2, accounting information system

Question 1

what source documents are there? (7)

Answer 1

invoice, receipt, debit note, credit note, bank statement, payment voucher, cheque counterfoil

Question 2

steps in a computerised accounting information system (6)

Answer 2

1. source documents
2. journal
3. ledger
4. trial balance
5. statement of financial performance
6. statement of financial position

Question 3

steps in an accounting cycle (4)

Answer 3

1. identify and record
2. adjusting
3. reporting
4. closing

Question 4

what kind of discounts are there? (2)

Answer 4

trade and cash discounts

Question 5

what is an invoice used for

Answer 5

to inform buyer of the amount to pay for goods and services supplied

Question 6

what is a receipt used for

Answer 6

to acknowledge money received

Question 7

what is a debit note used for

Answer 7

to correct an undercharge in the invoice

Question 8

what is a credit note used for

Answer 8

to correct an overcharge in the invoice

Question 9

what is a bank statement used for

Answer 9

summarises the monthly transactions for the current account holder

Question 10

what is a payment voucher used for

Answer 10

it is used as an evidence of payment to a named party

Question 11

what is a cheque counterfoil used for

Answer 11

used as a record of amount paid by cheque

Question 12

what is a trade discount and how does beneficial

Answer 12

deduction off list price of goods

encourages bulk buying

Question 13

what is a cash discount and what is it used for

Answer 13

encourages customers to settle their debts earlier

reduction off the invoice price