ACC204




Category: ACC204

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ATTENTION:

Kindly note that you will be presented with 50 questions randomized from the NOUN question bank. Make sure to take the quiz multiple times so you can get familiar with the questions and answers, as new questions are randomized in each attempt.

Good luck!


ACC204

1 / 50

A. Which account is to be credited with the cash received in respect of trade receivables?

2 / 50

B. Using straight line method, what would be the annual depreciation charge for the second year of usage?

3 / 50

C. Which of the following is NOT an accounting concept?

4 / 50

D. One of the following is a disadvantage of Application Packages.

5 / 50

E. The process of transferring the debit and credit items recorded in each journal to the relevant accounts in the ledger is called ________

6 / 50

F. The accounts of credit suppliers are contained in the ........................ ledger

7 / 50

G. State the journal entry to record a motor vehicle of N4,500,000 purchased on credit from SCOA motors.

8 / 50

H.  The effect of the error on the financial statements, if not detected, would include the following except

9 / 50

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

10 / 50

J. The error made where the original figure is incorrect, yet double entry is still observed using the same figure is _________

11 / 50

K. What term describes a possible obligation that arises from past event, where the existence of the obligation will be confirmed only in the future, with the occurrence or non-occurrence of an event that is not wholly within the control of the enterprise?

12 / 50

L. Electricity bill of N10,000 incurred during the year was not charged as an expense for that year. The error committed is ....................

13 / 50

M.  The opening inventory of a firm at the beginning of the financial year is N30,0000 and at the end of the financial year it isN20,000 while the sales and purchases are N350,000 and N250,000 respectively.What is the Gross Profit or Loss?

14 / 50

N.  From the following information, calculate the cash paid by trade receivables during the year. Receivables at the beginning of the year 350,000; Receivables at close of the year 500,000; Credit sales for the year 510,000

15 / 50

O. 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?

16 / 50

P. S purchased equipment for 80,000 on 1 July year 1. The company's accounting year end is 31 December. It is S�??s policy to charge a full year's depreciation in the year of purchase. S depreciates its equipment on the reducing balance basis at 25% per annum. What is the net book value of the equipment at 31 December year 4?

17 / 50

Q. 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

18 / 50

R. A customer owing 200,000 was allowed to pay 180,000 in full settlement of his indebtedness. This results in a _____

19 / 50

S. Using straight line method, what would be the annual depreciation charge for the second year of usage?

20 / 50

T. The following are optical Disks EXCEPT __________

21 / 50

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

22 / 50

V. 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?

23 / 50

W. The excess of current assets over current liabilities is known as ________

24 / 50

X. When a debt thought to be irrecoverable and written off is subsequently recovered, which additional entry is required to complete the two entries given below? I. Debit Personal Account/Credit Irrecoverable Debts Recovered Account II. Debit Cash/Bank Account/Credit Personal Account

25 / 50

Y. What is an imprest system?

26 / 50

Z. The difference between an income statement and an income and expenditure account is that __________

27 / 50

AA. The costs incurred in the normal course of business to generate revenue is called........................

28 / 50

AB. Which accounting concept does not agree with making allowance for discount receivable?

29 / 50

AC. Records of transactions used as the basis for recording accounting entries, such as invoices, cheque stubs and similar business papers are called ________

30 / 50

AD. 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 _____

31 / 50

AE. A cheque issued and which remains with the payee for more than six months becomes a _______ cheque

32 / 50

AF. Which of the following would NOT be posted to the credit of payables control account

33 / 50

AG. The source of data for recording the Returns Inward Book of a business entity is ________

34 / 50

AH. ............... a chronological record of the transactions of a business entity

35 / 50

AI. The accounting measure used to match tax effect of transactions with their accounting impact is termed.......................

36 / 50

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

37 / 50

AK. Which of the following errors does NOT affect the balancing of a trial balance?

38 / 50

AL. On 1 January 2013 a motor vehicle, with the expected useful life span of 5 years and residual value of N100,000, was acquired for N1,600,000. Using sum-of-the-years digit method, what is the second year depreciation provision of the motor vehicle?

39 / 50

AM. Accrued Salaries of N18,000 due to employees for December 31 2015 was omitted and not included in the financial statements prepared for the year ended 31 December 2015 Which of the following will be correct?

40 / 50

AN. A Motor Van costs N100,000, Furniture N5,000, Creditors N25,000,. What is the capital account balance?

41 / 50

AO.  In preparing financial statements, the bad debts account is closed by a transfer TO

42 / 50

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

43 / 50

AQ. The difference between the monetary value of output and input of goods and services attributed to a business is called..........................

44 / 50

AR. N operates an imprest system for petty cash. On 1 February, the float was N300. It wasdecided that this should be increasedto N375 at the end of FebruaryDuring February, the cashier paid N20 for window cleaning, N100 for stationery and N145 forcoffee 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?

45 / 50

AS. A method of keeping accounts whereby revenue and expenses are recorded in the books of account when received and paid without regard to period to which they apply is called....................

46 / 50

AT. What is the gross profit on sales worth GH¢240,000, if gross profit is 331/3%    on cost of goods sold?

47 / 50

AU.  Which of the following should NOT be included in cost of inventory?

48 / 50

AV.  The Agreement of a trial balance will not disclose ONE of the following fundamental errors in the accounting books.

49 / 50

AW. Which of the following provides the origin of accounting information?

50 / 50

AX. Items that are normal to activity of an enterprise and abnormal as a result of their infrequency of occurrence and size are known as..........................

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