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ACC CHAPTER 6 AND 13

Authored by will iam

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10th Grade

Used 15+ times

ACC CHAPTER 6 AND 13
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Amina returned goods to Nadia. Which document did Amina issue?

credit note

debit note

invoice

statement of account

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Amber sells goods on credit to Bashir. Which statement is correct about a credit note?

It is sent by Amber when Bashir buys goods.

It is sent by Amber when Bashir returns goods.

It is sent by Bashir when he buys goods.

It is sent by Bashir when he returns goods.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elzevir had been in business for only four months when a fire destroyed all of his inventory. In that period his sales were $1200. He paid $820 to suppliers and a supplier’s invoice for $70 was unpaid. His cost of sales was $800. What was the cost of the inventory which was destroyed?

$50

$310

$90

$380

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Zodwa sold goods on credit to Elspeth.Which document did Elspeth issue when she returned these goods?

Credit note

statement

invoice

debit note

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Antony decided to write off $300 owed by Mariam. He debited Mariam’s account and credited the provision for doubtful debts account, both with $300. Which entries are needed to correct the error?

Debit entry:Bad debts $300

Credit entry: Mariam $300

Debit entry:Bad debts $300

Provision for doubtful debts $300

Credit entry:Mariam $600

Debit entry:Provision for doubtful debts $300

Credit entry:Bad debts $300

Debit entry:Provision for doubtful debts $600

Credit entry: Bad debts $300

Mariam $300

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which business document would be sent by a customer to a supplier?

credit note

invoice

debit note

statement of account

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Albert maintains a provision for doubtful debts account. Where is the closing balance on the account included in the financial statements?

as an expense in the income statement

in the current assets section of the statement of financial position

as a revenue in the income statement

in the current liabilities section of the statement of financial position

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