1. Discount can be defined as an inducement given to_____ to enable them buy in large quantities,

a) Staff

b) Members

c) Customers

d) Marketers

2. Invoice under normal circumstances is meant for _____ transactions, which include credit sales and credit purchases.

a) Credit

b) Debit

c) All

d) Some

3. An/a _____ can be defined from a broad perspective as a person who carries out the accounting functions for or within an organization

a) Ledger

b) Accountant

c) Auditing

d) All the above

4. One of the accounting principles is the _____ system, which means that all accounting transactions have two parts to them

a) Economic

b) Military

c) Double entry

d) Single entry

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5. The purchases journal is not an/a _____ because it does not have a debit or credit side

a) Account

b) Invoice  

c) Book

d) Cheque

6. A contra entry is any transaction that has been recorded _____ in an account through a debit and a credit entry in the same account

a) Many times

b) Several times

c) Twice

d) Once

7. _____ are accounts that record the company’s properties and possessions that is expected to last for more than one accounting year.

a) Double entry

b) Real account

c) None of the above

d) All of the above

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8. Purchases represent total value of goods that are bought for cash and on credit for _____.

a) Restock

b) Refill

c) Refresh

d) Resale

9. Direct transfers or Standing orders are payments made directly by the bank as a result of previous instructions given by the customer to the bank.

TRUE / FALSE

10. _____  are services and goods that have been consumed or enjoyed during the year but which payment has not been made either in full or in part at the end of that financial year.

a) Commodities

b) Finish goods

c) Accruals

d) Annuity

11. Non-current assets are the company’s tangible assets that are expected to be used in, and for the organization for _____

a) Many years

b) Once

c) Twice

d) All the above

12. _____ Profit is the profit realized on trading activities alone without other expenses incurred in the business.

a) Market

b) Sales

c) Goods

d) Gross

13. Another name for returns inwards journal is returned inwards day book or _____.

a) Sales return book

b) Purchases journal day book

c) returns inwards day book

d) Petty cash book

14. Accounting information should be _____ from the thoughts and feelings of the person preparing

the report.

a) Hide

b) Free

c) Different

d) None of the above

15. Financial accounting is also used to determine the financial position of an organization which shows the company’s assets and liabilities at a particular_____.

a) Time

b) Season

c) Section

d) Date

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16.  What is the acronym of ICAN and Association of National Accountants of Nigeria (ANAN)

a) International Currency Accountant of Nigerian

b) Institute of Chartered Accountants of Nigeria

c) Institute of Chartered Account of Nation

d) International Currency Account of  Nigeria

17. Flexibility means that accounting reports should be easy to change, adjust and adapt to

suit different kinds of _____

a) Marketers

b) Account

c) Users

d) Banks

18. Accounting is a/an _____ because it follows a systematic and organized body of knowledge.

a) Mathematics

b) Science

c) Physics  

d) Economics

19. Internal control systems are _____ by men and there are people in organizations that want

to commit fraud and therefore look for ways to subvert the control system.

a) Inverted

b) Instituted

c) Reformed

d) Produced

20. A _____ is a known career that requires an identified path for the acquisition of specialized and/or formal education or training before rendering any service acquisition of a specialized 

Ans. Profession

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21. The report should be _____ enough to give the user full information about which decision

could be reached

a) Valid

b) Composed

c) Detailed

d) Complete

22. Auditing is an independent examination of the books of accounts, records, and financial

statement of an organization by an _____ person called an auditor.

a) Individual

b) Independent

c) Adequate

d) Experience

23. The direct users are members of the organization that relies on the _____ information to make daily, routines and other decisions.

a) Accounting

b) Basic

c) Legal

d) Right

24. Accounting concepts are principles upon which the preparation of accounting records are based, which are universally _____

a) Unacceptable

b) Acceptable

c) Recognized

d) All the above

25. Accounting as a Service Activity Accounting has physical products that can be bought and sold like the manufacturing companies.

TRUE / FALSE 

26. Accounting is a _____ because is a means of communicating business information.

a) Science

b) Language

c) Statement

d) All the above

27. The acquisition of key business _____ that includes income, expenditure, profit, assets

a) Understanding

b) Knowledge

c) Information

d) Statistics

28. _____ started from stewardship duty and is concerned with the keeping of books of accounts and preparation of financial statements for the entire organization on a historical basis.

a) Financial

b) Business

c) Personal

d) Management

29. ____ accounting is also referred to as managerial accounting

a) Management

b) Financial

c) Business

d) Personal

30. The _____ is interested in accounting information to determine the company income tax to be paid, and compliance with government rules and regulations governing the operation of the business.

a) Producer

b) Agent

c) Accountants

d) Government

31. An invoice is a document that shows the transfer of goods and/or provision of service between two or more parties for which payment is yet to be received.

TRUE / FALSE

32. _____ note is a document showing a claim or refund in favor of the receiver.

a) Debit

b) Credit

c) Bank

d) Account

33. Companies rely on _____ for different inputs such as raw materials, work-in-progress and

finished goods on credit.

a) Staff

b) Suppliers

c) Consumers

d) Marketers

34. Public sector accounting refers to accounting services carried out at the _____, state and

federal government ministries and parastatal.

a) Town

b) City

c) Market

d) Local

35. Cost accounting is a branch of accounting that is concerned with how to find out the _____ of goods produced or services rendered in an organization.

a) Product

b) Size

c) Cost

d) Weight

36. The _____ states that in recording the value of a company’s assets, the value should be stated or recorded at the cost price or the original cost

a) Record book

b) Company

c) All the above

d) Cost concept

37. _____  is a document that is used to record full details of money paid for a particular purpose.

a) Payment Voucher

b) Payment slip

c) Record books

d) Invoice

38. _____ is a book of original entries used to record all goods sold and services rendered on credit to a third party in the order in which they occurred irrespective of the amount involved.

Ans. Sales journal

39. _____ is the money spent in an organization in order to generate income either now or in the future.

a) Expenses

b) Expenditures

c) Gain

d) Profit

40. Net profit is the profit derived after all expenses and cost of sales have been deducted from

the net income including sales of goods and other income.

TRUE / FALSE

41. All but one are not examples of intangible assets

a) Goodwill

b) Copyrights

c) Patent rights

d) Trade fair

42. _____ ledger contains the accounts of the business owner e.g. capital, drawings, bank and loan account.

a) Private

b) Personal

c) Sales

d) Purchases

43. An entry where sales invoice total of N55,000 is mistakenly calculated to be N45,000 is refers to _____

a) Errors of omission

b) Compensating Errors

c) Errors of Principle 

d) Errors of Original Entry

44. An that takes place when a transaction is completely omitted from the books of accounts is known as _____

a) Errors of omission

b) Compensating Errors

c) Errors of Principle,

c) Errors of Original Entry

45. The left side of a _____ is called the debit side while the credit side is the right side.

a) Ledger

b) Accounting

c) Double entry

d) Cash book

46. An/a _____ is exchanged between a buyer and seller of goods and those that render services.

a) Receipt

b) Invoice

c) Cheque

d) Cash

47. _____  is a document that emanates from the bank because a bank teller is used to pay or lodge money (cash and cheque) into an account in a bank.

a) Bank Teller

b) Bank Statement

c) Bank Overdraft

d) Cheque book

48. _____ discount is a price reduction given to a customer who buys in large quantity for

consumption and not for resale.

a) Market

b) Customer

c) Bonus

d) Quantity

49. Another name for purchasing a day book is _____.

a) Account journal

b) Purchases journal

c) Purchases day journal

d) Account day book

50. Petty cash payments are small payments given out for some small expenses that occur almost on _____ basis in an organization e.g. transportation, fuel.

a) Yearly

b) Daily

c) Weekly

d) Monthly