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