Accounting Rev Term 3

Accounting Rev Term 3

9th Grade

10 Qs

quiz-placeholder

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Accounting Rev Term 3

Accounting Rev Term 3

Assessment

Quiz

Business, Education, Mathematics

9th Grade

Practice Problem

Hard

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is " gross profit"?

The amount that is added to the cost price to get the selling price

The amount that is added to the selling price to get the cost price

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is it called when a credit customer owes the business money?

A debtor

A creditor

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

In which journal would the businesses electricity payment be recorded?

Cash Payments Journal

Cash Receipts Journal

Debtors Journal

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the document used when you receive money?

Receipt

Payment

Invoice

Credit Note

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the source document used when the retailer sells goods to the customer on credit?

Equipment

Sales

Trading Stock

Cost of Sales

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is it called when the goods the retailer buys to sell to customers?

Original invoice

Duplicate Invoice

EFT

Receipt

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the formula to workout selling price (SP)?

CP x (100 + MU%)

CP + (MU% X CP)

SP x (100/100 + MU%)

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