IGSCE YEAR 9 ACCOUNT PAPER 1 TERM 2 2024

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.

• I only

• 2 only

• 1 and 3

• 2 and 4

• $4056

• $4160

• $5070

• $5200

Kate sells goods on credit to Kylie. Kate does not allow cash discount. On 1 May Kylie owed Kate $350.

The following documents were exchanged in May:

May

4 invoice $420

8 debit note $112

10 credit note

19 cheque $350

26 invoice $170

How much did Kylie pay on 31 May to settle her account?

• $148

• $386

• $498

• $610

Zodwa sold goods on credit to Elspeth.

Which document did Elspeth issue when she returned these goods?

• credit note

• debit note

• invoice

• statement

• purchases journal $2184

• purchases journal $2240

• sales journal $2184

• sales journal $2240