ACC102




Category: ACC102

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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!


ACC102

1 / 50

A.
-------- can be defined as a tangible or intangible resource that is owned or controlled by an accounting entity, and which is expected to generate future economic benefits.


2 / 50

B.
The method of valuing inventory that uses a predetermined rate set by the entity as management for the purpose of calculating the cost of sales and inventory is _____________


3 / 50

C.
Credit transactions not relating to goods for resale (or services) are recorded in _________________

4 / 50

D.
------- are financial obligations against the company that are not due for repayment within one year.


5 / 50

E.
The assumption that the last batches of goods are considered to be sold first prior to earlier purchases is known as ___________


6 / 50

F.
Prime cost and Overheads is equal to _________


7 / 50

G.
The underlying purpose of accounting isto provide financial information about an economic __________

8 / 50

H.
The main statutory document for the regulation of business in Nigeria is the __________


9 / 50

I.
------- can be defined as a legal obligation to transfer assets or provide services to another entity that arises from some past transaction or event


10 / 50

J.
The cost accounting system of any organization is the foundation of the ____________ financial information system.

11 / 50

K.
--------- is the assumption that an entity will continue in operational existence for the foreseeable future.


12 / 50

L.
 ___________typically includes the cost of purchasing a non-current asset and the cost of improvements to a non- current asset that lead to increased revenue, or sustained revenue.


13 / 50

M.
----------- is an accounting process that starts with bookkeeping and ends with the preparation and interpretation of financial statements.


14 / 50

N.
Error of ----------- occurs when a transaction is recorded with the wrong amount at the beginning of the recording process.


15 / 50

O.
Costs may be classified in numerous ways, but a fundamental and important method of classification is into:____________

16 / 50

P.
-------- is sent by the seller if the buyer has been undercharged on the invoice. It has basically the same layout and information as the invoice except that instead of details of the goods, it shows details of the undercharge.


17 / 50

Q.
------------ is the collection of cost data in some organized ways by means of an accounting system.


18 / 50

R.
The accounting process that starts with bookkeeping and ends with the preparation and interpretation of financial statements is called __________


19 / 50

S.
----------- is the classification and recording of business transactions in the books of account.


20 / 50

T.
One of these is not a common method of valuing inventory. 


21 / 50

U.
---------- are payments made directly by the bank as a result of previous instructions given by the customer to the bank.


22 / 50

V.  

The main statutory document for the regulation of business in Nigeria is the --------


23 / 50

W.
-------- are generally referred to as the unsold portion of goods held for resale.

24 / 50

X.
The ________is the assumption that an entity will continue in operational existence for the foreseeable future.

25 / 50

Y.
--------- is a summary of customers or suppliers ledger in total.


26 / 50

Z.
 --------- is a set of numbers and codes that define each account head and also differentiate between classes of accounts.


27 / 50

AA.
Accounting information should possess the following qualities before users can rely on it, except


28 / 50

AB.
_______can be defined as broad basic assumptions that underlie the periodic financial statements of business enterprises.


29 / 50

AC.
--------- assumes that when accounting for transactions the preparer should look at the economic substance of a transaction, not its legal form.


30 / 50

AD.
In an organisation, who needs a variety of information to plan, to control and to make decisions?


31 / 50

AE.
A form of payment that is convenient and safe is __________


32 / 50

AF.
An accounting concept in which assets will always equal liabilities plus owners' capital is called_________


33 / 50

AG.
_____________ is a reduction in the amount that the customer has to pay, provided payment is made within a given period stipulated by the seller at the time of sale.


34 / 50

AH.
What may be defined as gathering of cost information and its attachment to cost objects, the establishment of budgets, standard costs and actual costs of operations, processes, activities or products; and the analysis of variances, profitability or the social use of funds?


35 / 50

AI.
----------- uses a predetermined rate set by the entity as management for the purpose of calculating the cost of sales and inventory.


36 / 50

AJ.
A --------- is cheaper to install in terms of cost when compared with a computerized system of maintaining financial records.


37 / 50

AK.
What is the process of making the balance on the bank column of a cash book to agree with the balance on the bank statement received from the bank?


38 / 50

AL.
 ---------- refers to the keeping of accounting record by hand written of relevant posting in the books of accounts.


39 / 50

AM.
-------- concept allows a user to assume that all the transactions in an entity’s financial statements reflect the actual cost price billed, or revenue charged, for items.


40 / 50

AN.
Book-keeping by Lucia Pacioli, an Italian monk was published in____


41 / 50

AO.
________can be defined as a tangible or intangible resource that is owned or controlled by an accounting entity, and which is expected to generate future economic benefits. 
 

42 / 50

AP.
 _______expenditure will have no value at the end of the period to which it relates.


43 / 50

AQ.
---------- are ownership interests a company has in another organisation.

44 / 50

AR.
--------- is a list of ledger account balances within a ledger, at a particular instance.

45 / 50

AS.
------- refers to the assumption that in the measurement of profit, costsshould be set against the revenue that they generate at the time when they arise.


46 / 50

AT.
________is sent by the seller if the buyer has been undercharged on the invoice. 


47 / 50

AU.
---------- enable some companies to use different accounting software for the financial records, but some organisation still prefer the manual system for one reason or the other.


48 / 50

AV.
Book-keeping is the ______of accounting


49 / 50

AW.
 ---------- is used to record the purchase on credit of goods for resale.


50 / 50

AX.
Motor tax on the truck and lorry can be classified as__________

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