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_______________ is used to record goods bought on credit.

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

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

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

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

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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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The purchase returns ledger account is part of the _______________

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

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Individual trade payable ledger accounts is part of the _______________

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

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

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

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A two-column cash book has column for _______________

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

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Cash discount is not deducted on the _______________

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Cash discount is calculated from the amount shown on the _______________

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

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

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Accounts of assets are known as _______________ account.

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

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

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

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

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

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Many firms operate their petty cash on _______________ system

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

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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.

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

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

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

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_______________ occur when errors cancels out each other.

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_______________ occurs when a wrong amount is entered on the debit and credit sides of the accounts.

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When an item is entered in a wrong person’s account, it is called _______________

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Which of the following is an introductory segment of accounting?

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In business activity, the taking and giving of values is referred to as

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Accounting equation is based on which of the following concepts?

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Given equity as N180,000 and liabilities as N120,000; determine the assets of the business.

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Given assets as N100,000 and liabilities as N40,000; determine owner’s capital.

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Equity in business represents

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The caption, ‘anticipate no profit but provide for all possible losses’ describes which of the conventions?

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The cost of an asset is systematically reduced during its life span by a process called

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The assumption that a business is not expected to be liquidated in the foreseeable future relates to

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Which of the following concepts explain the occurrence of loss not necessarily when cash is received or paid?

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Which of the following concepts distinguished an owner from the business?

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The law requires the seller to give one of the following to the buyer for goods or services paid for in cash.

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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.

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Which of the following must be paid into the payee’s bank account?

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Which of the following instruments will be used if a seller has overcharged the buyer on the invoice?

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A credit note may be sent for the following reasons except

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The layout and information of the debit note is the same as invoice except it shows the details of

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Which of the following is sent if the buyer is undercharged on the invoice?

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Which of the following instruments is sent to inform the buyer about the amount owed for the goods bought?

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A reduction in the amount a buyer has to pay within a given period of sale is known as

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A percentage reduction in the amount a buyer is charged for goods bought is known as

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Where payment is made or received after delivery is known as

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Which of the following is about providing useful information in the financial statements to enable users make economic decisions?

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Which of the following is a systematic method of recording the transactions of an enterprise in a book called the ledger?

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The amount entered in the sales day book is after deducting

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The amount entered in the sales day book is before deducting

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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.

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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?

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Where a customer has been overcharged by on an invoice, which of the following books is used to record the credit notes sent?

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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.

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Given trade discount of 10% on beverages bought for N350,000; determine the amount entered in the purchase day book.

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Entry is made in the purchases return day book when

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The sales returns day book is written up from the copies of the

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There are ______ methods of bank reconciliation.

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When an item is entered in the wrong class of account, it is called