HBEL 8 Business Studies

An invoice can also be referred to as a ____.

• Payment Voucher

• Sales bill

• Tax receipt

• Business letter

The purpose of a source document is to ____.

• Increase business expenses

• Avoid tax payments

• Hide financial transactions

• Serve as a proof of transaction

One key advantage of bookkeeping is that it ____.

• Encourages fraudulent activities

• Makes tax filing difficult

• Ensures a business can track financial progress

• Prevents financial growth

Which of the following best defines a source document?

• A document used to make financial decisions

• A document that records an employee’s attendance

• An original document that provides evidence of a transaction

• A document used for making office notes

A credit note is used when ____.

• A customer is making a payment

• Goods are returned to the supplier

• A new order is placed

• A business closes

Which of these is NOT a quality of good bookkeeping?

• Accuracy

• Consistency

• Dishonesty

• Transparency

A cheque is said to be CROSSED when:

• It is hand written

• It is titled in red ink

• It is not written legibly enough

• It has 2 parallel lines drawn on it

The document given by a supplier showing details of goods purchased is called ____.

• Invoice

• Receipt

• Credit note

• Ledger

Which of the following is NOT an example of a source document?

• Receipt

• Payment voucher

• Newspaper

• Invoice

Usually at the end of a business day, there must be a summary of cash received. These entries are made into a book called .......

• Receipt

• Credit Note

• Debit Note

• Cash Register Tape