Level 1 Bookkeeping Week 1 recap

What is the term for a customer that owes you money

• Trade payable

• Trade receivable

Which of these is an expense?

• Motor vehicle

• Motor vehicle repairs

• Loan

• Computer

A sale was made for £180.00 before VAT how much VAT should be added?

• 18.00

• 30.00

• 36.00

• 15.00

The total amount of an invoice is £542.00 how much VAT has been included

• £108.40

• £81.30

• £54.20

• £90.33

Which document is sent to a supplier informing them of what has been included in a payment?

• Invoice

• Goods received note

• Remittance advice

• Credit note

A delivery note shows the total amount due?

• True

• False

Which of these tasks would be done by a bookkeeper?

• Producing the products

• Preparing employment contracts for new starters

• Preparing the bank statement

• Recording sales and purchases in the accounts