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