ACC101 EXAM PRACTICE QUESTIONS AND ANSWERS

 

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The convention of conservation is also referred to as the convention of prudence

Ans. Neither wrong or correct statement

 

 

Maintenance of financial records in an organization is done through proper ……………..

Ans. bookkeeping

 

 

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……………… is necessary to write the amount of payment on the cheque to write up the books of account

Ans. checkbook

 

 

 

A cheque issued in favor of a particular payee contains all the following information EXCEPT

Ans. signature of the employer

 

 

 

Miss Onyinye bought stationaries worth #200,000 in May and sold some on credit for #250,000 and others for cash at 70,000; what is the amount recorded in the sales day book?

Ans. #250,000

 

 

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Given equity as #380,000 and liabilities as #120,000; determine the assets of the business.

Ans. #500,000

 

……………… is applied to determine the amount entered in the sales book?

Ans. trade discount

 

 

Which of the following can best describe the circumstance where payment is made or received sometime after delivery?

Ans. credit transaction

 

 

 

Which of the following best describes a reduction in the amount that a buyer has to pay within a stipulated period of time?

Ans. cash discount

 

 

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……………… is a document sent by the seller to the buyer indicating that the buyer was uncharged on the invoice

Ans. debit note

 

 

KINDLY NOTE THAT THE ACC101 EXAM PRACTICE QUESTIONS WILL BE UPDATED FROM TIME TO TIME.