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WorksheetsAAT Level 2 - ITBK Accounting for Sales recap
Total questions: 10
Worksheet time: 5mins
The income generated from the goods in which a business trades is known as?
Capital Income
Revenue Income
Income generated from the sale of an asset
Capital Income
Revenue Income
What type of discount is a prompt payment discount given to a customer?
Discount allowed
Discount received
In which daybook is a credit note for a discount allowed recorded?
sales day book
sales returns daybook
discounts allowed day book
In which daybook is an invoice sent to a customer recorded?
sales day book
sales returns daybook
discounts allowed day book
Which accounts records the total of all the amounts owed by customers?
sales account
sales returns account
Receivables ledger control account
VAT account
A credit balance in the VAT control account means the business owes VAT to HMRC
True
False
What is the double entry for recording a credit sale?
Credit RLCA (gross), Debit VAT, Debit Sales (net)
Debit RLCA (gross) Credit VAT, Credit Sales (net)
Are credit sales debited or credited in the receivables ledger accounts?
Debited
Credited
What document received from a customer tells the seller that they have made a payment?
Statement of account
Remittance advice
Invoice
Credit note
