Cashbooks 1

Cashbooks 1

10th Grade

8 Qs

quiz-placeholder

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Cashbooks 1

Cashbooks 1

Assessment

Quiz

Business

10th Grade

Hard

Created by

Ross Cornes

Used 3+ times

FREE Resource

8 questions

Show all answers

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

Media Image

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

8.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The discount column on the debit side of a trader’s cash book totalled $1300 and the discount column on the credit side totalled $700.

How much discount did the trader receive?

$600

$700

$1300

$2000