ACC 201 CBT PRACTICE

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

2. 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.

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

4. Containers that are used multiple times are classified as

5. The Garner v. Murray rule applies to

6. 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

7. Biological assets are measured at

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

9. Unrealized profit in hire purchase arises from

10. Which of the following statements is incorrect?

11. The dissolution of a partnership is necessitated by:

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

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

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

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.

16. 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

17. Which of the following statements is incorrect?

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

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

20. Which of the following statements is incorrect?

21. 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

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

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

24. Purchased goodwill arises when

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

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

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

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

29. The term 'goodwill' refers to:

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

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

32. Goodwill is best described as

33. Non-autonomous branches maintain records

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

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

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

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

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

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

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

41. Which of the following statement is incorrect?

42. 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

43. Revaluation of partnership assets is done to:

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

45. Revenue in construction contracts is recognized using:

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

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

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

49. The dissolution of a partnership occurs due to

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

51. 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

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

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

54. The adjustment of asset values during partnership revaluation involves

55. Short workings in royalty accounts represent

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

57. Which of the following statements is incorrect?

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

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

60. Retention fees in contracts are withheld:

61. Containers stock account is credited with

62. 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

63. Hire Purchase Price is a combination of

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

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

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

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

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

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

70. A joint venture memorandum account is similar to