WorksheetsAccounting Revision 2
Total questions: 10
Worksheet time: 7mins
A cheque is the source document that is issued to pay for expenses.
True
False
Cost of Sales is an …, it is money that the business pays when purchasing Trading Stock.
(a)
When you receive a trade discount, the price that you pay is less than the original selling price.
True
False
Increases on the credit side and decreases on the debit side
(a)
The debtor returned damaged goods.
(a)
A summary of Balance Sheet and Nominal accounts of all transactions
Trial Balance
Cash Receipt Journal
Cash Payment Journal
General ledger
When the price of goods decreases, the demand for the goods will …
remain the same.
increase.
decrease.
none of the above
The advantage to the business for selling goods on credit is that
more debtors buy on credit
more creditors buy with cash.
Few debtors buy on credit
all of the above.
The following accounts are examples of Assets:
Bank, Vehicles, Stationery, Trading Stock
Bank, Equipment, Debtors' Control, Trading Stock
Bank, Trading Stock, Creditors' Control, Sales
Bank, Sales, Cost of Sales, Trading Stock
If you sell Trading stock for R2 500, and the mark-up is 66⅔% on cost. The cost price of the Trading Stock is …
R1 666,67.
R1 666,75.
R1 500.
R4 166, 67.
