Bookkeeping Ch 4 and 5

After receiving a price quotation, what document would you send back?

• Delivery note

• Purchase Order

• Invoice

• Credit note

The invoice total is £2,400 including VAT. There is a prompt payment discount of 2.5%. Calculate how much they would need to pay if the discount is honoured?

• 2,260

• 2,430

• 2,340

• 2,380

A customer has not accounted for a credit note on their statement when they paid. What would this result in?

• Underpayment

• Overpayment

Which of the below options should be included on a cheque?

• Amount in words

• Address

• Invoice number

What can be a discrepancy?

• Underpayment

• Exact amount

• Trade discount

If I pay £4,474 after VAT to EA Sports for FIFA points, what is the net amount?

• 3,738.33

• 3,728.34

• 745.67

• 5,219.67

What is GRN?

• Goods Received Note

• Gross=Revenue=Net

• Goods Received Notice

The supplier sends a remittance advice

• True

• False

If I order a floorboard off of Floorboards Direct for £2,675 before VAT and I receive a trade discount of 13% and I also pay within 10 days giving an extra 5% Prompt Payment Discount how much id the final floorboard price?

• 2,653.07

• 2,653.06

• 2557.30

• 6,250.67