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CBT TEST

ACC 202 CBT PRACTICE

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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.

 

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If you can get at least 60%, you can be rest assured that you’ll ace ACC 202 exam

 

PS

 

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

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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

 

 

FUOYE FRESHERS GENERAL GRP

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To get latest school updates 👇

 

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I remain your favorite education blogger 😉

 

❤️ Undergragra

ACC 202

1 / 40

1.

A car was purchased for N12,000 on 1 April in year 1 and has been depreciated at 20% each year straight line, assuming no residual value. The company policy is to charge a full year’s depreciation in the year of purchase and no depreciation in the year of sale. The car was traded in for a replacement vehicle on 1 August in year 4 for an agreed figure of N5,000. What was the profit or loss on the disposal of the vehicle in year 4?

 

2 / 40

2.

N purchased a machine for N15,000. The transportation costs were N1,500 and installation costs were N750. The machine broke down at the end of the first month in use and cost N400 to repair. N depreciates machinery at 10% each year on cost, assuming no residual value.What is the net book value of the machine after one year?

 

3 / 40

3.

The process of locating and eliminating errors from a program is known as?

 

4 / 40

4. Copy -

A car was purchased for N12,000 on 1 April in year 1 and has been depreciated at 20% each year straight line, assuming no residual value. The company policy is to charge a full year’s depreciation in the year of purchase and no depreciation in the year of sale. The car was traded in for a replacement vehicle on 1 August in year 4 for an agreed figure of N5,000. What was the profit or loss on the disposal of the vehicle in year 4?

 

5 / 40

5.

Which of these statements CANNOT be defined as income?

 

6 / 40

6.

An increase in inventories of N500 and a decrease in the bank balance of N600 and an increase in payables of N1,400 results in:

 

7 / 40

7.

One of the following is a disadvantage of Application Packages.

 

8 / 40

8.

A company includes in inventory goods received before the year end, but for which invoices are not received until after the year end. This is in accordance with

 

9 / 40

9.

H began trading on 1 July. The company is now preparing its accounts for the accounting year ended 30 June year 1. Rent is charged for the year from 1 April to 31 March, and was N1,800 for the year ended 31 March year 1 and N2,000 for the year ended 31 March year 2. Rent is payable quarterly in advance, plus any arrears, on 1 March, 1 June, 1 September and 1 December.The charge to H �??S income statement for rent for the year ended 30 June year 2 is

 

10 / 40

10.

Which of the following are used in a coding system for accounting transactions?

 

11 / 40

11.

Z’s bank statement shows a balance of N825 overdrawn. The bank statement includes bankcharges of N50, which have not been entered in the cash book. There are unpresentedcheques totalling N475 and deposits not yet credited of N600. The bank statement incorrectly shows a direct debit payment of N160, which belongs to another customer.What figure for the bank balance should be shown in the statement of financial position?

 

 

 

 

12 / 40

12.

Table of Contents

The entries in a sales ledger control account are:Sales 250,000; Bank 225,000; Sales returns 2,500; Bad debts (irrecoverable debts?) 3,000; Bad debts (irrecoverable debts?) 3,000;Returned unpaid cheque 3,500; Contra with purchase ledger account 4,000;What is the balance on the sales ledger control accout

 

13 / 40

13.

Which one of the following should be accounted for as capital expenditure?

 

14 / 40

14.

Which of the following would result from an increase in the allowance for doubtful debts?

 

15 / 40

15.

Use the following details to answer.Trade receivables control account balance 500,000.00 Allowance for doubtful debts 50,000.00Allowance for discount allowed on receivables 5%.The receivables figure to be shown under current assets in the Statement of Financial position is

 

16 / 40

16. Copy -

Which of the following would result from an increase in the allowance for doubtful debts?

 

17 / 40

17.

B operates the imprest system for petty cash. At 1 July there was a float of N150, but it wa sdecided to increase this to N200 from 1 August onwards. During July, the petty cashier received N25 from staff for using the photocopier and a cheque for N90 was cashed for an employee. In July, cheques were drawn for N500 for petty cash.What was the total expense paid from petty cash in July?

 

18 / 40

18.

On 1 May, A pays a rent bill of N1,800 for the twelve months to 30 April. What is the charge/credit to the income statement for the year ended 30 November?

 

19 / 40

19.

When there is inflation, the historical cost convention has the effect of

 

20 / 40

20.

Which ONE of the following expenses should be included in prime cost in a manufacturing account?

 

21 / 40

21.

During year 2016, Victor paid rent amounting to 500,000. He owed 50,000 at the beginning of the year and by 31 December 2016, he had paid rent in advance of 100,000. His rent charge for 2016 was?

 

22 / 40

22.

An error of commission occurs where the entries required for a transaction are partially omitted.

 

23 / 40

23. Copy -

On 1 June year 1, H paid an insurance invoice of N2,400 for the year to 31 May year 2. What is the charge to the income statement and the entry in the financial statement for the year ended 31 December year 1?

 

24 / 40

24.

Which of these books of account could be classified as a subsidiary book as well as a ledger

 

25 / 40

25.

Which one of the following sentences does NOT explain the distinction between financial accounts and management accounts?

 

26 / 40

26.

On 1 June year 1, H paid an insurance invoice of N2,400 for the year to 31 May year 2. What is the charge to the income statement and the entry in the financial statement for the year ended 31 December year 1?

 

27 / 40

27.

Which of the following errors will cause the trial balance totals to be unequal?

 

28 / 40

28.

The objective of financial statements is it enables users to assess the performance ofmanagement and to aid in decision making

 

29 / 40

29.

The difference between an income statement and an income and expenditure account is that

 

30 / 40

30.

On 1 May, East owed a supplier N1,200. During the month of May, East:(1)Purchased goods for N1,700 and the supplier offered a 5% discount for payment within the month.(2)Returned goods valued at N100 which had been purchased in April. (3)Sent a cheque to the supplier for payment of the goods delivered in May.What is the balance on the supplier’s account at the end of May?

 

31 / 40

31.

The core objective of accounting is

 

32 / 40

32.

The profit of a business may be calculated by using which one of the following formulae?

 

33 / 40

33.

SSG bought a machine for N40,000 in January year 1. The machine had an expected useful life of six years and an expected residual value of N10,000. The machine was depreciated on the straight-line basis where a full year’s charge in made in the year of purchase and none in the year of sale. In December year 4, the machine was sold for N15,000. The company has a policy in its internal accounts of combining the depreciation charge with the profit or loss on disposal of assets. Its year end is 31 December.What is the total amount of profit/loss charged to the income statement over the life of the machine?

 

34 / 40

34.

A company bought a machine on 1 October year 1 for N52,000. The machine had an expected life of eight years and an estimated residual value of N4,000. On 31 March year 6, the machine was sold for N35,000. The company�??s yearend is 31 December. The company uses the straight-line method for depreciation and it charges a full year�??s depreciation in the year of purchase and none in the year of sale. What is the profit or loss on disposal of the machine?

 

35 / 40

35.

Which ONE of the following best describes the stewardship function?

 

36 / 40

36.

Non-current assets can best be defined as Items of machinery which are not moveable and are purchase with an intention of resale

 

37 / 40

37.

What is an imprest system?

 

38 / 40

38.

N operates an imprest system for petty cash. On 1 February, the float was N300. It was decided that this should be increased to N375 at the end of February, During February, the cashier paid N20 for window cleaning, N100 for stationery and N145 for coffee and biscuits. The cashier received N20 from staff for the private use of the photocopier and N60 for a miscellaneous cash sale.What amount was drawn from the bank account for petty cash at the end of February?

 

39 / 40

39.

A vehicle was purchased on 1 January 2011 at a cost of N2,000,000 and was depreciated at 25% on cost. It was sold on 31 December 2013 for N1,400,000. Full-year depreciation 25% on cost. It was sold on 31 December 2013 for N1,400,000. Full-year depreciation was charged in the years of purchase and disposal. Determine the profit or loss on the disposal

 

40 / 40

40.

The accounting equation at the start of the month was:Assets N14,000 less liabilities N6,500.During the following month, the business purchased a non-current asset for N6,000, payingby cheque, a profit of N9,000 was made, and payables of N7,500 were paid by cheque.What would the balance on capital be at the end of month?

 

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The average score is 15%

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0 138 1 minute read
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Ace/Undergragra

Ace aka Undergragra is a 500 Level Computer Engineering Student at the Federal University Oye-Ekiti. He is a passionate teacher, writer, educational consultant and educational informant.

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