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