ACC101

1. _______________ is the process of investigating the difference in cash book and bank statement balances.

2. The ---------------book is written up from copies of the credit notes retained by the seller

3. Firms operates their petty cash on an ----------- system

4. Cooperative society sold on credit, on effect is that income increases and another effect is that _______________ increases

5. The purchase returns ledger account is part of the _______________

6. Financial information from source documents are entered first into the books of _______________

7. _______________ is used to record the credit notes received from suppliers.

8. ____ book is used instead of a cash ledger account in the general ledger

9. _______________ is used to record correction of errors rather than transactions.

10. Amount of each credit note received is _______________ to the trade payable accounts

11. The amount entered in the purchases day book is after deducting _______________

12. A ---------------- cash book is used to record receipts and payments by cheque

13. _______________ is used to record transactions that are not appropriate to any other book of prime entry.

14.  ----------------- is a permanent record of all transaction book

15.  ____ book is used to record the credit notes received from suppliers to goods returned where there has been overcharged on an invoice

16. The -------------- book is written up from the credit notes received from suppliers

17.  _________ is a permanent record of all transaction book

18. _______________ can be deducted in the cash book but not in the bank statement.

19. Many firms operate their petty cash on _______________ system

20. The vital rule of double-entry system of accounting is that every transaction gives rise to _______________ entry.

21. The ----------- accounts are the accounts of assets

22.  -------------- 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.

23. Individual trade payable ledger accounts is part of the _______________

24.  ____ book record the purchase on credit of those bought specially for resale

25. A society bought books for resale on credit, one effect is that expenditure would increase and another effect is that _______________ would increase.

26. _______________ lodgements are either added to the statement balance or deducted from cash book balance.

27. ________ is the final destination of all transactions in the books of prime entries

28. The ------------- cash book represent three accounts

29. The ----------- accounts are the accounts of assets

30. A society paid for CDs; one effect is that cash would decrease and another effect is that _______________ would decrease.

31. At the end of each period, goods bought on credit is debited to the _______________

32. -------------- can also be used to record transactions that are not appropriate to any other book of prime entry

33. Accounts of assets are known as _______________ account.

34. ____ system is an accounting system whereby every transaction that has to be recorded gives rise to two entries

35. Cash discount is calculated from the amount shown on the _______________

36. _______________ is a reduction given by the supplier to the buyer for paying within stipulated time

37. 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 ___________

38. The --------------- is used to record a variety of things that consist of accounting adjustments.

39. Accounts for expenses, income, profits and losses are known as _______________ account.

40. The actual process of placing the bookkeeping entry in each account is called _______________

41. Cash discount is not deducted on the _______________

42. The real sense of placing the book keeping entry in each account is called ------------

43. A petty cash book is used instead of a _______________ account in the general ledger.

44. The amount of petty cash float is determined by reference to the normal level of petty cash _______________

45.  --------------- is the final destination of all transactions in the books of prime entries

46. At the end of each period, the total of the purchase returns day book is _______________ to the purchase returns ledger account.

47. The cash and bank accounts are taken out of the ledger and combined into a single book the ----------

48. 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

49. A two-column cash book has column for _______________

50. The debit in two column book is credited to a --------------- account in the general ledger.

51. The nature of the entry in the _______________ must be explained in a narrative.

52. _______________ is used to record goods bought on credit.

53. A ---------- cash book is one in which cash and cheque transactions are recorded

54. Amount entered in the purchase returns day book is derived after deducting _______________