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