ACC 201 CBT PRACTICE

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

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

3. The agent’s reward for managing consignment sales is called

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

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

6. The document that outlines the terms of a partnership is called

7. Hire Purchase Price is a combination of

8. The Garner v. Murray rule applies to

9. Which of the following statements is incorrect?

10. A joint venture memorandum account is similar to

11. Revenue in construction contracts is recognized using:

12. Biological assets are measured at

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

14. Non-autonomous branches maintain records

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

16. In consignment accounting, expenses incurred by the consignee are:

17. Goodwill introduced into a partnership due to a new partner is accounted for by:

18. 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

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

20. In the absence of a partnership agreement, profits and losses are shared

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

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

23. 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.

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

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

26. The dissolution of a partnership is necessitated by:

27. Purchased goodwill arises when

28. Short workings in royalty accounts represent

29. The adjustment of asset values during partnership revaluation involves

30. The profit-sharing ratio of partners in the absence of an agreement is:

31. Partnership is defined as a relationship between persons who:

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

33. 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

34. 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.

35. Which of the following statements is incorrect?

36. A joint venture differs from a partnership because it:

37. Unrealized profit in hire purchase arises from

38. The dissolution of a partnership occurs due to

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

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

41. The accounting treatment for goods taken by a partner for personal use involves:

42. Retention fees in contracts are withheld:

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

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

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

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

47. Which of the following statement is incorrect?

48. Goodwill is best described as

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

50. 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

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

52. In a joint venture, participants are referred to as

53. Containers that are used multiple times are classified as

54. Which of the following statements is incorrect?

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

56. 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

57. Containers stock account is credited with

58. Copy - Revaluation of partnership assets is done to:

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

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

61. When a partner uses firm funds for personal expenses, the entry is:

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

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

64. The term 'goodwill' refers to:

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

66. 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

67. Revaluation of partnership assets is done to:

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

69. Which of the following statements is incorrect?

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