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