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WorksheetsAAT Level 2 Intro to Bookkeeping Ch1&2
Total questions: 20
Worksheet time: 10mins
Where is a financial document first recorded?
Cash book
Book of prime entry
Sales day book
Ledger accounts
A customer who owes money to a business is known as....
Trade receivable
Trade payable
A supplier owed money by the business is known as......,
Trade receivable
Trade payable
Which of the following is an example of an asset?
Sales
Vehicle
Bank loan
Trade payable
Which of the following is an example of a liability?
Trade receivable
Computer
Bank Loan
Money in the bank
The Statement of Profit or loss shows:
Income + Expenses = Profit
Income - Liabilities = Profit
Income - Expenses = Profit
The Statement of Financial Position shows:
Assets - Liabilities = Capital
Assets + Liabilities = Capital
Assets - Expenses = Capital
What does the payables ledger control account contain?
Customers who buy on a cash basis
Customers who buy on a credit basis
Suppliers who buy on a cash basis
Suppliers who buy on a credit basis
What does the receivables ledger control account contain?
Customers who buy on a cash basis
Customers who buy on a credit basis
Suppliers who buy on a cash basis
Suppliers who buy on a credit basis
A document issued by the buyer to the seller to place an order is known as....
delivery note
purchase order
invoice
credit note
A document issued by the seller to the buyer requesting payment for goods is known as....
delivery note
purchase order
invoice
credit note
A prompt payment discount is deducted from the invoice sent to the customer
True
False
This type of discount is given for purchases over certain quantities or amounts
Bulk discount
Trade discount
If a customer takes up the prompt payment discount, what document will you issue to them?
Delivery note
Credit note
Returns note
Statement of account
Which document shows the customer all the outstanding amounts due to the business?
Delivery note
Credit note
Returns note
Statement of account
Bulk and Trade discount is always calculated before VAT on an invoice
True
False
A document issued by the seller that reduces the amount owed by the buyer
Purchase order
Statement of account
Credit note
Invoice
A postcode is an example of what type of coding?
Numerical
Alphabetical
Alpha-numerical
What is the reduced rate of VAT?
5%
10%
15%
20%
In the five stages of accounting, what is the last stage?
Financial transactions
Trial balance
Books of prime entry
Ledger accounts
