Accounting G9

Kenli sells goods on credit terms and allows his customers a trade discount of 25%. In May, the list price of goods returned by customers totalled $2000. What entry will Kenli make in his nominal ledger on 31 May?

• sales returns account $1500 debit

• sales returns account $2000 debit

• purchases returns account $1500 credit

• purchases returns account $2000 credit

Which error is an error of original entry?

• sales of inventory on credit to Tjuatja for $230 entered as $320 in both the sales account and Tjuatja account

• sales of inventory on credit to Tjuatja for $230 entered in the sales account and cash account

• sales of inventory on credit to Tjuatja for $230 entered in the sales account and Tjuan account

• sales of inventory on credit to Tjuatja for $230 not entered in any accounts

A cheque, $85, received from Jaylen, was credited to the account of Jossleen. Which error is this?

• Error of commission

• Error of ommission

• Error of complete reversal

• Error of principle

Veehun made a payment to repair a motor vehicle. In error, he debited the Motor vehicle account. Which type of error did Veehun make?

• Error of commission

• Compensating error

• Error of original entry

• Error of principle

Which account may appear as a credit balance in a trial balance?

• Carriage outwards

• Discount received

• Drawings

• Inventory

A trader maintains a petty cash book using the imprest system. The monthly imprest is $100. The petty cash transactions during October were: Payments $ Taxi fare 12 Stationery 31 Postage 8 Jelda, a credit supplier 43 Receipts $ Refund for damaged stationery 5 How much was given to the petty cashier on 1 November to restore the imprest?

• $26

• $37

• $89

• $94

Stefani supplies Gwen with goods on credit. Which business document might Gwen send to her?

• Credit note

• Debit note

• Invoice

• Statement of account

It was discovered that a credit customer had been charged $76 for a purchase instead of $67. Which document will be issued by the seller to correct the error?

• Credit note

• Debit note

• Invoice

• Statement of account

What is an advantage of the imprest system of petty cash?

• It ensures that fraud cannot take place

• Petty cash expenditure can be controlled

• Petty cash vouchers are not required

• The amount reimbursed is the same each month

Syenli sells goods on credit and allows her customers a trade discount. Which statements are correct?

• A debit entry is made in the customer's account in the sales ledger for the net value of the goods sold.

• A debit entry is made in the customer's account in the sales ledger for the list price of the goods sold.

• The trade discount is credited to the customer's account and debited to the discount allowed account.

• The trade discount is debited to the customer's account and credited to the discount allowed account.