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