Home Library Explore SAT

Home Library Explore SAT

Bookkeeping Transactions Flashcards | StudBud

Explore/Bookkeeping Transactions

What document is used to order goods from the seller?

A liability of a business

Bookkeeping Transactions

8 terms·StudBud Administration·21 plays

A quiz to review what we have learned so far in this unit.

Flashcards8 cardsFPractice quizPHost liveL

Questions 8

Answers

1
A liability of a business
An item owned by that business
An amount owed by that business
A cash fund for business expenses
2
What document is used to order goods from the seller?
Purchase Order
delivery note
credit note
Invoice
3
The double entry for a credit sale is:
Dr Sales ledger control account, Cr Sales
Dr Sale, Cr Cashbook
Dr Cashbook, Cr Sale
Dr Sales, Cr Sales Ledger Control Account
4
A "cash sale" in accounting terms is:
A sale requiring immediate payment
A sale requiring payment in the future
A sale involving notes and coins
5
James Ltd has Assets of £1000, Liabilities of £500 what is the capital?
1000
1500
500
6
A trade receivable is also known as
A trade payable
Sales ledger
Purchase ledger control account
Sales ledger control account
7
Transactions recorded in the books of prime entry are then transferred to
Ledger accounts
A petty cash book
A trial balance
8
Discounts allowed are logged in the following book of prime entry
Discounts allowed day book
Sales returns day book
Cash book
Discounts received daybook