ACC101

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

2. Many firms operate their petty cash on _______________ system

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

4. At the end of each period, the total of the purchase returns day book is _______________ to the purchase returns ledger account.

5. The ------------- cash book represent three accounts

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

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

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

9. Accounts of assets are known as _______________ account.

10.  ____ book is used to record the credit notes received from suppliers to goods returned where there has been overcharged on an invoice

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

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

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

14. 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

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

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

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

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

19. The purchase returns ledger account is part of the _______________

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

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

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

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

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

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

26.  -------------- 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.

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

28. 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 ___________

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

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

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

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

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

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

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

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

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

38.  _________ is a permanent record of all transaction book

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

40. Cash discount is not deducted on the _______________

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

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

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

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

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

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

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

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

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

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

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

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

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

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