ACC101




Category: ACC101

0

ACC101

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

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

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

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

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

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

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7. 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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8. The ------------- cash book represent three accounts

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

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

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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.

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

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

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

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15.  _________ is a permanent record of all transaction book

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

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

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18.  ____ 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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19. -------------- can also be used to record transactions that are not appropriate to any other book of prime entry

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20. Accounts of assets are known as _______________ account.

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

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

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

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

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

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

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

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

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

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

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

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

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

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34. 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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35. The purchase returns ledger account is part of the _______________

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

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

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

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39. The cash and bank accounts are taken out of the ledger and combined into a single book the ----------

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40. Many firms operate their petty cash on _______________ system

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

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

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

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

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

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

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

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50. Cash discount is not deducted on the _______________

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

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

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

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54. The vital rule of double-entry system of accounting is that every transaction gives rise to _______________ entry.

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