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NTS NAT-ICOM Accounting Flashcards
63 question-and-answer cards covering Accounting as it is examined in NTS NAT-ICOM. 24 of them are printed below, taken from across the deck — no signup, no paywall on the preview.
24 sample cards from the Accounting deck
Sampled from the end of the deck, so these are different cards from the ones shown on the syllabus page.
What is recorded in the Sales Returns (Returns Inward) Book?
Goods returned by customers that were originally sold on credit.
What is a Cash Book?
A subsidiary book that records all cash and bank receipts and payments; it also serves as a ledger account, so cash/bank accounts are not separately kept in the ledger.
What is a Single Column Cash Book?
A cash book with only one amount column on each side, used to record only cash transactions (receipts on debit side, payments on credit side).
What is a Double Column Cash Book?
A cash book having two amount columns on each side — commonly cash and bank columns (or cash and discount columns).
What is a Three Column Cash Book?
A cash book with three columns on each side: discount, cash and bank.
What is a Petty Cash Book?
A book used to record small, routine cash payments (postage, stationery, conveyance) usually maintained by a petty cashier.
What is the Imprest System of petty cash?
A system where the petty cashier is given a fixed sum (the imprest amount); at the end of the period the amount spent is reimbursed to restore the float to its original level.
What is a Contra Entry in the cash book?
An entry that affects both cash and bank columns of the cash book (e.g., cash deposited into bank or cash withdrawn from bank), marked with the letter 'C'.
What is a Trial Balance?
A statement listing the debit and credit balances of all ledger accounts on a particular date, prepared to check the arithmetical accuracy of the books.
What is the main purpose of preparing a Trial Balance?
To verify the arithmetical accuracy of ledger postings by ensuring total debits equal total credits; it also helps in preparing final accounts.
Name two methods of preparing a Trial Balance.
The Balance Method (using closing balances of accounts) and the Totals Method (using totals of debit and credit sides).
Does agreement of the Trial Balance guarantee no errors? Why or why not?
No. Some errors (errors of omission, commission, principle, compensating errors, and wrong original entries) do not affect the agreement of the trial balance.
What is an Error of Omission?
An error in which a transaction is completely or partially omitted from being recorded in the books; a complete omission does not affect trial balance agreement.
What is an Error of Commission?
An error caused by wrong recording, wrong posting, wrong casting (totaling) or posting to the wrong account but of the same class (e.g., posting to the wrong customer's account).
What is an Error of Principle?
An error arising from recording a transaction in violation of accounting principles, e.g., treating a capital expenditure as revenue expenditure or vice versa; it does not affect trial balance agreement.
What is a Compensating Error?
Two or more errors that cancel out each other's effect, so the trial balance still agrees despite the mistakes.
What is the Rectification of Errors?
The process of correcting accounting errors in a systematic way through rectifying journal entries (and a suspense account where needed) without erasing the original entry.
How are one-sided errors (before preparing trial balance) generally rectified?
By passing an explanatory note or correcting the affected single side of the account directly (no full double entry), since only one account is wrong.
How are errors rectified after the trial balance has been prepared (with a suspense account)?
By passing a proper rectifying journal entry; the difference for one-sided errors is routed through the Suspense Account.
What is a Suspense Account?
A temporary account opened to make the trial balance agree when its two sides do not tally; the difference is placed in it until the errors are located and rectified.
When is the Suspense Account closed?
When all the errors causing the trial balance disagreement have been located and rectified, the suspense account balance becomes zero and is automatically closed.
Differentiate between Trade Discount and Cash Discount.
Trade discount is a reduction in list price for buying in bulk and is not recorded in the books; cash discount is allowed for prompt/early payment and is recorded in the books.
Differentiate between Journal and Ledger.
The Journal is the book of original entry recording transactions chronologically; the Ledger is the book of final entry where transactions are classified account-wise. Journal has narration; ledger has balances.
State the rule for recording in the Cash Book.
All receipts (cash/bank coming in) are recorded on the debit (Dr) side and all payments (cash/bank going out) are recorded on the credit (Cr) side.
What this deck covers
The Accounting deck follows the NTS NAT-ICOM Accounting syllabus — 5 chapters and 19 topics — so questions land on material that is genuinely examinable rather than trivia around it. That works out to roughly 12.6 cards per chapter.
Answers are written to be recallable, not just readable — averaging about 148 characters, which is long enough to carry the reasoning and short enough to say out loud.
A deck like this earns its keep on the second and third pass. Read the syllabus first so you know the shape of the subject, then use the cards to find the specific facts that have not stuck.
Accounting flashcards FAQ
How many Accounting flashcards are in this NTS NAT-ICOM deck?
63 cards. This page previews 24 of them, sampled evenly across the deck so you can judge the difficulty before installing anything.
Are these NTS NAT-ICOM flashcards free?
Yes. The preview here is free to read with no signup, and the full 63-card deck is free inside the Examius app.
What do the Accounting cards cover?
They follow the NTS NAT-ICOM Accounting syllabus — 5 chapters and 19 topics — so the questions track what is actually examinable.
How should I use these flashcards?
Read the syllabus first so you know the shape of the subject, then drill the deck. Examius schedules each card with spaced repetition, so cards you keep missing come back sooner and ones you know drift further apart.