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Category: ACC101

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ACC101

1 / 50

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

2 / 50

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

3 / 50

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

4 / 50

 _________ is a permanent record of all transaction book

5 / 50

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

6 / 50

Accounts of assets are known as _______________ account.

7 / 50

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

8 / 50

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

9 / 50

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

10 / 50

 -------------- 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.

11 / 50

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

12 / 50

The ----------- accounts are the accounts of assets

13 / 50

Individual trade payable ledger accounts is part of the _______________

14 / 50

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

15 / 50

_______________ is used to record goods bought on credit.

16 / 50

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

17 / 50

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

18 / 50

A two-column cash book has column for _______________

19 / 50

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

20 / 50

Cash discount is calculated from the amount shown on the _______________

21 / 50

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

22 / 50

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

23 / 50

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

24 / 50

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

25 / 50

Many firms operate their petty cash on _______________ system

26 / 50

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

27 / 50

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

28 / 50

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

29 / 50

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

30 / 50

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

31 / 50

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

32 / 50

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

33 / 50

The ----------- accounts are the accounts of assets

34 / 50

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

35 / 50

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

36 / 50

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

37 / 50

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

38 / 50

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

39 / 50

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

40 / 50

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

41 / 50

The purchase returns ledger account is part of the _______________

42 / 50

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

43 / 50

Cash discount is not deducted on the _______________

44 / 50

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 ___________

45 / 50

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

46 / 50

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

47 / 50

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

48 / 50

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

49 / 50

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

50 / 50

The ------------- cash book represent three accounts

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