ACC201 EXAM PRACTICE QUESTIONS AND ANSWERS IN NOUN

DISCLAIMER: ACC201 PAST QUESTIONS AND ANSWERS IN NOUN IS A SERIES OF PAST QUESTIONS AND ANSWERS PROVIDED FOR EXAM PREPARATIONS; THEREFORE, IT IS ALSO IMPORTANT YOU USE THE EXAM KEYNOTES ALONGSIDE.

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………is the independent examination of the books of accounts and records of a

company.

a. Financial accounting

b. Auditing

c. Government accounting

d. Taxation

Before an accounting information can be relied upon, it must be…..

a.Subjective

b. incomprehensible

c. Reliable

d. Incomparable

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

a. Statements of Accounting Standards (SAS)

b. Financial Reporting Council (FRC)

c. the Companies and Allied Matters Act 1990 (as amended in 2004)

d. International Financial Reporting Standards (IFRS)

Financial accounting involves an accounting process that starts with………….

a. book-keeping

b. preparation of financial statements

c. interpretation of financial statements

d. classification

Book-keeping is the …….phase of accounting.

a. interpretation

b. recording

c. Posting

d. Extraction

The concept that states that financial information should allow users to determine

trends in the performance of an entity over time is…

a.The consistency concept

b.The money measurement concept

c.The prudence concept

d.The duality concept

the procedure for accumulating data to provide information for managerial action is

called…

a.Management accounting

b.Cost accounting

c.tax management

d.Financial accounting

the practice of dividing the life of an entity into discrete periods for the purpose

of preparing financial statements is called

a. The matching concept

b. The entity concept

c. The materiality concept

d. Time Period Concept

For accounting information to be made available early enough for its use, it must

be…

a. verifiable

b. social

c. objective

d. timely

Where original transactions information can be found is generally called….

a.debit note

b.credit note

c.source documents

d.invoice

A resource that is owned by an accounting entity and which is expected to generate

future economic benefits is called…..

a.Net resources of the business

b. An asset

c. owner\’s equity

d. inventory

A cheque may be dishonoured for the following reasons, except

a.Stale cheques

b.Cheque post-dated

c.If the cheque is dated

d.Cheque mutilations

…….. is concerned with making a choice between alternatives

a.Cost Accounting system

b.Accounting system

c.financial control

d.Decision making

The creditor’s statement is very useful for ………purposes.

a.reconciliation

b. extraction

C. examination

d. analysis

The differences between cash book and bank statement could be as a result of the

following, except

a.unadjusted cash book

b.Errors

c.Timing differences

d.bank charges

………is concerned with the future and with future costs and revenues.

a.Management decision making

b.Decision-making

c.Cost accounting

d. cost and financial information

……is to enable the organisation not to understate the profits for the accounting

period

a. Liabilities

b. Prepayment

c. Accruals

d. bad debts

A debtor’s statement of account is sent periodically by the seller to his customers,

showing the particulars of all except

a.debit notes

b.Cheques

c.credit notes

d.invoices

In conclusion

Kindly note that the above practice questions and answers are not limited to the above questions and answers.

More practice questions and answers will bw updated from time to time. So do well to come back checking for more.

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