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