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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