ACC101

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

2.  -------------- 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.

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

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

5. 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

6.  _________ is a permanent record of all transaction book

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

24. 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 ___________

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

26. Financial information from source documents are entered first into the books of _______________

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

28. A society bought books for resale on credit, one effect is that expenditure would increase and another effect is that _______________ would increase.

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

30. Cash discount is not deducted on the _______________

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

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

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

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

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

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

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

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

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

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

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

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

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

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

45. Many firms operate their petty cash on _______________ system

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

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

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

49. Accounts of assets are known as _______________ account.

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