EMS Grade 9 Lesson 23

A debtor is a ________.

• Non-current Asset

• Current Asset

• Non-current Liability

• Current Liability

When goods are sold on credit the transaction will be recorded in the _________.

• Cash Payments Journal

• Debtors Journal

• Creditor Journal

• Cash Receipts Journal

The Act is aimed at protecting consumers and producers and creating a fair credit market place in SA.

• Credit Sales

• Credit Reference

• National Credit Act

• Cash Sale

An agreement in which a buyer receives something of value now and agrees to repay the seller at a later date.

(a)  

The owner rented part of the building to his sister to start a catering business. Receive her first month rental.

• Cash Receipts Journal

• Debtors Journal

• Cash Payments Journal

• Creditors Journal

What is the Accounting Equation?

• A=L+OE

• L=A+OE

• A=OE+L

• OE=L+A

When a debtor settles his account the transaction should be recorded in the _____.

• Cash Receipts Journal

• Cash Payments Journal

• Creditors Journal

• Debtors Journal

What does a customer receive when they have made a payment to your business?

• Credit Note

• Debit Note

• Receipt

• Invoice

The source document the customer receives when buying goods on credit is called_____.

• Receipt

• Payment

• Invoice

• Credit Note

Which two accounts are affected when an owner deposits R 50 000 into the business account?

• Capital

• Drawings

• Bank

• Salary/Wages