Principles of Accounts Quiz

What are books of original entry also known as?

• Subsidiary Books

• Balance Sheets

• Final Accounts

• Trial Balances

Which journal is used to record only credit sales?

• Cash Book

• General Journal

• Purchases Journal

• Sales Journal

What is the purpose of a Cash Book?

• To record goods returned

• To record invoices

• To record cash and bank transactions

• To record credit sales

Which document is used to record goods returned to suppliers?

• Sales Invoice

• Debit Note

• Credit Note

• Return Outwards Journal

What is a Petty Cash Book used for?

• Recording credit sales

• Recording small payments

• Recording large transactions

• Recording bank transfers

What must be checked when receiving a cheque?

• The cheque is signed

• The cheque is dated

• All of the above

• The cheque is payable to the receiver

What is the main difference between credit cards and debit cards?

• Credit cards are used for cash transactions

• Debit cards withdraw funds immediately

• Debit cards are issued by banks only

• Credit cards require a PIN

What is a source document?

• A record of bank statements

• A document containing original evidence of transactions

• A summary of transactions

• A list of all invoices

Which of the following is NOT a type of source document?

• Petty Cash Voucher

• Credit Note

• Sales Invoice

• Sales Journal

What is the purpose of a Sales Invoice?

• To record cash payments

• To record goods returned

• To provide evidence of credit sales

• To summarize bank transactions