ACC 102 CBT PRACTICE

Phil June 20, 2024

3 1,243 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

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

2 / 40

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

3 / 40

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

A. Cash book

B. Subsidiary book

C. Ledger

D. Contra Entry

4 / 40

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

A. Equilibrium method

B. Total method

C. Total and balance method

D. Balance method

5 / 40

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

A. Bad debts

B. Recoverable Debts

C. Doubtful debts

D. Bad debts provision

6 / 40

Table of Contents

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. Proficiency of the accountant

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

C. Timing differences

D. Errors

7 / 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 cash book statement

B. Bank reconciliation statement

C. Bank adjusted cash book

D. Bank company account

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

C. It shows arithmetical accuracy of books of account

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

9 / 40

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

A. Return outward

B. Return inward

C. Carriage outward

D. Carriage inward

10 / 40

10.

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

A. Discount allowed by bank

B. Sales day book

C. Purchases day book

D. Journal prosper

11 / 40

11.

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

12 / 40

12.

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

A. Recurrent Cost

B. Expenditure

C. Cost

D. Expenses

13 / 40

13.

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

A. Controlling

B. auditing

C. Measurement

D. recording

14 / 40

14.

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. Uncredited Cheque

B. Direct Cheque

C. Indirect Cheque

D. Unpresented Cheque

15 / 40

15.

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

16 / 40

16.

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 with discount journal

C. Purchases return book

D. Return outward journal

17 / 40

17.

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

A. Trade discount

B. Cash lodgement

C. Cash discount

D. Trade lodgement

18 / 40

18.

Which of the following is not a type of reserve?

A. Capital Reserve

B. General Reserve

C. Revenue Reserve

D. Shareholder Reserve

19 / 40

19.

All the following except one can lead to sales return

A. Defect in the goods

B. Short in quantity, weight and other measuring discrepancies

C. Government Policy

D. Advance payment not accomplished

20 / 40

20.

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

21 / 40

21.

Which of the following statements is incorrect?

A. The left side records all cash receipts

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

22 / 40

22.

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

23 / 40

23.

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. Advance payment settle in cash

D. Receipt of cash from customers

24 / 40

24.

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

A. Credit note not supported

B. Invoice not written properly

C. Wrong specification of model or colour

D. Payment voucher error

25 / 40

25.

Which of the following statements is incorrect?

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

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

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

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.

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 received and discount allowed are referred to as contra entry transaction

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

27 / 40

27.

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. Indirect Cheque

C. Uncredited Cheque

D. Unpresented Cheque

28 / 40

28.

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

29 / 40

29.

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. Return inward day book

C. Purchases day book

D. Cash book

30 / 40

30.

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

A. Investment

B. Gross profit

C. Fund

D. Reserve

31 / 40

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

A. Accounting rules and regulations

B. Organization concept

C. Financial Concept

D. Accounting concept

32 / 40

32.

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

33 / 40

33.

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

A. Trial Balance

B. Petty cash book

C. Cash book

D. Double column cash book

34 / 40

34.

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

35 / 40

35.

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

36 / 40

36.

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

A. If the Cheque is not dead

B. Unsigned Cheque

C. Bank network problem

D. Irregular signature from the issuer

37 / 40

37.

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

38 / 40

38.

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

39 / 40

39.

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. Double Column cash book

C. Three column cash book

D. Special column cash book

40 / 40

40.

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. Double column cash book system

D. Contra entry system

Your score is

The average score is 46%

Phil June 20, 2024

3 1,243 1 minute read

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Blessing

4 months ago

Please can you drop IRP CBT?

-1

Can we get more questions please?

Please sir,can we get Bus 106 & 102¿

Phil
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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

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

Debts which in the opinion of management of an organization may not be fully recovered are 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 process of making the balance on the bank column of a cash book to agree with the balance on the bank statement is

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

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

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

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

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

Which of the following is not a type of reserve?

All the following except one can lead to sales return

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?

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

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

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

Which of the following statements is incorrect?

Which of the following statements is incorrect?

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 statements is incorrect of trial balance:

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

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

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

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.

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

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

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

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

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