Y11 ACCOUNT PAPER 2 TERM 3 2023

What is the name of the document that summarises the customer's transactions for the month?

• credit note

• debit note

• invoice

• statement of account

On 1 June, Samir sold goods on credit to Faisal. Some of the goods were returned on 8 June.

In what order would Samir and Faisal exchange documents in June?

• credit note, debit note, invoice

• debit note, credit note, invoice

• invoice, credit note, debit note

• invoice, debit note, credit note

Which statement about a debit note is correct?

• It is sent to the supplier to request a reduction in the amount of an invoice

• It is sent to the customer to request a reduction in the amount of an invoice

• The customer records it in the purchases returns journal

• The supplier records it in the sales returns journal

Heidi's sales returns journal shows the following:

March 31 Total for month

Goods $4400

Trade discount $880

Net price $3520

What entry would be made in the sales returns amount on 31 March?

• credit $3520

• credit $4400

• debit $3520

• debit $4400

Which document is used to write up the purchases returns journal?

• credit note issued

• credit note received

• debit note issued

• debit note received

Which statements about trade discount are correct?

1 It is an allowance for buying in bulk.

2 It is an allowance for prompt payment.

3 It is shown as a deduction on an invoice.

4 It is shown as an expense in an income statement.

• 1 only

• 2 only

• 1 and 3

• 2 and 4

The left side of an account is

• blank

• a description of the account

• the debit side

• the balance of the account

An account is a part of the financial information system and is described by all except which one of the following?

• An account has a debit and credit side

• An account is a source document

• An account may be part of a manual or a computerized accounting system

• An account has a title

Peter Mail Service purchased equipment for $2,000. Peter paid $500 in cash and signed a note for the balance. Peter debited the equipment account, credited cash and

• nothing further must be done

• debited the capital account for $1500

• credited another asset account for $500

• credited a liability account for $1500

On January 14, Maxine Industries purchased supplies of $900 on account. The entry to record the purchase will include

• a debit to supplies and a credit to account payable

• a debit to supplies expense and a credit to account receivable

• a debit to supplies and a credit to cash

• a debit to accounts receivable and a credit to supplies