ACC 201 CBT PRACTICE

Take your time to read instructions before taking this test.

There are 70 questions which you are to answer in 15 minutes that gives you few seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace ACC 201 exam

PS

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

Join The General 200 Level Group

https://chat.whatsapp.com/CR3L5APyRwoJw9MEjO9o1m

Join Undergragra Campus Update Channel

Whatsapp: https://whatsapp.com/channel/0029VakX28dFi8xdORrhjI34

Telegram: https://t.me/ugchannel

I remain your favorite education blogger

❤️ Undergragra

ACC 201

1 / 70

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

2 / 70

2. The dissolution of a partnership is necessitated by:

3 / 70

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

4 / 70

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

5 / 70

5. Hire Purchase Price is a combination of

6 / 70

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

7 / 70

7. Which of the following statements is incorrect?

8 / 70

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

9 / 70

9. 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

10 / 70

10. Goodwill is best described as

11 / 70

11. Containers that are used multiple times are classified as

12 / 70

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

13 / 70

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

14 / 70

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

15 / 70

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

16 / 70

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.

17 / 70

17. 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

18 / 70

18. Containers stock account is credited with

19 / 70

19. The dissolution of a partnership occurs due to

20 / 70

20. Which of the following statement is incorrect?

21 / 70

21. Unrealized profit in hire purchase arises from

22 / 70

22. Retention fees in contracts are withheld:

23 / 70

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

24 / 70

24. 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

25 / 70

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

26 / 70

26. Revenue in construction contracts is recognized using:

27 / 70

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

28 / 70

28. Purchased goodwill arises when

29 / 70

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

30 / 70

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

31 / 70

31. The term 'goodwill' refers to:

32 / 70

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

33 / 70

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

34 / 70

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

35 / 70

35. A joint venture memorandum account is similar to

36 / 70

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

37 / 70

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

38 / 70

38. Revaluation of partnership assets is done to:

39 / 70

39. 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

40 / 70

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

41 / 70

41. Which of the following statements is incorrect?

42 / 70

42. Which of the following statements is incorrect?

43 / 70

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

44 / 70

44. 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.

45 / 70

45. 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

46 / 70

46. 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

47 / 70

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

48 / 70

48. Non-autonomous branches maintain records

49 / 70

49. Short workings in royalty accounts represent

50 / 70

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

51 / 70

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

52 / 70

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

53 / 70

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

54 / 70

54. Biological assets are measured at

55 / 70

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

56 / 70

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

57 / 70

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

58 / 70

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

59 / 70

59. Which of the following statements is incorrect?

60 / 70

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

61 / 70

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

62 / 70

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

63 / 70

63. The adjustment of asset values during partnership revaluation involves

64 / 70

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

65 / 70

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

66 / 70

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

67 / 70

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

68 / 70

68. The Garner v. Murray rule applies to

69 / 70

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

70 / 70

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

Your score is

The average score is 48%

0%

5 1 vote
Article Rating
Subscribe
Notify of
guest

0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments