ACC101 List of Questions
Q1 —————– is a permanent record of all transaction book
Cash book
Trial balance
Ledger
Journal
Q2 ————— is the final destination of all transactions in the books of prime entries
Cash book
Trial balance
Ledger
Journal
Q3 The ———– accounts are the accounts of assets
Personal
Real
Nominal
Personal/nominal
Q4 The real sense of placing the book keeping entry in each account is called ————
Trial balance
Entries
Posting
Transactions
Q5 ____ system is an accounting system whereby every transaction that has to be recorded gives rise to two entries
Two column
Single entry
Three column
Double entry
Q6 ____ book is used instead of a cash ledger account in the general ledger
Cash
Petty cash
Voucher
Invoice
Q7 Firms operates their petty cash on an ———– system
Continuity
Voucher
Imprest
Cheque
Q8 The ———– book is written from receipt and petty cash vouchers
Cash
Petty cash
Voucher
Invoice
Q9 ————– is a reduction given by the supplier of goods to a buyer if the latter pays for them within a period stipulated by the seller at the time of sale.
Trade discount
Receivables
Cash discount
Discount allowed
Q10 The ————- cash book represent three accounts
One column
Two column
Tripe column
Three column
Q11 The debit in two column book is credited to a ————— account in the general ledger.
Journal
Ledger
Trial balance
Cash book
Q12 A —————- cash book is used to record receipts and payments by cheque
One sided
Double column
Single column
Two column
Q13 A ———- cash book is one in which cash and cheque transactionsare recorded
One sided
two column
Single column
Triple column
Q14 The cash and bank accounts are taken out of the ledger and combined into a single book the ———-
Journal
Ledger
Trial balance
Cash book
Q15 ————– can also be used to record transactions that are not appropriate toany other book of prime entry
Journal
Ledger
Trial balance
Cash book
Q16 The ————— is used to record a variety of things that consist of accounting adjustments.
Journal
Ledger
Trial balance
Cash book
Q17 The ————– book is written up from the credit notes received from suppliers
Sales day
Purchases returns day
Sales return day
Return inward
Q18 ____ book is used to record the credit notes received from suppliers to goods returned where there has been overcharged on an invoice
Sales day
Purchases day
Sales return day
Purchases returns day
Q19 ____ book record the purchase on credit of those bought specially for resale
Sales day
Purchase day
Sales return day
Return inward
Q20 The —————book is written up from copies of the credit notes retained by the seller
Sales day
Purchase day
Sales return day
Return inward
Q21 Which account book is written up from copies of the credit notes retained by the seller?
Sales return day book
Sales day book
Purchased day book
Purchased returns day book
Q22 Which book is used to record goods sold on credit on daily transaction?
Sales return day book
Sales day book
Purchased day book
Purchased returns day book
Q23 Each page of the ledger is split into ————
Two
Three
Four
Five
Q24 ———————often involve trade discount
Discontinued allowance
Credit transactions
Trade discount
Return inward
Q25 ————————– is a discount given to a buyer of a commodity.
Discontinued allowance
Credit transaction
Trade discount
Return inwards
Q26 ———————- is a fundamental equation and is a valuable basis from which to begin understanding the whole process of accounting
Regression model
Accounting equation
Transportation model
Accounting basis
Q27 ————— is used to record receipts and payment by cheque
Two column cash book
Three column cash book
Single column cash book
Thirty two column cash book
Q28 Which cash book shows cash received and paid recorded in one column on each side.
Two column cash book
Three column cash book
Single column cash book
Thirty two column cash book
Q29 The nature of narration of ————— type of account usually starts with the word â??beingâ??
Ledger
Cash receipt
Purchased returned day book
Journal
Q30 Journal entries show ————— amount to be transferred to the ledger
Debit and credit
Credit only
Debit only
Prime entry
Q31 Which of these is not an example of a non- current account?
Land and building
Plant and machinery
Cash and cash equivalent
Motor vehicles
Q32 ————-is used to record transactions that are not appropriate to any other book of prime entry
ledger
Journal
Trial balance
All of the above
Q33 Which book of account is used to record initial entry of transactions?
ledger
Journal
Trial balance
All of the above
Q34 ——————- is credited to the purchase return ledger account in the general leger
Total of the purchases return
Purchase disallowed
Return outward
Total of the purchases
Q35 Which account day book is written up from credit notes received from suppliers?
Sales return day book
Sales day book
Purchases day book
Purchases returns day book
Q36 Which record book is used for credit notes received from suppliers relating to goods returned?
Sales return day book
Sales day book
Purchased day book
Purchased returns day book
Q37 ————— is an amount entered in purchased day book
Trade discount received
Discount allowed
Discount
Trade payable
Q38 The ledger that serve as control on individual credit suppliers account in separated ledger is called —————— ledger
Sales
Purchase
Cash
Return inward
Q39 In a purchase day book the total of the balances on the ledger becomes the ———- amount
Trade payable
Receivable
Return inward
Return outward
Q40 Which is the records in the books when it relates to cash receipts and payments
Cheque
Cash book
Receipt
Account book
Q41 ————expenditure reduces profitability if allocated
Capital
Capital expenditure
Revenue
Revenue expenditure
Q42 —————— is carried forward because it will be over a number of periods to several periods revenue
Capital
Capital expenditure
Revenue
Revenue expenditure
Q43 A ———— is a legal obligation to transfer assets to another entity that arises from some past transaction
Tangible
Asset
Liability
Equity
Q44 An accounting entity may be seen as a set of ———– and ————-
Passive and active
Asset and liability
Current and concurrent
Concurrent and liability
Q45 The —————– convention states that something should be disclosed or not in the financial statements
Prudence
Accrual
Cost
Materiality
Q46 ————– accounting convention permit accountant to follow a cautious approach
Prudence
Accrual
Cost
Materiality
Q47 The ——- of an asset that has a long but limited life is systematically reduced during its life by a process called ————
Accrual, appreciation
Cost, accrual
Cost, depreciation
Depreciation, appreciation
Q48 The money values that are assigned to assets are derived from the ——— concept
Matching concept
Cost
Materiality concept
Accrual
Q49 ____ is an example of accrual concept
Electricity used but not yet paid
Cash received from bank
Cash and cash equivalent
All of the above
Q50 The ———– accounting concept hold that profit is determined by including revenue and costs
Accrual concept
Double entry concept
Materiality concept
Going concern concept
Q51 Which expenditure reduces profitability?
Return expense
Capital expenditure
Revenue expenditure
Disallowed expense
Q52 Which expenditure shows the cost of purchasing non-current asset and cost of improvements to a non-current asset that lead to increased revenue?
Capital
Returns
Operating cycle
Revenue
Q53 The concept that hold that profit is made by including revenue and costs
Accrual concept
Matching concept
Going concern
Double entry concept
Q54 ————- accounting concept make distinction between the receipt and payment of cash as legal obligation
Double â??entry concept
Accrual concept
Matching concept
Cash basis
Q55 Which account allow for goods sold for cash to be debited as cash comes in and credited as cash goes out?
Real account
Personal account
Nominal account
All of the above
Q56 Which is known as accounts of assets?
Real account
Personal account
Nominal account
All of the above
Q57 The essential rule of double entry system of accounting is known as ————
Prime entry rule
Journal entry rule
Trial balance rule
Golden rule
Q58 ——————– is used instead of a cash ledger account in the general ledger
Impress book
Petty cash book
Prime entry
All of the above
Q59 One of these is one of the why three column is not commonly in practice
Cash received and paid is usually entered on the debit side of the account
Cash received and paid are entered into day journal
Cash received and paid is usually recorded in a separate petty cash book
Cash received and paid is usually entered on the credit side of the account
Q60 ————– is a reduction given by the supplier of goods to a buyer if the latter pays for them within a period by the seller at the time
Discount received
Trade payable
Cash discount
Discount allowed
Q61 Investigations involving misappropriation of funds, money laundering and tax evasion are known as ——————-
Forensic Audit
Value for money audit
Statutory audit
Compliance audit
Q62 An Audit which involves the use of auditing and investigative skills to situations that may involve legal implications is called ——–
Forensic Audit
Value for money audit
Statutory audit
Compliance audit
Q63 ——— involves the examination of the truth and fairness of the financial statements of an entity by an auditor who is independent of the organization.
Forensic Audit
Value for money audit
Statutory audit
Compliance audit
Q64 External Audit is also known as —————-
Forensic Audit
Value for money audit
Statutory audit
Compliance audit
Q65 Which of the following does not belong to the debit side of a receivables control account?
Dishonoured cheques from customers
Interest charged to customers
Bill receivable dishonoured
Returns inwards
Q66 ——— is opened in order to agree the Trial balance pending the time the error would be detected.
Suspense Account
Control Account
Balancing Account
Correction Account
Q67 ——– occurs when a digit or more is left or added to a number or the decimal point is placed incorrectly.
Slide Error
Transposition error
Error of Commission
Error of Principle
Q68 An error which is created by incorrect arrangement of the order of two (2) digits in a number is called ———-
Slide Error
Transposition error
Error of Commission
Error of Principle
Q69 Â ——– occurs where there is an entry in the wrong class of account.
Error of Omission
Errors of Original entry
Error of Commission
Errors of Principle
Q70 Errors which occur when an equal debit/credit figure recorded in the books is different from the actual amount in the source document are called ———-.
Error of Omission
Errors of Original entry
Error of Commission
Errors of Principle
Q71 An error which occurs where a wrong account in the same ledger is debited or credited is called ———-
Error of Omission
Errors of Original entry
Error of Commission
Errors of Principle
Q72 Errors which arise when a transaction is completely missing from the books are called ——–
Error of Omission
Errors of Original entry
Error of Commission
Errors of Principle
Q73 ——- are rebates granted to a debtor for making cash payments within a shorter time period than the normal credit period.
Cash discounts
Credit discounts
Debtors discounts
Time discounts
Q74 ——- entry is when the two entries for a transaction appear on both sides of the cash book.
columnar
double
contra
cashbook
Q75 ——– is the main or principal book of account where accounts are maintained for income, assets and expenses.
Subsidiary books
The ledger
The journal
The cashbook
Q76 ———– are books into which transactions are recorded on a daily basis from the source documents and from which postings are made periodically.
Subsidiary books
The ledger
The journal
The cashbook
Q77 ——– is when all possible future profits are ignored.
Accrual
Conservatism
Realisation
Dual
Q78 ——- is when profit is understated while all anticipated losses are recognized and taken into the books.
Accrual
Objectivity
Prudence
Dual
Q79 —— concept accommodates all revenues and expenses to be received or charged in a given accounting period irrespective of what is actually received or paid.
Accrual
Conservatism
Prudence
Dual
Q80 ——- concept suggests that the business is separate from the owner
The Entity
The Accrual
The Dual
The Ownership
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