CBT TEST

ACC 102 CBT PRACTICE

Phil June 20, 2024Last Updated: June 20, 2024

3 1,302 1 minute read

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

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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ACC 102

1 / 40

Which of the following statements is incorrect?

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

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

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

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

2 / 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. N1,359,190

C. N1,939,250

D. N1,399,190

3 / 40

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 a transaction will appear twice in the accounting

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

4 / 40

Which of the following statements is incorrect?

A. Debtors control account is not used for cash customers

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

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

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

5 / 40

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

6 / 40

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

A. Cash book

B. Contra Entry

C. Subsidiary book

D. Ledger

7 / 40

Which of the following statements is incorrect?

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

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

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

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

8 / 40

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

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

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

C. It shows arithmetical accuracy of books of account

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

9 / 40

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. Direct Cheque

B. Uncredited Cheque

C. Unpresented Cheque

D. Indirect Cheque

10 / 40

10.

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

A. Double entry system

B. Debit and credit entry system

C. Contra entry system

D. Double column cash book system

11 / 40

11.

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

A. Cash book

B. Three column cash book

C. Special column cash book

D. Double Column cash book

12 / 40

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

A. Accounting rules and regulations

B. Financial Concept

C. Organization concept

D. Accounting concept

13 / 40

13.

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 financial statement

B. Debtor control account

C. Debtor current account

D. Debtor statement of account

14 / 40

14.

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 cash book statement

B. Bank company account

C. Bank adjusted cash book

D. Bank reconciliation statement

15 / 40

15.

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

A. Debit entry

B. Contra entry

C. Cash and bank entry

D. Credit entry

16 / 40

16.

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

B. Proficiency of the accountant

C. Errors

D. Timing differences

17 / 40

17.

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

A. Petty cash book

B. Cash book

C. Trial Balance

D. Double column cash book

18 / 40

18.

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

A. Controlling

B. Measurement

C. recording

D. auditing

19 / 40

19.

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

A. Expenditure

B. Cost

C. Recurrent Cost

D. Expenses

20 / 40

20.

Which of the following statements is incorrect?

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

B. The left side records all cash receipts

C. Cash book is divided into three sides

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

21 / 40

21.

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

A. Irregular signature from the issuer

B. Unsigned Cheque

C. If the Cheque is not dead

D. Bank network problem

22 / 40

22.

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. Return inward day book

B. Purchases day book

C. Cash book

D. Journal prosper

23 / 40

23.

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. Unpresented Cheque

B. Direct Cheque

C. Indirect Cheque

D. Uncredited Cheque

24 / 40

24.

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

A. Purchases return book

B. Return with discount journal

C. Return inward journal

D. Return outward journal

25 / 40

25.

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

A. Trade discount

B. Cash lodgement

C. Trade lodgement

D. Cash discount

26 / 40

26.

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

A. Doubtful debts

B. Recoverable Debts

C. Bad debts

D. Bad debts provision

27 / 40

27.

All the following except one can lead to sales return

A. Short in quantity, weight and other measuring discrepancies

B. Advance payment not accomplished

C. Government Policy

D. Defect in the goods

28 / 40

28.

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

A. Codes

B. Account types

C. Chart of account

D. Account descriptions

29 / 40

29.

Which of the following statements is incorrect of trial balance:

A. It forms the basis for preparing the financial statement

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

C. It helps in calculating balance carried down easily

D. It helps in detecting certain errors

30 / 40

30.

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. Advance payment settle in cash

D. Payment of cash to supplier

31 / 40

31.

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

A. Total method

B. Balance method

C. Equilibrium method

D. Total and balance method

32 / 40

32.

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

A. Bank reconciliation statement

B. Bank adjusted cash book

C. Bank company account

D. Bank cash book statement

33 / 40

33.

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

A. Gross profit

B. Investment

C. Reserve

D. Fund

34 / 40

34.

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

35 / 40

35.

Which of the following is not a type of reserve?

A. Shareholder Reserve

B. Revenue Reserve

C. Capital Reserve

D. General Reserve

36 / 40

36.

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

A. Payment voucher error

B. Invoice not written properly

C. Wrong specification of model or colour

D. Credit note not supported

37 / 40

37.

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

A. Carriage outward

B. Return inward

C. Return outward

D. Carriage inward

38 / 40

38.

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

A. Sales day book

B. Journal prosper

C. Purchases day book

D. Discount allowed by bank

39 / 40

39.

Table of Contents

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

B. 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

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

D. Another name for journal is journal proper

40 / 40

40.

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

A. Bad debts

B. Recoverable Debt

C. Bad debts provision

D. Doubtful debt

Your score is

The average score is 46%

Phil June 20, 2024Last Updated: June 20, 2024

3 1,302 1 minute read

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Blessing

8 months ago

Please can you drop IRP CBT?

-1

Can we get more questions please?

Please sir,can we get Bus 106 & 102¿

Davzzy Adeleke
You are doing well And this site is so great for the prepara...
Olawanle Faith Igbayilola
What about correction of name...
Michael
Adon die...
Onyinyechi
The questions are hard o...
Phil
Noted...

Which of the following statements is incorrect?

Which of the following statements is incorrect?

Which of the following statements is incorrect?

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.

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

Which of the following statements is incorrect?

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

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

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

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

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

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

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

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

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

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

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

Which of the following statements is incorrect?

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

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

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

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

______ 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

All the following except one can lead to sales return

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

Which of the following statements is incorrect of trial balance:

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

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

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

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

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

Which of the following is not a type of reserve?

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

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

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

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

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