Bookkeeping Transactions recap

Bookkeeping Transactions recap

1st - 12th Grade

7 Qs

quiz-placeholder

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Bookkeeping Transactions recap

Bookkeeping Transactions recap

Assessment

Quiz

Business, Other

1st - 12th Grade

Practice Problem

Medium

Created by

Robert Morris

Used 48+ times

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A customer has received an invoice for £468 pounds including VAT. They take advantage of a 2% settlement discount how much will they pay?

£468

£9.36

£458.64

£477.36

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What are the postings from the discount received daybook to the general ledger?

DR Discount Received, DR VAT & CR PLCA

DR PLCA, CR VAT and CR Discount Received

DR Discount Allowed, DR VAT, CR SLCA

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the cashbook is part of the double entry there is no need to record any entries into the bank or cash accounts?

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bank interest received is an example of?

Asset

Liability

Expense

Income

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Assets equal £75,000, liabilities equal £49,000 how much is capital?

£124,000

£75,000

£49,000

£26,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When balancing a t-account the c/d and b/d should be on opposite sides?

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What document does the customer send to the supplier to inform that of what they are paying?

Credit note

Invoice

Remittance advice

Statement of account

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