CFAB - Accounting 1 - Revision - Chapter 3

A Quotation has been made ………… the sales order placed.

• Before

• After

Sale orders are source documents that are recorded in the sales daybook. True or false?

• True

• False

The debit note is a source document for goods return transactions.

• True

• False

Input VAT cannot be reclaimed if the expenditure has been made via petty cash. True or false?

• True

• False

Which of the following is not a book of original entry?

• Sales invoice 

• Purchase daybook

• Sales daybook

• Journal

When an entity returns goods to a supplier it will expect to receive from the supplier…

• An invoice

• A credit note

• A purchase invoice

• A goods received note

The contribution of employees in NI is ...

• an expense of the company

• A part of Net pay

• a salary deduction

• not included in Gross pay

The cash book is the book of original entry for…

• Receipts of amounts into the entity’s bank account only

• Payments from the entity’s bank account

• Both receipts and payment for the entity’s bank account

• All cash transactions for the entity

Sales tax is due on all sales. Is this statement correct?

• Yes

• No

Sales tax is determined ...(1)... and ...(2)...

• 1. After trade discount

  2. Before payment discount

• 1. Before trade discount

  2. After payment discount

• 1. After trade discount

  2. Payment discount

• 1. Before trade discount

  2. Payment discount