ACC101

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

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

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

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

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

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

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

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

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

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

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

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

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

14. Accounts of assets are known as _______________ account.

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

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

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

18. 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 ___________

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

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

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

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

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

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

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

26.  -------------- 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.

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

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

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

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

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

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

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

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

35. 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

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

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

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

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

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

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

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

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

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

45. Many firms operate their petty cash on _______________ system

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

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

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

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

50.  _________ is a permanent record of all transaction book