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WorksheetsAccounting for Sales
Total questions: 10
Worksheet time: 5mins
What is the purpose of the sales day book?
To record cash purchases
To record credit purchases
To record cash sales
To record credit sales
What should be recognised in the sales account for a VAT registered business?
The total amount received
The VAT amount
The gross amount including VAT
The net amount
When is VAT calculated on the net amount of a transaction?
After deducting prompt payment discounts
Before deducting prompt payment discounts
Before deducting bulk and trade discounts
After deducting bulk and trade discounts
What is the purpose of the discounts allowed day book?
To record discounts given to customers
To record discounts received from suppliers
To record discounts given to employees
To record discounts received from customers
What is the double-entry to record a discount allowed to a customer?
Debit Discounts allowed account, Debit VAT account, Credit Receivable account
Debit Discounts allowed account, Credit VAT account, Debit Receivable account
Debit Discounts allowed account, Credit VAT account, Credit Receivable account
Debit Discounts allowed account, Credit VAT account, Credit Bank account
What is the purpose of the receivables account?
To record amounts owed by customers
To record amounts owed to suppliers
To record amounts owed to employees
To record amounts owed by banks
What is the double-entry to record a payment received from a receivable?
Debit Receivable account, Credit Bank account
Debit Discounts allowed account, Credit Bank account
Debit Bank account, Credit Receivable account
Debit Bank account, Credit Discounts allowed account
What is the purpose of the VAT account?
To record VAT amounts owed by customers
To record VAT amounts owed by banks
To record VAT amounts owed to HMRC
To record VAT amounts owed to suppliers
What is the purpose of the discounts allowed account?
To record discounts given to customers
To record discounts received from suppliers
To record discounts received from customers
To record discounts given to employees
What is the purpose of the prompt payment discount?
To encourage customers to pay early
To encourage suppliers to provide discounts
To encourage employees to work harder
To encourage banks to provide loans
