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WorksheetsCredit transactions
Total questions: 15
Worksheet time: 8mins
a transaction in which goods and services are provided now and paid later is a ....
cash transaction
credit transaction
illegal transaction
theft
The source document for a credit transaction is ...
a receipt
a cheque
a memorandum
an invoice
Customers that owe a business money are called
accounts payable
accounts receivable
assets
Liabilites
Accounts payable are treated as ....
assets
liabilities
current assets
current liabilities
Suppliers that a business owes money are called ...
accounts receivable
accounts payable
liabilites
assets
Accounts receivable are treated as....
assets
liabilities
current assets
current liabilities
Source documents are vital in ensuring....
relevance
verifiability
faithful representation
comparability
A sales invoice verifies ....
cash sale
cash purchase
credit purchase
credit sale
A purchase invoice involves a
cash purchase
cash sale
credit purchase
credit sale
One of the most important items on an Invoice is the ....
amount
date
terms
GST
Additional accounting records used to keep track of accounts payable and accounts receivable is know as ...
a Balance Sheet
a schedule
a subsidiary record
a journal
An accounting record that summarises all transactions involving the purchase of materials/supplies on credit is....
Cash receipts Journal
Purchases Journal
Sales Journal
Cash Payments Journal
An accounting record that summarises all transactions involving the sale/performing services on credit is called...
Purchases Journal
Cash Payments Journal
Sales Journal
CAsh REceipts Journal
A list of all amounts owing by you ...
an accounts payable schedule
an acounts recievable schedule
A list of all amounts owed to you is ....
accounts receivable schedule
accounts payable schedule
