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Total questions: 97
Worksheet time: 49mins
Fill in the blank: In a large organisation, a ________ is sent by the department manager to the Purchasing department requesting the items to be purchased.
Purchase requisition
Sales invoice
Delivery note
Credit memo
Fill in the blank: A ________ is issued by a customer or the Purchasing department of a large organisation to the supplier, deciding what goods or services are required.
Purchase order
Sales invoice
Delivery note
Credit note
Fill in the blank: The supplier delivers the goods accompanied by a ________, which contains details of the goods being delivered and is signed by the customer upon receipt.
Delivery note
Invoice
Purchase order
Credit note
Fill in the blank: The supplier sends an ________ to the buyer detailing the goods or services supplied and the amount due for payment.
Invoice
Receipt
Order Form
Quotation
Fill in the blank: Should any goods be faulty or unsatisfactory, a ________ or ________ is issued.
Debit note or Returns note
Credit note or Invoice
Cheque or Voucher
Receipt or Bill
What is a Credit note?
Upon receipt of the faulty goods and ‘debit note’ the supplier issues a ‘credit note’ indicating the amount of refund/allowance due to the buyer.
A document issued by the buyer to request additional goods from the supplier.
A note sent by the supplier to confirm the delivery of goods.
A receipt given to the buyer for making a payment.
What is a Statement of account?
At the end of the month the supplier issues a ‘statement’ to the buyer showing the opening balance then listing the invoices and credit notes issued and any payment received and the amount due.
A document that only lists the products delivered in a month without any payment details.
A letter sent by the buyer to the supplier requesting a price reduction.
A receipt issued by the supplier for goods returned by the buyer.
What is Remittance advice?
Any payment made should be accompanied by a ‘remittance advice’ detailing the invoices, credit notes making up the payment.
A document used to request a refund from a supplier.
A summary of all outstanding debts owed by a company.
A receipt issued by a bank for a cash deposit.
What is a Receipt?
When goods are purchased and paid for immediately by cash then a receipt is issued, usually via a cash-till-generated document. A hand-written receipt may also be given.
A document issued when goods are returned to the supplier.
A note given to customers for future discounts.
A form used to request goods from the store.
In the flow of documents, who prepares the debit note if goods are faulty?
The purchaser prepares the debit note if goods are faulty.
The seller prepares the debit note if goods are faulty.
The transporter prepares the debit note if goods are faulty.
The bank prepares the debit note if goods are faulty.
The seller sends the statement of account to the purchaser at the end of the month.
True
False
Remittance advice is sent by the seller to the purchaser.
True
False
Refer to the diagram of the Purchasing system. What is the first step in the purchasing process?
Purchase order
Purchase requisition
Delivery note
Purchase invoice
Refer to the diagram of the Purchasing system. Fill in the blank: The buyer places an order with a supplier after checking prices and delivery period with a number of other suppliers. This document is called a ________.
Purchase order
Invoice
Quotation
Delivery note
The person receiving the goods should sign the delivery note as evidence of the delivery process.
True
False
Refer to the diagram of the Purchasing system. What is the purpose of recording the purchase invoice in the accounting system?
To ensure accurate financial records and track liabilities
To approve purchase orders for payment
To create new vendor accounts
To manage inventory levels
What is the first step in the sales process at Zest Wooden Toys Limited?
Delivery note
Sales invoice
Sales order
Recording payment received
According to the case study, how many wooden train sets did Rainbow Toys order from Zest Wooden Toys Limited?
20 wooden train sets
10 wooden train sets
50 wooden train sets
100 wooden train sets
The accountant or book-keeper records the details of the sales invoice in the book-keeping system as the first accounting entry for the credit sales transaction.
True
False
What action does Rainbow Toys take when they discover that five of the train sets are faulty?
They will have to return the faulty train sets.
They will sell the faulty train sets at a discount.
They will ignore the issue and continue selling.
They will give the faulty train sets away for free.
The purpose of a Purchase Requisition in the sales process described in the case study is:
To formally request the purchase of goods or services needed by a department.
To approve the final payment to the supplier.
To deliver goods to the customer.
To negotiate the terms of the sales contract.
Fill in the blank: Supplier name and address: __________
Supplier name and address
Product description
Invoice number
Date of delivery
Fill in the blank: Date: __________
Date
Name
Subject
Grade
Fill in the blank: Item description: __________
Item description
Product price
Order number
Customer name
Fill in the blank: Quantity: __________
Quantity
Quality
Number
Amount
Fill in the blank: Purpose: __________
Purpose
Reason
Goal
Objective
Fill in the blank: Department: __________
Department
Office
Section
Division
Fill in the blank: Authorised signature of department head: __________
Authorised signature of department head
Date of joining
Employee ID number
Department name
What is the purpose of the purchase order shown in the requisition form?
For use in the sales department
For use in the manufacturing department
For use in the marketing department
For use in the finance department
How many wooden train sets were ordered according to the requisition form?
20
10
15
25
What is the unit price of each wooden train set as per the purchase order?
$20
$25
$30
$35
Who is the supplier mentioned in the requisition form?
Rainbow Toys
Zest Wooden Toys Limited
Tall Trees
Kingston 10
Fill in the blank: The total cost for 20 wooden train sets at $30 each is _______.
$600
$300
$900
$60
Who authorized the purchase order as the Department Head?
J. Jarvis
M. Smith
L. Brown
C. Davis
Who is the accountant in charge for this purchase order?
C. Clarke
J. Smith
A. Patel
L. Johnson
What is the name and address of the supplier included in the Rainbow Toys requisition form?
Zest Wooden Toys Ltd
Happy Blocks Inc.
Sunshine Toy Supplies
Rainbow Playthings Co.
What is the name and address of the buyer included in the Rainbow Toys requisition form?
Rainbow Toys
Sunshine Kids, 123 Main St.
Happy Playthings, 456 Elm Ave.
Toy World, 789 Oak Blvd.
What number is included in the Rainbow Toys requisition form to identify the purchase?
Purchase order number
Invoice number
Serial number
Employee ID
What date is included in the Rainbow Toys requisition form?
Date of order
Date of delivery
Date of payment
Date of approval
What details of goods are required in the Rainbow Toys requisition form?
Full details of goods required, i.e. catalogue number
Only the price of goods
Just the name of the supplier
Date of delivery only
What information about the quantity is included in the Rainbow Toys requisition form?
Quantity ordered
Quantity delivered
Quantity in stock
Quantity returned
What information about delivery is included in the Rainbow Toys requisition form?
Delivery date
Delivery address
Delivery method
Delivery charges
Whose authorised signature is required in the Rainbow Toys requisition form?
Authorised signature of the buyer
Authorised signature of the supplier
Authorised signature of the manager
Authorised signature of the accountant
What price information may be included in the Rainbow Toys requisition form?
The price may also be included
Only the total cost is included
No price information is included
Only discounts are included
What is the name and address of the buyer mentioned in the delivery note?
Zest Wooden Toys Limited, Bamboo Road, Kingston 10
Rainbow Toys, Tall Trees, Kingston 10
H Robson, Kingston 10
Purchase Order No. 3876
Fill in the blank: The product code for the item ordered is _______.
TS 322
TS 123
TR 322
TS 232
How many wooden train sets were ordered according to the purchase order?
20
10
15
25
What is the purpose of a delivery note as described in the passage?
To provide a record of goods delivered to the customer
To request payment from the customer
To advertise new products to the customer
To confirm the customer's order details
What information should be included in a delivery note regarding the customer's order?
Customer’s order number and date
Customer’s phone number only
Delivery driver’s favorite color
Warehouse manager’s lunch order
Which of the following details should be included about goods being despatched in a delivery note?
Train set catalogue reference number
Quantity supplied
Description of the goods supplied
All of the above
What should be mentioned in a delivery note regarding how the goods are sent?
Method of delivery
Date of invoice
Customer's signature only
Total amount payable
Who should sign the delivery note as proof of delivery?
The person receiving the goods
The delivery truck driver
The warehouse manager
The supplier's accountant
Many companies nowadays use portable electronic machines for customers to sign as proof of delivery.
True
False
What is the product code for the item listed in the invoice?
TS 322
AB 101
ZX 450
LM 789
What is the quantity of Wooden Train Sets ordered according to the invoice?
20
10
15
25
What is the price of each Wooden Train Set as per the invoice?
$30
$25
$40
$35
Who is the sender of the invoice?
Zest Wooden Toys Ltd
Maple Leaf Electronics
Sunrise Stationery Co.
Blue Ocean Imports
Who is the recipient of the invoice?
Rainbow Toys
Sunshine Books
Happy Kids Store
Toyland Express
What is the date mentioned on the invoice?
08.11.2018
12.10.2018
15.11.2018
01.12.2018
Which carrier was used for the delivery as per the invoice?
Delta Carriers
Blue Express
Swift Logistics
Prime Movers
What is the delivery note number on the invoice?
2680
1542
3921
4876
A table can be drawn to show the differences between a delivery note and an invoice. Can both source documents be combined into one source document?
No, because they serve different purposes and contain different information.
Yes, because they are always issued together.
Yes, because they have the same details.
No, because only invoices are required for accounting.
Fill in the blank: The invoice is prepared by the seller, in this case ________.
Zest Wooden Toys Ltd
ABC Electronics Pvt Ltd
Green Leaf Furniture Co
Sunrise Stationery Mart
Fill in the blank: The invoice contains the name and address of the buyer, in this case ________.
Rainbow Toys
Sunshine Books
Blue Sky Electronics
Happy Kids Apparel
Fill in the blank: The invoice contains the buyer’s order number and ________.
date
signature
address
discount
Fill in the blank: The invoice contains the ________ date.
delivery
expiry
manufacture
dispatch
Fill in the blank: The invoice contains the ________ date.
invoice
payment
delivery
shipping
Fill in the blank: The invoice contains details of the goods, including catalogue code/reference number, quantity, description, unit price, total amount due, and ________.
terms of payment
shipping address
customer feedback
discount code
Fill in the blank: The invoice contains details of the goods, including catalogue code/reference number, quantity, description, ________, total amount due, and terms of payment.
unit price
shipping address
invoice date
customer signature
Fill in the blank: The invoice contains details of the goods, including catalogue code/reference number, ________, description, unit price, total amount due, and terms of payment.
quantity
weight
expiry date
manufacturer
Fill in the blank: The invoice contains details of the goods, including catalogue code/reference number, quantity, ________, unit price, total amount due, and terms of payment.
description
discount
address
signature
What is the product code for the Wooden Train Sets?
TS 322
TS 123
TS 456
TS 789
How many Wooden Train Sets were delivered according to the invoice?
A) 10
B) 15
C) 20
D) 25
What is the unit price of each Wooden Train Set?
30
25
40
50
What is the total amount on the invoice for the Wooden Train Sets?
$600.00
$500.00
$30.00
$20.00
Explain why Rainbow Toys sent a debit note to Zest Wooden Toys Ltd.
Rainbow Toys sent a debit note to Zest Wooden Toys Ltd. because goods were returned due to defects.
Rainbow Toys sent a debit note to Zest Wooden Toys Ltd. because they received a payment.
Rainbow Toys sent a debit note to Zest Wooden Toys Ltd. because they placed a new order.
Rainbow Toys sent a debit note to Zest Wooden Toys Ltd. because they received a credit note.
What is the name and address of the supplier mentioned in the debit note?
Zest Wooden Toys Limited, Bamboo Road, Kingston 10
Maple Furniture Co., Oak Street, Kingston 5
Pine Playthings Ltd., Cedar Avenue, Kingston 8
Willow Woodworks, Birch Lane, Kingston 12
What is the name and address of the purchaser mentioned in the debit note?
Rainbow Toys, Tall Trees, Kingston 10
Sunshine Books, Maple Avenue, Kingston 5
Happy Kids Store, Oak Street, Kingston 8
Toy World, Pine Road, Kingston 12
What is the buyer's order number and date as shown in the debit note?
Order number: 3876, Date: 13.11.2018
Order number: 4821, Date: 15.12.2018
Order number: 2954, Date: 10.11.2018
Order number: 3876, Date: 12.11.2018
What details of the faulty goods are mentioned in the debit note?
Track missing from 5 train sets
Wheels damaged in 3 train sets
Paint scratched on 2 train sets
Packaging torn for 4 train sets
What is the unit price of the Wooden Train Sets as mentioned in the debit note?
$30 each
$25 each
$40 each
$50 each
How many Wooden Train Sets were returned according to the debit note?
5
2
8
10
What is the reference number of the debit note?
304
205
417
589
Credit note – refund now due to Rainbow Toys Which of the following details is included in a credit note?
The original invoice number and date
The buyer's address
The seller's phone number
The delivery time
What is a common reason for returning faulty goods as mentioned in a credit note?
Goods damaged
Goods are too expensive
Goods are out of fashion
Goods are on sale
A credit note is often printed in ____ to distinguish it from an invoice.
red
blue
green
black
What is the name and address of the seller in the statement of account?
Zest Wooden Toys Ltd
Maple Leaf Furniture Co.
Sunrise Stationery Supplies
Blue Sky Electronics
What is the name and address of the buyer in the statement of account? Fill in the blank: The buyer is ________ located at Tall Trees, Kingston 10.
Rainbow Toys
Sunshine Books
Green Grocers
Happy Kids Store
Which of the following is NOT typically included in a statement of account?
Name and address of seller
Name and address of buyer
Date of birth of buyer
Date of statement
Fill in the blank: The product code for the item credited is ________.
TS 322
TS 123
TS 456
TS 789
Fill in the blank: The total amount credited for Wooden Train Sets is ________.
$150.00
$120.00
$175.00
$200.00
Explain why the credit was issued for the Wooden Train Sets.
The credit was issued because the Wooden Train Sets were defective.
The credit was issued because the Wooden Train Sets were delivered late.
The credit was issued because the Wooden Train Sets were out of stock.
The credit was issued because the Wooden Train Sets were ordered by mistake.
What does 'Balance b/f' indicate?
The amount paid during the month
The amount due from the previous month
The total amount of invoices issued
The amount refunded
On which date was the payment of $130.00 made?
01.11.2018
08.11.2018
14.11.2018
17.11.2018
At the end of the statement, the amount outstanding is ________ and is shown as 'Balance c/f'.
$450.00
$350.00
$500.00
$400.00
The purpose of a credit note as shown in the statement is:
to reduce the amount owed by the customer
to increase the amount owed by the customer
to record a cash payment received
to issue a new invoice for additional goods
On what date did Rainbow Toys pay Zest Wooden Toys?
7 December 2018
15 November 2018
21 December 2018
30 November 2018
