ITBK REVISION QUIZ

Which is the first place we record sales invoices?

• The receivables ledger

• The payables ledger

• The sales day book

• The receivables ledger control account

Which is the first place we record discount received credit notes?

• The sales day book

• The cash book

• The purchase day book

• The discount received day book

Which general ledger account tells us the total amount our customers owe us at any point in time?

• Sales Account

• Receivables Ledger Control Account

• Sales day book

• Sales Returns Account

Which general ledger account is a record of our net purchases and helps us to work out our profits?

• Purchases account

• Payables ledger control account

• Payables ledger

• Purchase returns account

According to PEARLS the PLCA is which of the following?

• An asset

• An expense

• A liability

• Purchases

According to PEARLS Sales Returns are classified as what?

• A sale

• An expense

• An asset

• A liability

According to PEARLS Discount Allowed is classified as what?

• An expense

• A liability

• Purchases

• Revenue/income

According to PEARLS drawings are classed as what?

• A liability

• An asset

• An expense

• Sales

According to PEARLS the PLCA is classified as what?

• An Asset

• Purchases

• A receipt

• A liability

To restore the imprest amount what do we do?

• Put what we have spent back into the tin

• Put the total amount received back into the tin

• Put what we have spent into the bank

• Put the difference between income and expenditure back into the tin