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Worksheets4NA Theory Quiz 1_Revision N Level 2019
Total questions: 25
Worksheet time: 12mins
Advantage of petty cash book
To deter fraud
Provide a form of checking of balances
A fixed amount money to make small expenditure
Journal entry to restore the Imprest amount (float): Dr__, Cr__
DR Cash at bank CR Cash in hand
DR Petty cash CR Cash at bank
DR Cash at bank CR Petty cash
One feature of bank loan: __
bank loan is usually paid off within a year
bank loan is usually paid off in more than a year
2 ethics of accounting : ___ & ___.
Honesty & objectivity
Objectivity & respect
Integrity & honesty
Integrity & objectivity
2 roles of accounting
Stewardship & honesty
Decision-making & steward
Decision-making & integrity
Stewardship & decision-making
Which is NOT a purpose of bank reconciliation?
Deterrence of fraud
To detect error in bank statement or cash at bank account
To calculate the accurate bank balance after updating the cash at bank account
to account for the difference between the balance in the cash book and the balance in the bank statement
To detect employee theft
Source document used to record credit sales: ___
Debit note
Credit note
Invoice
Sales journal
Source document used to record purchases returns: ___
Debit note
Credit note
Invoice
Sales journal
Source document used to record under-charging of credit customer: ___
Debit note
Credit note
Invoice
Sales journal
The purpose of a sales returns journal is: ___
To record all purchase of goods on credit
To record all returns of goods sold on credit
To record all returns of goods bought on credit
The purpose of a purchases journal is: ___
To record all purchase of goods on credit
To record all returns of goods sold on credit
To record all returns of goods bought on credit
Select reasons why credit customer return goods to the business:
Goods were delivered prior to delivery date
Goods were of a wrong specification (i.e wrong model)
Goods were defective or damaged
Name the ledger which Sales revenue account is recorded in : __ ledger.
Sales ledger
Purchases ledger
General ledger
Name the ledger which Sales returns account is recorded in : __ ledger.
Sales ledger
Purchases ledger
General ledger
Name the ledger which Trade receivable: Hanson account is recorded in : __ ledger.
Sales ledger
Purchases ledger
General ledger
Features of bank overdraft: __
bank overdraft is usually paid off within a year
bank overdraft is usually paid off in more than a year
the business does not receive cash from the bank as the bank will honour the business’ cheques and pay directly to the suppliers of the business
the business will usually receive cash from the bank
Features of bank loan: __
is usually paid off within a year
is usually paid off in more than a year
the business does not receive cash from the bank as the bank will honour the business’ cheques and pay directly to the suppliers of the business
the business will usually receive cash from the bank
Name the ledger which Trade payable: Thor account is recorded in : __ ledger.
Sales ledger
Purchases ledger
General ledger
Name the ledger which Inventory is recorded in : __ ledger.
Sales ledger
Purchases ledger
General ledger
Standing order refers to : __
business had deposited cheque into the bank but bank has not processed the cheque
business had issued cheque to credit supplier, but credit supplier has yet to present cheque to the bank
business instruct the bank to make monthly payments of no fixed amount
business instruct the bank to make monthly fixed payments
Name the ledger which Inventory account is recorded in : __ ledger.
Sales ledger
Purchases ledger
General ledger
Cheque not yet presented (unpresented cheque) refers to : __
business had deposited cheque into the bank but bank has not processed the cheque
business had issued cheque to credit supplier, but credit supplier has yet to present cheque to the bank
business instruct the bank to make monthly payments of no fixed amount
business instruct the bank to make monthly fixed payments
Cheque not yet credited (uncredited cheque) refers to : __
business had deposited cheque into the bank but bank has not processed the cheque
business had issued cheque to credit supplier, but credit supplier has yet to present cheque to the bank
business instruct the bank to make monthly payments of no fixed amount
business instruct the bank to make monthly fixed payments
Source document used to record sales returns: ___
Debit note
Credit note
Invoice
Sales journal
What is the purpose of a petty cash book?
To deter fraud
Provide a form of checking of balances
A fixed amount money to make small expenditure
