ACC 102 CBT PRACTICE

Ace/Undergragra 1 week ago

0 128 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

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

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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

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. Credit entry

C. Cash and bank entry

D. Contra entry

2 / 40

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

A. Contra entry system

B. Debit and credit entry system

C. Double column cash book system

D. Double entry system

3 / 40

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

A. Payment of cash to supplier

B. Acquisition of properties by cash

C. Receipt of cash from customers

D. Advance payment settle in cash

4 / 40

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

A. Trade discount

B. Trade lodgement

C. Cash lodgement

D. Cash discount

5 / 40

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

A. Balance method

B. Total and balance method

C. Total method

D. Equilibrium method

6 / 40

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

A. Three column cash book

B. Special column cash book

C. Cash book

D. Double Column cash book

7 / 40

Table of Contents

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

A. Doubtful debt

B. Bad debts provision

C. Bad debts

D. Recoverable Debt

8 / 40

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

A. Organization concept

B. Financial Concept

C. Accounting concept

D. Accounting rules and regulations

9 / 40

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

10 / 40

10.

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

C. 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

D. Another name for journal is journal proper

11 / 40

11.

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

A. Carriage inward

B. Carriage outward

C. Return outward

D. Return inward

12 / 40

12.

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

A. It shows arithmetical accuracy of books of account

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

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

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

13 / 40

13.

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

A. cash book

B. cash purchase book

C. cash discount book

D. Cash sales book

14 / 40

14.

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. Uncredited Cheque

B. Direct Cheque

C. Unpresented Cheque

D. Indirect Cheque

15 / 40

15.

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

16 / 40

16.

Which of the following statements is incorrect?

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

B. Cash book is divided into three sides

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

D. The left side records all cash receipts

17 / 40

17.

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

A. Return outward journal

B. Return with discount journal

C. Return inward journal

D. Purchases return book

18 / 40

18.

All the following except one can lead to sales return

A. Advance payment not accomplished

B. Defect in the goods

C. Government Policy

D. Short in quantity, weight and other measuring discrepancies

19 / 40

19.

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

A. Gross profit

B. Reserve

C. Fund

D. Investment

20 / 40

20.

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 reconciliation statement

C. Bank adjusted cash book

D. Bank company account

21 / 40

21.

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

A. Recoverable Debts

B. Bad debts

C. Bad debts provision

D. Doubtful debts

22 / 40

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.

A. N1,399,190

B. N1,939,250

C. N1,214,250

D. N1,359,190

23 / 40

23.

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

A. Purchases day book

B. Journal prosper

C. Sales day book

D. Discount allowed by bank

24 / 40

24.

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. Proficiency of the accountant

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

D. Errors

25 / 40

25.

Which of the following statements is incorrect?

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

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

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

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

26 / 40

26.

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

27 / 40

27.

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 control account

B. Debtor financial statement

C. Debtor current account

D. Debtor statement of account

28 / 40

28.

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

A. Bank adjusted cash book

B. Bank reconciliation statement

C. Bank cash book statement

D. Bank company account

29 / 40

29.

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

A. Unsigned Cheque

B. If the Cheque is not dead

C. Irregular signature from the issuer

D. Bank network problem

30 / 40

30.

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. Cash book

C. Journal prosper

D. Purchases day book

31 / 40

31.

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 statement of account

B. Creditor current account

C. Creditor credit statement

D. Creditor control account

32 / 40

32.

Which of the following statements is incorrect?

A. Debtors control account is not used for cash customers

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

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

33 / 40

33.

Which of the following is not a type of reserve?

A. Revenue Reserve

B. Shareholder Reserve

C. Capital Reserve

D. General Reserve

34 / 40

34.

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

A. Subsidiary book

B. Ledger

C. Cash book

D. Contra Entry

35 / 40

35.

Which of the following statements is incorrect?

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

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

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

36 / 40

36.

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 is a special kind of account of accuracy

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

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

37 / 40

37.

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

A. Recurrent Cost

B. Expenses

C. Expenditure

D. Cost

38 / 40

38.

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

A. Payment voucher error

B. Credit note not supported

C. Invoice not written properly

D. Wrong specification of model or colour

39 / 40

39.

Which of the following statements is incorrect of trial balance:

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

B. It forms the basis for preparing the financial statement

C. It helps in detecting certain errors

D. It helps in calculating balance carried down easily

40 / 40

40.

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. Chart of account

D. Account types

Your score is

The average score is 52%

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Ace/Undergragra 1 week ago

0 128 1 minute read

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

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

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

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

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

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

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

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 cost of transporting goods meant for resale into the organization is

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

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

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

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

Which of the following statements is incorrect?

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

All the following except one can lead to sales return

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

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

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

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

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

Which of the following statements is incorrect?

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

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

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

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

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?

Which of the following is not a type of reserve?

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

Which of the following statements is incorrect?

Which of the following statements is incorrect?

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

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

Which of the following statements is incorrect of trial balance:

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

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