SS1 Principles Of Accounts Past Questions Third Term

Question
The three column cash book is one of the subsidiary books of account used to record cash and bank transactions in addition to _______________Answer
Discounts received and discount allowed

Question
An invoice is used to prepare the ________

Answer
Sales day book

Question
The documents that are exchanged between buyers and sellers which are binding on both parties are called ________

Answer
Source documents in accounting

Question
The purpose of trade discount is to enable the customer achieve a _____when the goods are sold.

Answer
Profit margin

Question
___________can be defined as an inducement given to customers to enable them buy in large quantity, obtain profit margin price when goods are sold and/or for prompt payment by debtors.

Answer
Discount

Question
Services and goods that have been consumed or enjoyed during the year but which payment has not been made either in full on in part at the end of that financial year is called ______

Answer
Accruals

Question
_____ is a book of original entry used to record all goods sold and services rendered on credit to a third party in the order in which they occurred irrespective of the amount involved.

Answer
Sales journal

Question
The ________ state that profit should not be anticipated when recognising profit to be recorded in financial statement, but the profit should be based on actual profit earned or realised for the particular period

Answer
Convention of prudence

Question
________are principles upon which preparation of accounting records are based, which are universally acceptable

Answer
Accounting concepts

Question
______ is a veritable tool that provides relevant information for profit and not-for-profit organisations and other users of financial statements to make informed decisions.

Answer
Accounting

Question
One of the following is not a benefit of trial balance.

Answer
it serves the state of company’s liquidity

Question
One of the following is not a user of accounting information.

Answer
law enforcement officer

Question
A ______ is used to record a business event as they occur throughout the year

Answer
Journal entry

Question
A contra asset account has what type of balance?

Answer
Credit

Question
one of the following is not a liability account.

Answer
cash account

Question
The account format that displays debits, credits, balances, and headings is called _____

Answer
T- Account

Question
The accrual basis of accounting records revenues when they are___

Answer
Earned

Question
What is the main purpose of financial accounting?

Answer
provide useful and financial information to outsiders

Question
The financial statement that displays the revenues and expenses of a company for a period of timeis called ____

Answer
Income statement

Question
The two government recognized accounting professional bodies in Nigeria are:

Answer
Association of National Accountants of Nigeria and Institute of Chartered Accountants of Nigeria

Question
The three column cash book is one of the subsidiary books of account used to record cash and bank transactions in addition to _______________

Answer
Discounts received and discount allowed

Question
An invoice is used to prepare the ________

Answer
Sales day book

Question
The documents that are exchanged between buyers and sellers which are binding on both parties are called ________

Answer
Source documents in accounting

Question
The purpose of trade discount is to enable the customer achieve a _____when the goods are sold.

Answer
Profit margin

Question
___________can be defined as an inducement given to customers to enable them buy in large quantity, obtain profit margin price when goods are sold and/or for prompt payment by debtors.

Answer
Discount

Question
Services and goods that have been consumed or enjoyed during the year but which payment has not been made either in full on in part at the end of that financial year is called ______

Answer
Accruals

Question
_____ is a book of original entry used to record all goods sold and services rendered on credit to a third party in the order in which they occurred irrespective of the amount involved.

Answer
Sales journal

Question
The ________ state that profit should not be anticipated when recognising profit to be recorded in financial statement, but the profit should be based on actual profit earned or realised for the particular period

Answer
Convention of prudence

Question
________are principles upon which preparation of accounting records are based, which are universally acceptable

Answer
Accounting concepts

Question
______ is a veritable tool that provides relevant information for profit and not-for-profit organisations and other users of financial statements to make informed decisions.

Answer
Accounting

Question
One of the following is not a benefit of trial balance.

Answer
it serves the state of company’s liquidity

Question
One of the following is not a user of accounting information.

Answer
law enforcement officer

Question
A ______ is used to record a business event as they occur throughout the year

Answer
Journal entry

Question
A contra asset account has what type of balance?

Answer
Credit

Question
one of the following is not a liability account.

Answer
cash account

Question
The account format that displays debits, credits, balances, and headings is called _____

Answer
T- Account

Question
The accrual basis of accounting records revenues when they are___

Answer
Earned

Question
What is the main purpose of financial accounting?

Answer
provide useful and financial information to outsiders

Question
The financial statement that displays the revenues and expenses of a company for a period of timeis called ____

Answer
Income statement

Question
The two government recognized accounting professional bodies in Nigeria are:

Answer
Association of National Accountants of Nigeria and Institute of Chartered Accountants of Nigeria

Question
One of the following is not a benefit of trial balance.

Answer
it serves the state of company’s liquidity

Question
One of the following is not a user of accounting information.

Answer
law enforcement officer

Question
A ______ is used to record a business event as they occur throughout the year

Answer
Journal entry

Question
A contra asset account has what type of balance?

Answer
Credit

Question
one of the following is not a liability account.

Answer
cash account

Question
The account format that displays debits, credits, balances, and headings is called _____

Answer
T- Account

Question
The accrual basis of accounting records revenues when they are___

Answer
Earned

Question
What is the main purpose of financial accounting?

Answer
provide useful and financial information to outsiders

Question
The financial statement that displays the revenues and expenses of a company for a period of timeis called ____

Answer
Income statement

Question
The two government recognized accounting professional bodies in Nigeria are:

Answer
Association of National Accountants of Nigeria and Institute of Chartered Accountants of Nigeria

Question
The three column cash book is one of the subsidiary books of account used to record cash and bank transactions in addition to _______________

Answer
Discounts received and discount allowed

Question
An invoice is used to prepare the ________

Answer
Sales day book

Question
The documents that are exchanged between buyers and sellers which are binding on both parties are called ________

Answer
Source documents in accounting

Question
The purpose of trade discount is to enable the customer achieve a _____when the goods are sold.

Answer
Profit margin

Question
___________can be defined as an inducement given to customers to enable them buy in large quantity, obtain profit margin price when goods are sold and/or for prompt payment by debtors.

Answer
Discount

Question
Services and goods that have been consumed or enjoyed during the year but which payment has not been made either in full on in part at the end of that financial year is called ______

Answer
Accruals

Question
_____ is a book of original entry used to record all goods sold and services rendered on credit to a third party in the order in which they occurred irrespective of the amount involved.

Answer
Sales journal

Question
The ________ state that profit should not be anticipated when recognising profit to be recorded in financial statement, but the profit should be based on actual profit earned or realised for the particular period

Answer
Convention of prudence

Question
________are principles upon which preparation of accounting records are based, which are universally acceptable

Answer
Accounting concepts

Question
______ is a veritable tool that provides relevant information for profit and not-for-profit organisations and other users of financial statements to make informed decisions.

Answer
Accounting