23.09.13 Intro to Bookkeeping

Which type of discount do you calculate after VAT has been added?

• Bulk Discount

• Trade discount

• Prompt Payment Discount

• All of the above

What is the third stage of the five stage accounting system?

• Trial Balance

• Ledger Accounts

• Financial Documents

• Book of Prime Entry

What should be included in a double entry account?

• Date, details, amount

• VAT%, Date, Account

• Date, VAT%, amount

• Details, amount, VAT%

What does 'I' stand for in CLIC

• Income

• Invoice

• Insurance

• Inflow

Which financial document do you send to a buyer if a refund is due?

• Statement of account

• Invoice

• Credit note

• Delivery note

At 20% VAT, what number do you divide the total by to calculate the VAT?

• 6

• 60

• 9

• 12

At 5% VAT, what number do you divide the total by to calculate the VAT total?

• 2.1

• 15

• 21

• 25

In DEAD CLIC, what does the 'L' represent?

• Loss

• Liability

• Labour

• Ltd

What equation is used for statement of profit or loss

• Income - expenses = profit

• Liability + assets = capital

• Assets - liabilities = capital

• Expenses - capital = income

What is a cash transaction?

• Payment by cash one month later

• Payment by credit card immediately

• Payment by debit card 2 weeks later

• Cash paid to supplier 60 days later