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