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