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