
FS Topic 4 Discounts, GST
Authored by Louise Jenkins
Social Studies
11th - 12th Grade
Used 1+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
When a business gives an Account Receivable a discount, the business records the discount as
an expense
revenue
2.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Increases in Assets and Expenses will require a ______ entry in the financial records.
negative
positive
credit
debit
3.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
When an owner transfers a personal asset to the business, the asset is recorded in the General Journal at its
original cost
value when first purchased
fair value
value when the business will sell the asset
4.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Before extending credit, a business checks the credit worthiness of the customer. This is done to minimise
the amount of work for the accountant
the amount recorded for the Account Receivable
the amount of bad debts
the amount of time talking to the customer
5.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
Credit terms expressed as 5/7, n30 means
a 7% discount if paid within 5 days, otherwise full amount in 30 days
a 5% discount if paid within 7 days, otherwise full amount in 30 days
a 7% discount if paid within 5 days, otherwise full amount in 35 days
a 5% discount if paid within 7 days, otherwise full amount in 37 days
6.
MULTIPLE CHOICE QUESTION
45 sec • 5 pts
True or False? When recording the payment received from the Account Receivable, the discount is not applied to the GST amount owed.
True
False
7.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Expenses are
increases in assets or decreases in liabilities that result in an increase in owner's equity...
increases in assets and liabilities that result in a decrease in owner's equity..
decreases in assets and liabilities that result in an increase in owner's equity..
decreases in assets or increases in liabilities that result in a decrease in onwer's equity....
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