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Understanding Accounting Documents

Authored by Riddhi Jain

Other

9th Grade

Used 3+ times

Understanding Accounting Documents
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an invoice used for in accounting?

An invoice is used to track employee attendance.

An invoice is a document for internal budgeting purposes.

An invoice serves as a receipt for returned items.

An invoice is used to request payment for goods or services provided.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which document proves that goods have been received?

Purchase order

Invoice

Delivery receipt or goods receipt

Shipping label

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A receipt is issued when:

A transaction occurs.

A product is returned.

A payment is made.

A service is canceled.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a purchase order?

A purchase order is a summary of sales transactions.

A purchase order is a formal request to buy goods or services.

A purchase order is a type of invoice.

A purchase order is a receipt for goods received.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a financial document that summarizes all sales transactions for a given period?

Cash Flow Statement

Sales Report

Balance Sheet

Income Statement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a bank statement?

To provide a list of bank employees

To calculate interest rates for loans

To advertise new banking products

The purpose of a bank statement is to summarize account transactions and provide financial information.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit note used for?

A credit note is used to document a reduction in the amount owed by a buyer, typically due to returns or overpayments.

A credit note is used to increase the amount owed by a buyer.

A credit note is used to apply for a loan from a bank.

A credit note is a form of payment made to suppliers.

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