NOUN eExams Past Questions: ACC101 - Elements of Book-Keeping I

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NOUN eExams Past Questions: ACC101 - Elements of Book-Keeping I

Postby Richtubor » Sat Jul 06, 2019 4:57 am

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1 : _______________ is used to record goods bought on credit.
Answer: Purchase day book

2 : The amount entered in the purchases day book is after deducting _______________
Answer: Trade discount

3 : At the end of each period, goods bought on credit is debited to the _______________
Answer: Purchase ledger account

4 : 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
Answer: N160,000

5 : _______________ is used to record the credit notes received from suppliers.
Answer: Purchase returns day book

6 : Amount entered in the purchase returns day book is derived after deducting _______________
Answer: Trade discount

7 : At the end of each period, the total of the purchase returns day book is _______________ to the purchase returns ledger account.
Answer: Credited

8 : The purchase returns ledger account is part of the _______________
Answer: General ledger

9 : Amount of each credit note received is _______________ to the trade payable accounts.
Answer: Debited

10 : Individual trade payable ledger accounts is part of the _______________
Answer: Purchases ledger

11 : _______________ is used to record correction of errors rather than transactions.
Answer: Journal

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

13 : The nature of the entry in the _______________ must be explained in a narrative.
Answer: Journal

14 : A two-column cash book has column for _______________
Answer: Cash and bank

15 : _______________ is a reduction given by the supplier to the buyer for paying within stipulated time.
Answer: Cash discount

16 : Cash discount is not deducted on the _______________
Answer: Invoice

17 : Cash discount is calculated from the amount shown on the _______________
Answer: Invoice

18 : Financial information from source documents are entered first into the books of _______________
Answer: Prime entry

19 : Accounts for expenses, income, profits and losses are known as _______________ account.
Answer: Nominal

20 : Accounts of assets are known as _______________ account.
Answer: Real




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Richtubor
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Re: NOUN eExams Past Questions: ACC101 - Elements of Book-Keeping I

Postby Richtubor » Sat Jul 06, 2019 4:58 am

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21 : The vital rule of double-entry system of accounting is that every transaction gives rise to _______________ entry.
Answer: Both debit and credit

22 : The actual process of placing the bookkeeping entry in each account is called _______________
Answer: Posting

23 : Cooperative society sold on credit, on effect is that income increases and another effect is that _______________ increases.
Answer: Amount owed to it

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

25 : A society bought books for resale on credit, one effect is that expenditure would increase and another effect is that _______________ would increase.
Answer: Debt

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

27 : Many firms operate their petty cash on _______________ system
Answer: Imprest

28 : The amount of petty cash float is determined by reference to the normal level of petty cash _______________
Answer: Expenditure

29 : 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.
Answer: N169,000

30 : _______________ lodgements are either added to the statement balance or deducted from cash book balance.
Answer: Uncredited

31 : _______________ can be deducted in the cash book but not in the bank statement.
Answer: Unpresented cheques

32 : _______________ is the process of investigating the difference in cash book and bank statement balances.
Answer: Bank reconciliation

33 : _______________ occur when errors cancels out each other.
Answer: Compensating errors

34 : _______________ occurs when a wrong amount is entered on the debit and credit sides of the accounts.
Answer: Error of original entry

35 : When an item is entered in a wrong person’s account, it is called _______________
Answer: Error of commission



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Richtubor
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Re: NOUN eExams Past Questions: ACC101 - Elements of Book-Keeping I

Postby Richtubor » Sat Jul 06, 2019 4:59 am

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1 : Which of the following is an introductory segment of accounting?
Answer: Bookkeeping

2 : In business activity, the taking and giving of values is referred to as
Answer: Transactions

3 : Accounting equation is based on which of the following concepts?
Answer: Double-entry concept

4 : Given equity as N180,000 and liabilities as N120,000; determine the assets of the business.
Answer: N300,000

5 : Given assets as N100,000 and liabilities as N40,000; determine owner’s capital.
Answer: N60,000

6 : Equity in business represents
Answer: Ownership interest

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

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

9 : The assumption that a business is not expected to be liquidated in the foreseeable future relates to
Answer: Going concern concept

10 : Which of the following concepts explain the occurrence of loss not necessarily when cash is received or paid?
Answer: Accrual concept

11 : Which of the following concepts distinguished an owner from the business?
Answer: Entity concept

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

13 : 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.
Answer: Stub

14 : Which of the following must be paid into the payee’s bank account?
Answer: Cross cheque

15 : Which of the following instruments will be used if a seller has overcharged the buyer on the invoice?
Answer: Credit note

16 : A credit note may be sent for the following reasons except
Answer: Undercharged on goods supplied

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

18 : Which of the following is sent if the buyer is undercharged on the invoice?
Answer: Debit note

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

20 : A reduction in the amount a buyer has to pay within a given period of sale is known as
Answer: Cash discount





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Richtubor
Posts: 596
Joined: Mon Aug 21, 2017 8:24 pm
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Re: NOUN eExams Past Questions: ACC101 - Elements of Book-Keeping I

Postby Richtubor » Sat Jul 06, 2019 4:59 am

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21 : A percentage reduction in the amount a buyer is charged for goods bought is known as
Answer: Trade discount

22 : Where payment is made or received after delivery is known as
Answer: Credit transaction

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

24 : Which of the following is a systematic method of recording the transactions of an enterprise in a book called the ledger?
Answer: Double-entry bookkeeping

25 : The amount entered in the sales day book is after deducting
Answer: Trade discount

26 : The amount entered in the sales day book is before deducting
Answer: Cash discount

27 : 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.
Answer: N70,000

28 : 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?
Answer: N150,000

29 : Where a customer has been overcharged by on an invoice, which of the following books is used to record the credit notes sent?
Answer: Sales return day book

30 : 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.
Answer: N203,400

31 : Given trade discount of 10% on beverages bought for N350,000; determine the amount entered in the purchase day book.
Answer: N315,000

32 : Entry is made in the purchases return day book when
Answer: Credit note is received

33 : The sales returns day book is written up from the copies of the
Answer: Credit notes

34 : There are ______ methods of bank reconciliation.
Answer: Two

35 : When an item is entered in the wrong class of account, it is called
Answer: Error of principle




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