U32-ACC-Review

Where would accounts receivable appear in the balance sheet?

 

• Current assets

• Current liabilities.

• Non-current assets.

• Non-current liabilities

  What is the result of payments not being chased?

• Increased liquidity

  .

   

• Decreased liquidity

• Increased sales.

• Decreased sales.

New shop fittings are bought on credit for sar4000.Where is this transaction entered first?

• A.   cash book

• B.   general journal

• C.   purchases journal

• D.   purchases ledger

Which ledger entries record the purchase of a machine bought on credit?

• A.       debit creditors, credit machinery

• B. debit creditors, credit purchases

• C.      debit machinery, credit creditors

• D.      debit purchases, credit creditors

A listing of all the accounts from the ledger with their ending balances is

called

• A.   normal balance.

• B.   trial balance.

• C.   footing.

• D.   chart of accounts

Trade Credit

• Final amount

• is a type of commercial financing in which a customer is allowed to purchase goods or services and pay the supplier at a later scheduled date.

• An amount that has to be paid or spent to buy or obtain something

• cash and other assets that are expected to be converted to cash within a year.

Net

• Final amount

• is a type of commercial financing in which a customer is allowed to purchase goods or services and pay the supplier at a later scheduled date.

• created when a company lets a buyer purchase their goods or services on credit.

• cash and other assets that are expected to be converted to cash within a year.

Account Receivable

• Final amount

• An amount that has to be paid or spent to buy or obtain something

• created when a company lets a buyer purchase their goods or services on credit.

• cash and other assets that are expected to be converted to cash within a year.

Current Assets

• Final amount

• is a type of commercial financing in which a customer is allowed to purchase goods or services and pay the supplier at a later scheduled date.

• created when a company lets a buyer purchase their goods or services on credit.

• cash and other assets that are expected to be converted to cash within a year.

Balance Sheet

• a statement of the assets, liabilities, and capital of a business

• a statement of the cash flow

• a statement of the income

• a statement of shareholder equity