ACC101 TMA1 ELEMENT OF BOOK-KEEPING 1

Q1 —————– is a permanent record of all transaction book

1. Cash book
2. Trial balance
3. Ledger
4. Journal

The answer is C. ledger

Q2 ————— is the final destination of all transactions in the books of prime entries
A. Cash book

1.  Trial balance
   C.  Ledger
   D.  Journal
   the answer is C. ledger
   Q3 The ———– accounts are the accounts of assets
   A Personal
   B Real
   C Nominal
   D Personal/nominal
   the answer is B. real
   Q4 The real sense of placing the book keeping entry in each account is called ————
   A Trial balance
   B Entries
   C Posting
   D Transactions
   the answer is B. posting
   Q5 ____ system is an accounting system whereby every transaction that has to be recorded gives rise to two entries
   A Two column
   B Single entry
   C Three column
   D Double entry
   the answer is D. double entry
   Q6 ____ book is used instead of a cash ledger account in the general ledger
   A Cash
   B Petty cash
   C Voucher
   D Invoice
   the answer is B. petty cash
   Q7 Firms operates their petty cash on an ———– system
   A Continuity
   B Voucher
   C Imprest
   D Cheque
   the answer is C. imprest
   Q8 The ———– book is written from receipt and petty cash vouchers
   A Cash
   B Petty cash
   C Voucher
   D Invoice
   the answer is B. petty cash
   Q9 ————– is a reduction given by the supplier of goods to a buyer if the latter pays for them within a period stipulated by the seller at the time of sale.
   A Trade discount
   C Receivables
   D Cash discount
   D Discount allowed
   the answer is D. cash discount
   Q10 The ————- cash book represent three accounts
   A One column
   B Two column
   C Tripe column
   D Three column
   the answer is D. three column