ACC101

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

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

3. Many firms operate their petty cash on _______________ system

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

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

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

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

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

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

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

12. 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

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

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

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

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

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

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

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

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

21. 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 ___________

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

42.  _________ is a permanent record of all transaction book

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

44. Cash discount is not deducted on the _______________

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

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

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

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

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

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