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WorksheetsYr11 Accounting - Credit Revision
Total questions: 28
Worksheet time: 22mins
If Megan sells an item to Dhasul on credit Megan will first log it in the...
(a)
It is then added to the record of...
(a)
If Dhasul pays Megan back, she will log the cash payment in both the Sales Journal and Accounts Receivable
True
False
Eric runs a lawn mowing business, which of these would be logged in his purchases journals?
Lawns mowed for Chistopher - he paid me $60
Fuel for my mower
Stationary for the office
Paying and settling my debt with bunnings (Paying them the money I owe for previous purchases)
Money coming into the business are known as (This is cash and credit) - Think about when we were classifying activities in cash flow statements
(a)
Money going out of our business is known as...
(a)
If Yvonne is going to tell her customers when they need to pay her back and if there is any discount, this is known as...
Give me my money!
Credit Consultation
Expectations in Demand
Credit Terms
If Karry wanted to tell someone that they need to be pay her back in 10 days and that they could have a 5% discount - How would she write this as the credit terms.
(a)
If Karry wanted to tell a different customer, that they had 30 days to pay her back - how would this be expressed in the credit terms?
(a)
What is the purpose of maintaining individual records for accounts receivable?
To see how much we owe our suppliers
Because in accounting there must be 2 records for everything
So we can track how much our clients owe us at any given time
Accounting is made up with rigorous processes to provide information
On a balance sheet, Accounts Receivable is listed under...
(a)
On a balance sheet, Accounts Payable is listed under...
(a)
Why do we keep GST figures separate in the journals? (Select all that apply)
To Track all the GST we have charged our customers
To easily identify how much GST we need to pay to the government
To track all the GST we have paid on business purchases
To claim credits on our taxes for the GST we have paid
What does GST stand for?
(4 words)
(a)
What do we call when we calculate all the individual records of accounts receivable to determine how much each of our clients owe us and how much we have in total coming to us?
Schedule of Accounts Receivable
Statement of Accounts
GST Totals
Accounts Payable
If you are Olivia, You own a shop.
Brandon makes a purchase on credit for $80.
Which records will be updated?
Purchases Journal
Sales Journal
Individual Record for Accounts Payable
Individual Record for Accounts Receivable
If you are Olivia, You own a shop.
Brandon makes a purchase on credit for $80.
Brandon now settles the account of $80.
Which records will be updated?
Purchases Journal
Sales Journal
Individual Record for Accounts Payable
Individual Record for Accounts Receivable
Dashiel runs a service repair business, Yuying has recently started her own stationary business selling specialised invoice documents, Dashiel gets the documents from Yuying on credit.
Which records will Dashiel update?
Purchases Journal
Sales Journal
Individual Record for Accounts Payable
Individual Record for Accounts Receivable
Dashiel runs a service repair business, Yuying has recently started her own stationary business selling specialised invoice documents, Dashiel gets the documents from Yuying on credit.
Which records will Yuying update?
Purchases Journal
Sales Journal
Individual Record for Accounts Payable
Individual Record for Accounts Receivable
Tom builds computers for his business, He buys computer casing and additional wires to build his units (the computers)
Which should he classify this information in on his purchases journal?
Tools
Materials
Sundries
Stationary
Tom builds computers for his business, He buys computer casing and additional wires to build his units (the computers)
Which information should be included with the individual Accounts Payable Record?
"Materials/GST" in the description
Total figure owing including GST
GST Figure
Date of purchase
Address of creditor
Zac runs his own investment firm - Ryan borrowed some money from Zac to invest. Unfortunately, Ryan's investment didn't do so well and his account has not been paid by the due date.
What are some options Zac can do legally to recover his funds?
Call or Email Ryan
Get the mob to pay him a visit
Hire a collections agency to recover the funds
Refusing any further credit until the account is settled
Send him to jail
True or False - Sudy runs a make up empire - she can charge interest to Sissy if she hasn't paid her account by the due date even if it's not in the terms and conditions.
True
False
Wangyi supplies high quality stock to Sudy's empire - she hasn't paid her account to him in 2 months.
What can he do?
He can't do anything at all
He can threaten legal action and take her to court (legal proceedings)
He can shut down her empire
What is the figure for A?
(just the number - not the '$' sign)
(a)
What is the figure for B?
(just the number - not the '$' sign)
(a)
How much did John Williams have outstanding prior to March 2022?
(just the number - not the '$' sign)
(a)
Mr V Purchased new portable whiteboards for his accounting classes with his cash.
Where is he going to log this transaction?
Purchases Journal
Sales Journal
Accounts Payable
Cash Purchases Journal
Accounts Receivable
