Chapter 8 - Purchase & Sales Returns - ACC3/4

Chapter 8 - Purchase & Sales Returns - ACC3/4

12th Grade

•

41 Qs

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Chapter 8 - Purchase & Sales Returns - ACC3/4

Chapter 8 - Purchase & Sales Returns - ACC3/4

Assessment

Quiz

•

Business

•

12th Grade

•

Practice Problem

•

Medium

Created by

Thomas Fisher

Used 2+ times

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41 questions

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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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