reserve?

A. Capital Reserve

B. General Reserve

C. Shareholder Reserve

D. Revenue Reserve

Your score is

The average score is 47%

FUOYE ACC 102 CBT Practice

All the following except one can lead to sales return

One of the books of original entry that is used to record any transaction which cannot be conveniently recorded or classified into any of the other subsidiary book is

The process of making the balance on the bank column of a cash book to agree with the balance on the bank statement is

A kind of subsidiary book of account prepare to record cash transaction, bank transaction, discount received and discount allowed is called ________

Which of the following statements is incorrect of trial balance:

One of the following is not an example of subsidiary book:

Which of the following statements is incorrect?

The amount set aside out of profit earned by a company and constitute part of shareholders fund is called

Which of the following statements is incorrect?

One of the following is not an advantage of bank reconciliation statement

A statement sent periodically, usually once a month by a buyer to his suppliers, showing the position of their accounts up to a certain date.

Which of the following statements is incorrect?

The differences between the balances of bank column of the cash book and bank statement could be as a result of the following except

A statement sent periodically usually once a month by a seller to his customers, showing the position of their accounts up to a certain date

Which of the following statements is incorrect?

______ is an inducement given to debtors for payment their debt promptly

Debts which in the opinion of management of an organization may not be fully recovered are called

A book of original entry use in recording all cash transaction is

Reconciling the bank column of the cash book and the bank statement balances is treated under

The recording of cash transactions in the appropriate subsidiary book is any of the following except

The cost of transporting goods meant for resale into the organization is

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

The principal book of account where the double entry principle is completed is called

Debts which in the opinion of management of an organization may not be fully recovered are called

An important functions of accounting which shows expenses, assets, financial position at a given period of time is

The only system which signifies a way of recording all accounting transactions twice in the book of account is

Which of the following statement is incorrect?

Cheques which have been issued for payment by a bank account holder but have not been presented for payment at the bank as at the date the bank prepared the bank statement are called

Cheques deposited into the bank but have not been credited to the customer account by the bank as at the date of preparing the bank statement are called

Which of the following is not a method of preparing trial balance?

Which of the following statements is incorrect?

A subsidiary book which can conveniently cater for recording of special transaction like revaluation of asset is

The money spent in an organization in order to generate income either now or in the future is

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

One of the following is a reason why return inward may be justified

One of the following is not a reason for dishonoured cheques:

The book used in recording goods previously sold to customers but were later returned by the buyer to the seller is

Which of the following is not a type of reserve?

Office

All the following except one can lead to sales return

One of the books of original entry that is used to record any transaction which cannot be conveniently recorded or classified into any of the other subsidiary book is

The process of making the balance on the bank column of a cash book to agree with the balance on the bank statement is

A kind of subsidiary book of account prepare to record cash transaction, bank transaction, discount received and discount allowed is called ________

Which of the following statements is incorrect of trial balance:

One of the following is not an example of subsidiary book:

Which of the following statements is incorrect?

The amount set aside out of profit earned by a company and constitute part of shareholders fund is called

Which of the following statements is incorrect?

One of the following is not an advantage of bank reconciliation statement

A statement sent periodically, usually once a month by a buyer to his suppliers, showing the position of their accounts up to a certain date.

Which of the following statements is incorrect?

The differences between the balances of bank column of the cash book and bank statement could be as a result of the following except

A statement sent periodically usually once a month by a seller to his customers, showing the position of their accounts up to a certain date

Which of the following statements is incorrect?

______ is an inducement given to debtors for payment their debt promptly

Debts which in the opinion of management of an organization may not be fully recovered are called

A book of original entry use in recording all cash transaction is

Reconciling the bank column of the cash book and the bank statement balances is treated under

The recording of cash transactions in the appropriate subsidiary book is any of the following except

The cost of transporting goods meant for resale into the organization is

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

The principal book of account where the double entry principle is completed is called

Debts which in the opinion of management of an organization may not be fully recovered are called

An important functions of accounting which shows expenses, assets, financial position at a given period of time is

The only system which signifies a way of recording all accounting transactions twice in the book of account is

Which of the following statement is incorrect?

Cheques which have been issued for payment by a bank account holder but have not been presented for payment at the bank as at the date the bank prepared the bank statement are called

Cheques deposited into the bank but have not been credited to the customer account by the bank as at the date of preparing the bank statement are called

Which of the following is not a method of preparing trial balance?

Which of the following statements is incorrect?

A subsidiary book which can conveniently cater for recording of special transaction like revaluation of asset is

The money spent in an organization in order to generate income either now or in the future is

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

One of the following is a reason why return inward may be justified

One of the following is not a reason for dishonoured cheques:

The book used in recording goods previously sold to customers but were later returned by the buyer to the seller is

Which of the following is not a type of reserve?

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