ACC101

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

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

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

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

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

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

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

8. Many firms operate their petty cash on _______________ system

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

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

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

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

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

14. Cash discount is not deducted on the _______________

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

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

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

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

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

20.  _________ is a permanent record of all transaction book

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

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

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

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

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

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

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

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

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

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

31. 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

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

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

34. Accounts of assets are known as _______________ account.

35. 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 ___________

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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