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

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ACC 102

1 / 40

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

A. Recoverable Debts

B. Doubtful debts

C. Bad debts

D. Bad debts provision

2 / 40

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

A. Trade lodgement

B. Trade discount

C. Cash lodgement

D. Cash discount

3 / 40

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 financial statement

D. Debtor statement of account

4 / 40

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

5 / 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. Contra entry

D. Cash and bank entry

6 / 40

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. Timing differences

C. Proficiency of the accountant

D. Errors

7 / 40

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

A. Double column cash book system

B. Double entry system

C. Contra entry system

D. Debit and credit entry system

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

D. It shows arithmetical accuracy of books of account

9 / 40

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

A. Financial Concept

B. Accounting concept

C. Organization concept

D. Accounting rules and regulations

10 / 40

10.

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

11 / 40

11.

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

A. Petty cash book

B. Cash book

C. Double column cash book

D. Trial Balance

12 / 40

12.

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

A. Chart of account

B. Account types

C. Account descriptions

D. Codes

13 / 40

13.

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

A. Return with discount journal

B. Return outward journal

C. Return inward journal

D. Purchases return book

14 / 40

14.

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

A. Acquisition of properties by cash

B. Payment of cash to supplier

C. Advance payment settle in cash

D. Receipt of cash from customers

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. Double Column cash book

B. Cash book

C. Special column cash book

D. Three column cash book

16 / 40

16.

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. N1,399,190

C. N1,939,250

D. N1,359,190

17 / 40

17.

Which of the following is not a type of reserve?

A. Revenue Reserve

B. Capital Reserve

C. Shareholder Reserve

D. General Reserve

18 / 40

18.

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

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

19 / 40

19.

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 control account

C. Creditor current account

D. Creditor credit statement

20 / 40

20.

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

A. Doubtful debt

B. Bad debts

C. Recoverable Debt

D. Bad debts provision

21 / 40

21.

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. Direct Cheque

C. Unpresented Cheque

D. Uncredited Cheque

22 / 40

22.

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

A. Measurement

B. recording

C. Controlling

D. auditing

23 / 40

23.

Table of Contents

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

A. Bank cash book statement

B. Bank reconciliation statement

C. Bank adjusted cash book

D. Bank company account

24 / 40

24.

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

A. Irregular signature from the issuer

B. Bank network problem

C. Unsigned Cheque

D. If the Cheque is not dead

25 / 40

25.

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 helps in calculating balance carried down easily

C. It forms the basis for preparing the financial statement

D. It helps in detecting certain errors

26 / 40

26.

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. Unpresented Cheque

C. Indirect Cheque

D. Uncredited Cheque

27 / 40

27.

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

A. Contra Entry

B. Ledger

C. Subsidiary book

D. Cash book

28 / 40

28.

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

A. Balance method

B. Total method

C. Equilibrium method

D. Total and balance method

29 / 40

29.

Which of the following statements is incorrect?

A. The left side records all cash receipts

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

C. Cash book is divided into three sides

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

30 / 40

30.

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

31 / 40

31.

Which of the following statements is incorrect?

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

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

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

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

32 / 40

32.

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

A. Return inward

B. Return outward

C. Carriage outward

D. Carriage inward

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. Fund

D. Reserve

34 / 40

34.

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

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. Another name for journal is journal proper

35 / 40

35.

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. Journal prosper

B. Purchases day book

C. Cash book

D. Return inward day book

36 / 40

36.

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

A. Sales day book

B. Discount allowed by bank

C. Purchases day book

D. Journal prosper

37 / 40

37.

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 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 the receiver should be credited while the giver should be debited

38 / 40

38.

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 agreement does not mean that there is no errors in the account

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

39 / 40

39.

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

A. Recurrent Cost

B. Cost

C. Expenses

D. Expenditure

40 / 40

40.

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

A. Payment voucher error

B. Invoice not written properly

C. Credit note not supported

D. Wrong specification of model or colour

Your score is

The average score is 46%

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Blessing

10 months ago

Please can you drop IRP CBT?

-1

Can we get more questions please?

Please sir,can we get Bus 106 & 102¿

Odeyemi Nifemi

25 days ago

Please sir can we get past questions on ams 102

Author

Aruwaji Philip

Reply to Odeyemi Nifemi

Kindly message me on WhatsApp.

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

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

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 book of original entry use in recording all cash transaction 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

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

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

All the following except one can lead to sales return

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

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

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

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

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 is not a type of reserve?

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.

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

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

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:

Which of the following statements is incorrect of trial balance:

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

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

Which of the following statements is incorrect?

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

Which of the following statements is incorrect?

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

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

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

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

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