WorksheetsUnit 32 Quiz practice questions
Total questions: 10
Worksheet time: 10mins
A customer can earn a cash discount if
He places a bulk order
He becomes a regular customer
He pays the account before the due date
He refers new customers to the seller
Provision for doubtful debt is in the
Income statement
Balance sheet
Cashflow statement
Capital account
Bad debt is in the
Income statement
Balance sheet
Cashflow statement
Capital account
Where would accounts payable appear in the balance sheet?
Current assets
Current liabilities
Non-current assets
Non-current liabilities
Which account will appear in current assets?
Accounts payable
Capital
Loan
Accounts receivable
What is the main reason for monitoring accounts receivable?
To produce financial statements
To remind customers to pay their invoices
To comply with legal requirements
To increase the liquidity of the organization
Which ledger entries record the purchase of computers bought on credit?
debit creditors, credit equipment
debit creditors, credit purchases
debit equipment, credit creditors
debit purchases, credit creditors
5/15 N30 in an invoice means that
The invoice should be paid in 30 days
The goods should be delivered in 30 days
A discount will be given in 30 days
There is an early payment discount of 30% on the account
5/15 N30 in an invoice means that
The invoice should be paid in 15 days
The goods should be delivered in 30 days
A discount of 5% will be given in 15 days
There is an early payment discount of 15% on the account
What is included in a procedure for the use of a debtor's records system?
Recording of cash sales
Recording of cash purchases
Recording of sales invoices
Recording of purchase invoices
