Category: ACC101 0 ACC101 1 / 50 The -------------- book is written up from the credit notes received from suppliers Sales day Purchases returns day Sales return day Return inward 2 / 50 The ---------------book is written up from copies of the credit notes retained by the seller Sales day Return inward Sales return day Purchase day 3 / 50 The amount entered in the purchases day book is after deducting _______________ Check 4 / 50 ____ system is an accounting system whereby every transaction that has to be recorded gives rise to two entries Single entry Three column Double entry Two column 5 / 50 The vital rule of double-entry system of accounting is that every transaction gives rise to _______________ entry. Check 6 / 50 ________ is the final destination of all transactions in the books of prime entries Cash book Trial balance Journal Ledger 7 / 50 Individual trade payable ledger accounts is part of the _______________ Check 8 / 50 -------------- can also be used to record transactions that are not appropriate to any other book of prime entry  Ledger  Journal Trial balance  Cash book 9 / 50 The --------------- is used to record a variety of things that consist of accounting adjustments. Cash book Trial balance Ledger Journal 10 / 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 Check 11 / 50 Financial information from source documents are entered first into the books of _______________ Check 12 / 50  ----------------- is a permanent record of all transaction book Ledger Cash book Journal Trial balance 13 / 50 The ------------- cash book represent three accounts One column Three column Tripe column Two column 14 / 50 _______________ lodgements are either added to the statement balance or deducted from cash book balance. Check 15 / 50 ____ book is used instead of a cash ledger account in the general ledger Cash Invoice Voucher Petty cash 16 / 50 Amount of each credit note received is _______________ to the trade payable accounts Check 17 / 50 Amount entered in the purchase returns day book is derived after deducting _______________ Check 18 / 50 Accounts of assets are known as _______________ account. Check 19 / 50 The amount of petty cash float is determined by reference to the normal level of petty cash _______________ Check 20 / 50 The ----------- accounts are the accounts of assets Personal/nominal Nominal Personal Real 21 / 50 The nature of the entry in the _______________ must be explained in a narrative. Check 22 / 50 Cash discount is not deducted on the _______________ Check 23 / 50 _______________ is used to record correction of errors rather than transactions. Check 24 / 50 A ---------------- cash book is used to record receipts and payments by cheque One sided Two column Single column Double column 25 / 50 The actual process of placing the bookkeeping entry in each account is called _______________ Check 26 / 50  ____ book is used to record the credit notes received from suppliers to goods returned where there has been overcharged on an invoice Sales return day Purchases day Sales day Purchases returns day 27 / 50 _______________ is used to record goods bought on credit. Check 28 / 50 _______________ is used to record the credit notes received from suppliers. Check 29 / 50 The real sense of placing the book keeping entry in each account is called ------------ Entries Trial balance Posting Transactions 30 / 50 Many firms operate their petty cash on _______________ system Check 31 / 50  _________ is a permanent record of all transaction book Trial balance Cash book Journal Ledger 32 / 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 ___________ Check 33 / 50 Cash discount is calculated from the amount shown on the _______________ Check 34 / 50 A petty cash book is used instead of a _______________ account in the general ledger. Check 35 / 50 _______________ can be deducted in the cash book but not in the bank statement. Check 36 / 50 Firms operates their petty cash on an ----------- system Voucher Cheque Continuity Imprest 37 / 50  --------------- is the final destination of all transactions in the books of prime entries Journal Ledger Cash book Trial balance 38 / 50 A society paid for CDs; one effect is that cash would decrease and another effect is that _______________ would decrease. Check 39 / 50 A two-column cash book has column for _______________ Check 40 / 50 The ----------- accounts are the accounts of assets Personal  Personal/nominal Nominal  Real  41 / 50 Accounts for expenses, income, profits and losses are known as _______________ account. Check 42 / 50 _______________ is the process of investigating the difference in cash book and bank statement balances. Check 43 / 50 At the end of each period, the total of the purchase returns day book is _______________ to the purchase returns ledger account. Check 44 / 50 A ---------- cash book is one in which cash and cheque transactions are recorded Triple column One sided two column Single column 45 / 50 The debit in two column book is credited to a --------------- account in the general ledger. Cash book Ledger Trial balance Journal 46 / 50  ____ book record the purchase on credit of those bought specially for resale Purchase day Return inward Sales day Sales return day 47 / 50 _______________ is used to record transactions that are not appropriate to any other book of prime entry. Check 48 / 50 At the end of each period, goods bought on credit is debited to the _______________ Check 49 / 50 The purchase returns ledger account is part of the _______________ Check 50 / 50 A society bought books for resale on credit, one effect is that expenditure would increase and another effect is that _______________ would increase. Check Restart quiz Rate this quiz Send feedback
