Accounting revision

The calculation for the cost of sales is as follows:

• Selling price x 100/mark-up

• Selling price x percentage mark-up

• Selling price x 100/(100 + mark-up)

• Cost price x percentage mark-up

This function records and controls all the financial activities and financial records of the business

• Administration function

• General management function

• Financial function

• Marketing function

Assets increase with an entry on the … side and decrease with an entry on the … side.

• debit and debit

• debit and credit

• credit and debit

• credit and credit

A/An ... is a check to see that every transaction has been recorded in two separate General Ledger accounts.

The … is the source document used for goods returned by debtors

The … is the source document used for goods purchased by debtors.

These are examples of financial institutions

• Assets

• Bank

• Capital

• Transactions

Which description describe the transaction the best?

• A debtor is selling the product they bought

• A debtor is returning the product they bought

• A creditor is returning the product they bought

• A donor is returning the product they sold

The difference between the cost price and the selling price

The ... is legislation that regulates the granting of credit to consumers.