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