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