Cashbooks 1
Authored by Ross Cornes
Business
10th Grade
Used 3+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a cheque counterfoil used for?
to make a credit entry in the bank column of a cash book
to make a debit entry in the bank column of a cash book
to send a payment to a supplier
to send proof of payment to a customer
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Farouk sells goods on credit. A cheque from Khalid, a credit customer, was dishonoured by the bank.
How should Farouk record this?
account to be debited bank
account to be credited Khalid
account to be debited irrecoverable debts
account to be credited Khalid
account to be debited Khalid
account to be credited bank
account to be debited Khalid
account to be credited irrecoverable debts
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Why does a supplier offer trade discount?
to avoid irrecoverable debts
to encourage bulk buying
to encourage payment in cash
to reward prompt payment
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Tumelo sells on credit. The terms of trade are listed.
list price: $200 per unit
credit period: 60 days
trade discount 15% if 10 units or more are purchased
cash discount 3% if the debt is paid within one month
A credit customer purchased 20 units and paid the debt within 15 days.
What was the total of the invoice?
$3298
$3400
$3880
$4000
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Tumelo sells on credit. The terms of trade are listed.
list price: $200 per unit
credit period: 60 days
trade discount 15% if 10 units or more are purchased
cash discount 3% if the debt is paid within one month
A credit customer purchased 20 units and paid the debt within 15 days.
What was the total Tumelo Received?
$3298
$3400
$3880
$4000
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Jane purchased goods and paid by credit transfer.
How should this be recorded in Jane’s accounting records?
account to
be debited bank
account to
be credited purchases
account to
be debited purchases
account to
be credited bank
account to
be debited purchases
account to
be credited trade payables
account to
be debited trade payables
account to
be credited purchases
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Jacob settled the account of Ahmed, a credit supplier. He made the following entries on the credit side of his cash book.
Which entries did Jacob make on the debit side of Ahmed’s account?
bank 195
bank 200
bank 195 discount allowed
bank 195 discount received
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