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CBT TEST

ACC 102 CBT PRACTICE

Phil

June 20, 2024

349

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

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 reconciliation statement

B. Bank adjusted cash book

C. Bank company account

D. Bank cash book statement

2 / 40

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

A. Cash sales book

B. cash book

C. cash discount book

D. cash purchase book

3 / 40

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

4 / 40

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

A. Return outward

B. Carriage inward

C. Return inward

D. Carriage outward

5 / 40

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

A. Equilibrium method

B. Balance method

C. Total method

D. Total and balance method

6 / 40

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

A. Fund

B. Reserve

C. Investment

D. Gross profit

7 / 40

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

A. Payment of cash to supplier

B. Advance payment settle in cash

C. Receipt of cash from customers

D. Acquisition of properties by cash

8 / 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 financial statement

B. Debtor current account

C. Debtor control account

D. Debtor statement of account

9 / 40

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

A. Double column cash book

B. Petty cash book

C. Cash book

D. Trial Balance

10 / 40

10.

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

A. Cash lodgement

B. Trade discount

C. Trade lodgement

D. Cash discount

11 / 40

11.

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

12 / 40

12.

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. Contra entry system

C. Double column cash book system

D. Double entry system

13 / 40

13.

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 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

14 / 40

14.

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. Special column cash book

D. Three column cash book

15 / 40

15.

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

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.

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

A. recording

B. auditing

C. Measurement

D. Controlling

18 / 40

18.

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

A. Contra Entry

B. Cash book

C. Ledger

D. Subsidiary book

19 / 40

19.

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

A. Journal prosper

B. Sales day book

C. Purchases day book

D. Discount allowed by bank

20 / 40

20.

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. Errors

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. Timing differences

21 / 40

21.

Which of the following statements is incorrect?

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

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

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

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

22 / 40

22.

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

A. Bad debts provision

B. Recoverable Debt

C. Bad debts

D. Doubtful debt

23 / 40

23.

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

A. Bad debts

B. Doubtful debts

C. Bad debts provision

D. Recoverable Debts

24 / 40

24.

Which of the following statements is incorrect of trial balance:

A. It helps in detecting certain errors

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 forms the basis for preparing the financial statement

25 / 40

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

A. Organization concept

B. Accounting rules and regulations

C. Accounting concept

D. Financial Concept

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. Indirect Cheque

B. Unpresented Cheque

C. Uncredited Cheque

D. Direct Cheque

27 / 40

27.

Which of the following statements is incorrect?

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

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 not used for cash customers

28 / 40

28.

All the following except one can lead to sales return

A. Advance payment not accomplished

B. Short in quantity, weight and other measuring discrepancies

C. Government Policy

D. Defect in the goods

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. Cash book

B. Purchases day book

C. Return inward day book

D. Journal prosper

30 / 40

30.

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

31 / 40

31.

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 shows arithmetical accuracy of books of account

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

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

32 / 40

32.

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

A. Bank company account

B. Bank reconciliation statement

C. Bank adjusted cash book

D. Bank cash book statement

33 / 40

33.

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

A. Account types

B. Account descriptions

C. Chart of account

D. Codes

34 / 40

34.

Table of Contents

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. Unpresented Cheque

D. Uncredited Cheque

35 / 40

35.

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

A. Credit entry

B. Contra entry

C. Debit entry

D. Cash and bank entry

36 / 40

36.

Which of the following is not a type of reserve?

A. General Reserve

B. Capital Reserve

C. Shareholder Reserve

D. Revenue Reserve

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. Cost

C. Expenses

D. Expenditure

38 / 40

38.

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

B. Another name for journal is journal proper

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

39 / 40

39.

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

A. Bank network problem

B. If the Cheque is not dead

C. Irregular signature from the issuer

D. Unsigned Cheque

40 / 40

40.

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. Purchases return book

D. Return inward journal

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

3 days ago

Please sir can we get past questions on ams 102

Author

Reply to Odeyemi Nifemi

Kindly message me on WhatsApp.

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 book of original entry use in recording all cash transaction is

Which of the following statements is incorrect?

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

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

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

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

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

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

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

Which of the following statements is incorrect?

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

Which of the following statements is incorrect?

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 buyer to his suppliers, showing the position of their accounts up to a certain date.

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

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

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

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

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

Which of the following statements is incorrect?

All the following except one can lead to sales return

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

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

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

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

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

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

Which of the following is not a type of reserve?

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

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

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

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