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Bookkeeping Ch 4 and 5

Professional Development

2nd - 3rd Grade

Used 1+ times

Bookkeeping Ch 4 and 5
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9 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

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

Delivery note

Purchase Order

Invoice

Credit note

2.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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

Underpayment

Overpayment

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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

Amount in words

Address

Invoice number

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What can be a discrepancy?

Underpayment

Exact amount

Trade discount

6.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is GRN?

Goods Received Note

Gross=Revenue=Net

Goods Received Notice

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