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Bookkeeping Transactions Flashcards | StudBud

Explore/Bookkeeping Transactions

A "cash sale" in accounting terms is:

What document will be issued to a customer who has taken the prompt payment discount?

Bookkeeping Transactions

10 terms·StudBud Administration·234 plays

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

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Questions 10

Answers

1
What document will be issued to a customer who has taken the prompt payment discount?
A receipt
A credit note
An invoice
A discount form
2
A "cash sale" in accounting terms is:
A sale involving notes and coins
A sale requiring immediate payment
A sale requiring payment in the future
3
What document is used to order goods from the seller?
delivery note
Invoice
credit note
Purchase Order
4
Which of the following is not a step in the 5 stage accounting system?
Financial documents
Books of prime entry
Statement of profit or loss
Ledger acccounts
5
A trade receivable is also known as
A trade payable
Sales ledger control account
Purchase ledger control account
Sales ledger
6
James Ltd has Assets of £1000, Liabilities of £500 what is the capital?
1500
500
1000
7
discounts allowed are logged in the following book of prime entry
Sales returns day book
Cash book
Discounts allowed day book
Discounts received daybook
8
The double entry for a credit sale is:
Dr Cashbook, Cr Sale
Dr Sales, Cr Sales Ledger Control Account
Dr Sale, Cr Cashbook
Dr Sales ledger control account, Cr Sales
9
Transactions recorded in the books of prime entry are then transferred to
Ledger accounts
A petty cash book
A trial balance
10
A liability of a business
An item owned by that business
A cash fund for business expenses
An amount owed by that business