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WorksheetsR General Knowledge 1
Total questions: 10
Worksheet time: 6mins
Name the discount deducted when an invoice is paid quickly. (a)
A carried down bank balance on the ________ side of the cash book means that there is money in bank.
Debit
Credit
The type of double-entry account which summaries the totals of transactions in other accounts is a
Summary Account
Subsidiary Account
Final Account
Control Account
The ledger which contains the accounts for trade payable transactions is the
Payables Ledger
Receivables Ledger
General Ledger
Nominal Ledger
The VAT fraction is
1/2
1/3
1/6
1/12
An internal document completed by a buyer to check the details of an order received from a supplier is a
Purchase Order
Delivery Note
Goods Received Note
Returns Note
Capital plus Liabilities equals what
Non-current Assets
Drawings
Assets
Current Assets
Discounts Allowed is ..
an expense
income
an asset
a liability
A document sent by the seller to a trade receivable stating the amount payable and date due is a
Remittance Advice
Bank Statement
Invoice
Statement of Account
Payments received in are recorded in the Cash Book on the ________ side
Debit
Credit
