
Chapter 8 - Purchase & Sales Returns - ACC3/4
Authored by Thomas Fisher
Business
12th Grade
Used 2+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of an accounting system?
To generate financial information based on business documents
To reduce business costs
To increase sales
To improve customer service
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must businesses do with their business documents?
Dispose of them after use
Retain copies for a permanent record
Retain copies only if they are sales invoices
Modify them regularly
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT typically included in a tax invoice?
The business’s ABN
A description of goods or services provided
The purchaser’s bank account details
The GST-inclusive price
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of document provides evidence of a cash inflow?
Sales invoice
Cash receipt
Order form
Delivery docket
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What information is usually included in an EFTPOS receipt?
The name of the bank used by the business
The business’s annual turnover
The supplier’s address
The employee’s name who handled the transaction
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key feature of a perpetual inventory system?
Inventory records are updated only at the end of the year
Inventory records are updated continuously throughout the reporting period
Inventory records are updated monthly
Inventory records are updated quarterly
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an advantage of the perpetual inventory system?
Reduces the need for physical stocktakes
Guarantees profit for the business
Eliminates all inventory losses
Provides up-to-date information throughout the reporting period
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