Question
_______________ is used to record goods bought on credit.
QuestionThe amount entered in the purchases day book is after deducting _______________
QuestionAt the end of each period, goods bought on credit is debited to the _______________
QuestionGiven 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
Question_______________ is used to record the credit notes received from suppliers.
QuestionAmount entered in the purchase returns day book is derived after deducting _______________
QuestionAt the end of each period, the total of the purchase returns day book is _______________ to the purchase returns ledger account.
QuestionThe purchase returns ledger account is part of the _______________
QuestionAmount of each credit note received is _______________ to the trade payable accounts.
QuestionIndividual trade payable ledger accounts is part of the _______________
Question_______________ is used to record correction of errors rather than transactions.
Question_______________ is used to record transactions that are not appropriate to any other book of prime entry.
QuestionThe nature of the entry in the _______________ must be explained in a narrative.
QuestionA two-column cash book has column for _______________
Question_______________ is a reduction given by the supplier to the buyer for paying within stipulated time.
QuestionCash discount is not deducted on the _______________
QuestionCash discount is calculated from the amount shown on the _______________
QuestionFinancial information from source documents are entered first into the books of _______________
QuestionAccounts for expenses, income, profits and losses are known as _______________ account.
QuestionAccounts of assets are known as _______________ account.
QuestionThe vital rule of double-entry system of accounting is that every transaction gives rise to _______________ entry.
QuestionThe actual process of placing the bookkeeping entry in each account is called _______________
QuestionCooperative society sold on credit, on effect is that income increases and another effect is that _______________ increases.
QuestionA society paid for CDs; one effect is that cash would decrease and another effect is that _______________ would decrease.
QuestionA society bought books for resale on credit, one effect is that expenditure would increase and another effect is that _______________ would increase.
QuestionA petty cash book is used instead of a _______________ account in the general ledger.
QuestionMany firms operate their petty cash on _______________ system
QuestionThe amount of petty cash float is determined by reference to the normal level of petty cash _______________
QuestionGiven 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.
Question_______________ lodgements are either added to the statement balance or deducted from cash book balance.
Question_______________ can be deducted in the cash book but not in the bank statement.
Question_______________ is the process of investigating the difference in cash book and bank statement balances.
Question_______________ occur when errors cancels out each other.
Question_______________ occurs when a wrong amount is entered on the debit and credit sides of the accounts.
QuestionWhen an item is entered in a wrong person’s account, it is called _______________
QuestionWhich of the following is an introductory segment of accounting?
QuestionIn business activity, the taking and giving of values is referred to as
QuestionAccounting equation is based on which of the following concepts?
QuestionGiven equity as N180,000 and liabilities as N120,000; determine the assets of the business.
QuestionGiven assets as N100,000 and liabilities as N40,000; determine owner’s capital.
QuestionEquity in business represents
QuestionThe caption, ‘anticipate no profit but provide for all possible losses’ describes which of the conventions?
QuestionThe cost of an asset is systematically reduced during its life span by a process called
QuestionThe assumption that a business is not expected to be liquidated in the foreseeable future relates to
QuestionWhich of the following concepts explain the occurrence of loss not necessarily when cash is received or paid?
QuestionWhich of the following concepts distinguished an owner from the business?
QuestionThe law requires the seller to give one of the following to the buyer for goods or services paid for in cash.
QuestionIt is crucial to write the amount and what the payment is for on the cheque ______ in order to write up the book of account.
QuestionWhich of the following must be paid into the payee’s bank account?
QuestionWhich of the following instruments will be used if a seller has overcharged the buyer on the invoice?
QuestionA credit note may be sent for the following reasons except
QuestionThe layout and information of the debit note is the same as invoice except it shows the details of
QuestionWhich of the following is sent if the buyer is undercharged on the invoice?
QuestionWhich of the following instruments is sent to inform the buyer about the amount owed for the goods bought?
QuestionA reduction in the amount a buyer has to pay within a given period of sale is known as
QuestionA percentage reduction in the amount a buyer is charged for goods bought is known as
QuestionWhere payment is made or received after delivery is known as
QuestionWhich of the following is about providing useful information in the financial statements to enable users make economic decisions?
QuestionWhich of the following is a systematic method of recording the transactions of an enterprise in a book called the ledger?
QuestionThe amount entered in the sales day book is after deducting
QuestionThe amount entered in the sales day book is before deducting
QuestionIn 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.
QuestionOtago 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?
QuestionWhere a customer has been overcharged by on an invoice, which of the following books is used to record the credit notes sent?
QuestionGiven 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.
QuestionGiven trade discount of 10% on beverages bought for N350,000; determine the amount entered in the purchase day book.
QuestionEntry is made in the purchases return day book when
QuestionThe sales returns day book is written up from the copies of the
QuestionThere are ______ methods of bank reconciliation.
QuestionWhen an item is entered in the wrong class of account, it is called