ACC101 e-exam (2019)

Question   <p>_______________ is used to record goods bought on credit.</p>
Question   <p>The amount entered in the purchases day book is after deducting _______________</p>
Question   <p>At the end of each period, goods bought on credit is debited to the _______________</p>
Question   <p>Given credit purchase of <span style="text-decoration:line-through">N</span>90,000 from Cadbury Nigeria Ltd; N70,000 from Cable Light Ltd and cash purchase of <span style="text-decoration:line-through">N</span>80,000: the purchase ledger account is debited by</p>
Question   <p>_______________ is used to record the credit notes received from suppliers.</p>
Question   <p>Amount entered in the purchase returns day book is derived after deducting _______________</p>
Question   <p>At the end of each period, the total of the purchase returns day book is _______________ to the purchase returns ledger account.</p>
Question   <p>The purchase returns ledger account is part of the _______________</p>
Question   <p>Amount of each credit note received is _______________ to the trade payable accounts.</p>
Question   <p>Individual trade payable ledger accounts is part of the _______________</p>
Question   <p>_______________ is used to record correction of errors rather than transactions.</p>
Question   <p>_______________ is used to record transactions that are not appropriate to any other book of prime entry.</p>
Question   <p>The nature of the entry in the _______________ must be explained in a narrative.</p>
Question   <p>A two-column cash book has column for _______________</p>
Question   <p>_______________ is a reduction given by the supplier to the buyer for paying within stipulated time.</p>
Question   <p>Cash discount is not deducted on the _______________</p>
Question   <p>Cash discount is calculated from the amount shown on the _______________</p>
Question   <p>Financial information from source documents are entered first into the books of _______________</p>
Question   <p>Accounts for expenses, income, profits and losses are known as _______________ account.</p>
Question   <p>Accounts of assets are known as _______________ account.</p>
Question   <p>The vital rule of double-entry system of accounting is that every transaction gives rise to _______________ entry.</p>
Question   <p>The actual process of placing the bookkeeping entry in each account is called _______________</p>
Question   <p>Cooperative society sold on credit, on effect is that income increases and another effect is that _______________ increases.</p>
Question   <p>A society paid for CDs; one effect is that cash would decrease and another effect is that _______________ would decrease.</p>
Question   <p>A society bought books for resale on credit, one effect is that expenditure would increase and another effect is that _______________ would increase.</p>
Question   <p>A petty cash book is used instead of a _______________ account in the general ledger.</p>
Question   <p>Many firms operate their petty cash on _______________ system</p>
Question   <p>The amount of petty cash float is determined by reference to the normal level of petty cash _______________</p>
Question   <p>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 balance.</p>
Question   <p>_______________ lodgements are either added to the statement balance or deducted from cash book balance.</p>
Question   <p>_______________ can be deducted in the cash book but not in the bank statement.</p>
Question   <p>_______________ is the process of investigating the difference in cash book and bank statement balances.</p>
Question   <p>_______________ occur when errors cancels out each other.</p>
Question   <p>_______________ occurs when a wrong amount is entered on the debit and credit sides of the accounts.</p>
Question   <p>When an item is entered in a wrong person’s account, it is called _______________</p>
Question   <p>Which of the following is an introductory segment of accounting?</p>
Question   <p>In business activity, the taking and giving of values is referred to as </p>
Question   <p>Accounting equation is based on which of the following concepts?</p>
Question   <p>Given equity as N180,000 and liabilities as N120,000; determine the assets of the business.</p>
Question   <p>Given assets as N100,000 and liabilities as N40,000; determine owner’s capital.</p>
Question   <p>Equity in business represents</p>
Question   <p>The caption, ‘anticipate no profit but provide for all possible losses’ describes which of the conventions?</p>
Question   <p>The cost of an asset is systematically reduced during its life span by a process called</p>
Question   <p>The assumption that a business is not expected to be liquidated in the foreseeable future relates to</p>
Question   <p>Which of the following concepts explain the occurrence of loss not necessarily when cash is received or paid?</p>
Question   <p>Which of the following concepts distinguished an owner from the business?</p>
Question   <p>The law requires the seller to give one of the following to the buyer for goods or services paid for in cash.</p>
Question   <p>It is crucial to write the amount and what the payment is for on the cheque ______ in order to write up the book of account.</p>
Question   <p>Which of the following must be paid into the payee’s bank account?</p>
Question   <p>Which of the following instruments will be used if a seller has overcharged the buyer on the invoice? </p>
Question   <p>A credit note may be sent for the following reasons except</p>
Question   <p>The layout and information of the debit note is the same as invoice except it shows the details of</p>
Question   <p>Which of the following is sent if the buyer is undercharged on the invoice?</p>
Question   <p>Which of the following instruments is sent to inform the buyer about the amount owed for the goods bought?</p>
Question   <p>A reduction in the amount a buyer has to pay within a given period of sale is known as</p>
Question   <p>A percentage reduction in the amount a buyer is charged for goods bought is known as</p>
Question   <p>Where payment is made or received after delivery is known as </p>
Question   <p>Which of the following is about providing useful information in the financial statements to enable users make economic decisions?</p>
Question   <p>Which of the following is a systematic method of recording the transactions of an enterprise in a book called the ledger?</p>
Question   <p>The amount entered in the sales day book is after deducting </p>
Question   <p>The amount entered in the sales day book is before deducting</p>
Question   <p>In February 2014, Tosin Enterprise sold electric wires on credit for N50,000; electric bulbs for N20,000; and sold electric wires for cash N120,000; determine the balance of the sales day book.</p>
Question   <p>Otago Enterprise bought beverages at N200,000 in March and sold beverages on credit for N150,000 and cash N120,000; what is the amount recorded in the sales day book?</p>
Question   <p>Where a customer has been overcharged by on an invoice, which of the following books is used to record the credit notes sent?</p>
Question   <p>Given N52,000 for four bags of rice sold at 5% trade discount, N40,000 for two bags of beans, and N120,000 at 5% trade discount for eight bags of wheat; determine the balance of the sales day book.</p>
Question   <p>Given trade discount of 10% on beverages bought for N350,000; determine the amount entered in the purchase day book.</p>
Question   <p>Entry is made in the purchases return day book when </p>
Question   <p>The sales returns day book is written up from the copies of the</p>
Question   <p>There are ______ methods of bank reconciliation.</p>
Question   <p>When an item is entered in the wrong class of account, it is called</p>
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