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