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!
ACC101
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1. -------------- is a reduction given by the supplier of goods to a buyer if the latter pays for them within a period stipulated by the seller at the time of sale.
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2. Given balance per bank statement as N198,000, unpresented cheque of N29,000, transfer charges of N3,000, bank commission of N8,000; determine the adjusted cash book
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3. ________ is the final destination of all transactions in the books of prime entries
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4. _______________ can be deducted in the cash book but not in the bank statement.
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5. _______________ is used to record goods bought on credit.
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6. Individual trade payable ledger accounts is part of the _______________
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7. Firms operates their petty cash on an ----------- system
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8. _______________ is a reduction given by the supplier to the buyer for paying within stipulated time
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9. Amount of each credit note received is _______________ to the trade payable accounts
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10. ____ system is an accounting system whereby every transaction that has to be recorded gives rise to two entries
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11. _______________ is used to record correction of errors rather than transactions.
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12. The debit in two column book is credited to a --------------- account in the general ledger.
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13. A ---------------- cash book is used to record receipts and payments by cheque
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14. The ----------- accounts are the accounts of assets
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15. The real sense of placing the book keeping entry in each account is called ------------
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16. Financial information from source documents are entered first into the books of _______________
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17. _______________ is the process of investigating the difference in cash book and bank statement balances.
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18. The ----------- accounts are the accounts of assets
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19. --------------- is the final destination of all transactions in the books of prime entries
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20. ____ book record the purchase on credit of those bought specially for resale
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21. The --------------- is used to record a variety of things that consist of accounting adjustments.
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22. Cooperative society sold on credit, on effect is that income increases and another effect is that _______________ increases
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23. At the end of each period, goods bought on credit is debited to the _______________
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24. The nature of the entry in the _______________ must be explained in a narrative.
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25. Cash discount is not deducted on the _______________
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26. The vital rule of double-entry system of accounting is that every transaction gives rise to _______________ entry.
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27. _______________ is used to record transactions that are not appropriate to any other book of prime entry.
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28. The -------------- book is written up from the credit notes received from suppliers
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29. Many firms operate their petty cash on _______________ system
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30. -------------- can also be used to record transactions that are not appropriate to any other book of prime entry
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31. A two-column cash book has column for _______________
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32. A ---------- cash book is one in which cash and cheque transactions are recorded
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33. _______________ lodgements are either added to the statement balance or deducted from cash book balance.
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34. The cash and bank accounts are taken out of the ledger and combined into a single book the ----------
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35. ____ book is used to record the credit notes received from suppliers to goods returned where there has been overcharged on an invoice
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36. The amount of petty cash float is determined by reference to the normal level of petty cash _______________
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37. The purchase returns ledger account is part of the _______________
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38. Accounts for expenses, income, profits and losses are known as _______________ account.
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39. Cash discount is calculated from the amount shown on the _______________
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40. The actual process of placing the bookkeeping entry in each account is called _______________
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41. _______________ is used to record the credit notes received from suppliers.
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42. A society paid for CDs; one effect is that cash would decrease and another effect is that _______________ would decrease.
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43. The amount entered in the purchases day book is after deducting _______________
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44. A petty cash book is used instead of a _______________ account in the general ledger.
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45. Given credit purchase of N90,000 from Cadbury Nigeria Ltd; N70,000 from Cable Light Ltd and cash purchase of N80,000: the purchase ledger account is debited by ___________
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46. Amount entered in the purchase returns day book is derived after deducting _______________
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47. ----------------- is a permanent record of all transaction book
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48. The ------------- cash book represent three accounts
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49. At the end of each period, the total of the purchase returns day book is _______________ to the purchase returns ledger account.
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50. ____ book is used instead of a cash ledger account in the general ledger
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