FUOYE ACC 102 CBT Practice : Undergragra

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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

Please do well to use our comment box incase there’s a message you want to pass to us

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ACC 102

1 / 40

1. Which of the following statements is incorrect?

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

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

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

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

2 / 40

2. 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

3 / 40

3. Which of the following statements is incorrect of trial balance:

A. It helps in calculating balance carried down easily

B. It helps in detecting certain errors

C. It forms the basis for preparing the financial statement

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

4 / 40

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

A. Payment voucher error

B. Credit note not supported

C. Wrong specification of model or colour

D. Invoice not written properly

5 / 40

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

A. Controlling

B. recording

C. auditing

D. Measurement

6 / 40

6. 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

7 / 40

7. Which of the following statements is incorrect?

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

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

8 / 40

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

A. Accounting concept

B. Organization concept

C. Financial Concept

D. Accounting rules and regulations

9 / 40

9. 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

10 / 40

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

A. Account types

B. Codes

C. Chart of account

D. Account descriptions

11 / 40

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

A. Contra entry system

B. Double entry system

C. Double column cash book system

D. Debit and credit entry system

12 / 40

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

A. Cost

B. Expenses

C. Expenditure

D. Recurrent Cost

13 / 40

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

A. Cash discount

B. Trade lodgement

C. Cash lodgement

D. Trade discount

14 / 40

14. 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 control account

B. Creditor credit statement

C. Creditor statement of account

D. Creditor current account

15 / 40

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

A. Special column cash book

B. Cash book

C. Three column cash book

D. Double Column cash book

16 / 40

16. 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

17 / 40

17. 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. Another name for journal is journal proper

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

18 / 40

18. Which of the following statements is incorrect?

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

B. Cash book is divided into three sides

C. The left side records all cash receipts

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

19 / 40

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

A. Contra entry

B. Cash and bank entry

C. Debit entry

D. Credit entry

20 / 40

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

A. Advance payment settle in cash

B. Acquisition of properties by cash

C. Receipt of cash from customers

D. Payment of cash to supplier

21 / 40

21. 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

22 / 40

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

A. Cash book

B. Subsidiary book

C. Contra Entry

D. Ledger

23 / 40

23. 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

24 / 40

24. 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. Indirect Cheque

B. Uncredited Cheque

C. Direct Cheque

D. Unpresented Cheque

25 / 40

25. 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 company account

D. Bank adjusted cash book

26 / 40

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

A. Return inward

B. Carriage outward

C. Return outward

D. Carriage inward

27 / 40

27. 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. Investment

D. Fund

28 / 40

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

A. cash book

B. Cash sales book

C. cash discount book

D. cash purchase book

29 / 40

29. All the following except one can lead to sales return

A. Short in quantity, weight and other measuring discrepancies

B. Government Policy

C. Defect in the goods

D. Advance payment not accomplished

30 / 40

30. Which of the following is not a type of reserve?

A. Capital Reserve

B. Revenue Reserve

C. General Reserve

D. Shareholder Reserve

31 / 40

31. 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. Purchases return book

C. Return with discount journal

D. Return inward journal

32 / 40

32. 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. N1,399,190

D. N1,939,250

33 / 40

33. 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

34 / 40

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

A. Recoverable Debt

B. Bad debts provision

C. Bad debts

D. Doubtful debt

35 / 40

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

A. Discount allowed by bank

B. Journal prosper

C. Purchases day book

D. Sales day book

36 / 40

36. 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 current account

C. Debtor statement of account

D. Debtor financial statement

37 / 40

37. 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. Errors

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

38 / 40

38. 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. Unpresented Cheque

B. Uncredited Cheque

C. Indirect Cheque

D. Direct Cheque

39 / 40

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

A. Balance method

B. Total and balance method

C. Equilibrium method

D. Total method

40 / 40

40. Which of the following statements is incorrect?

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

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

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

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Blessing

1 year ago

Please can you drop IRP CBT?

-1

Can we get more questions please?

Please sir,can we get Bus 106 & 102¿

Odeyemi Nifemi

4 months ago

Please sir can we get past questions on ams 102

Author

Aruwaji Philip

Reply to Odeyemi Nifemi

Kindly message me on WhatsApp.

1. Which of the following statements is incorrect?

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

3. Which of the following statements is incorrect of trial balance:

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

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

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

7. Which of the following statements is incorrect?

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

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

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

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

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

14. 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.

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

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

17. Which of the following statement is incorrect?

18. Which of the following statements is incorrect?

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

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

21. 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

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

23. Which of the following statements is incorrect?

24. 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

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

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

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

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

29. All the following except one can lead to sales return

30. Which of the following is not a type of reserve?

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

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

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

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

36. 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

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

38. 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

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

40. Which of the following statements is incorrect?

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