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Accounting > 2.5 Books of Original Entry > Flashcards

2.5 Books of Original Entry Flashcards

1
Q
  1. What are the 7 books of original entry?
A
  • Sales day book
  • Purchases day book
  • Sales Returns day book
  • Purchase Returns day book
  • Cash book
  • Petty Cash book
  • Journal
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2
Q

1.2 What is book original entry?

A
  • the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced.
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3
Q
  1. What is sales day book?
A
  • used to record credit sales/revenue.through sales invoice.
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4
Q
  1. What is purchases day book?
A
  • used to record credit purchases.
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5
Q
  1. What is a purchases returns day book?
A

used to record goods returned to the supplier.
(credit notes received from suppliers)

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6
Q
  1. What is a sales returns day book?
A
  • used for sales returns from customers.
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7
Q
  1. What is cash book?
A
  • used for receipts and payments of cash.
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8
Q
  1. What is petty cash book?
A
  • Used for recording small items of expenditure.
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9
Q
  1. What is the journal?
A
  • Used to record other.
    - purchasing of non- current assets.
    - writing off irrecoverable debts.
    - correction of errors.
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10
Q
  1. What are the 3 types of ledger?
A
  • Nominal/general ledger
  • Trade receivables/ sales ledger
  • Trade payable/ purchases ledger
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11
Q
  1. What are 2 categories accounts are divided into?
A
  • Personal accounts
  • Impersonal accounts
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12
Q
  1. What are the two categories impersonal accounts are divided into?
A
  • real accounts
  • nominal accounts
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13
Q

12.What are the two types of discounts?

A
  • cash discount.
  • trade discount.
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14
Q
  1. What is cash discount?
A
  • a discount given to buyer as an allowance for quick payment.
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15
Q
  1. Benefits / uses of cash discount?
A

-cash flow.
- attract new customers.
- customer loyalty.

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16
Q
  1. What is a trade discount?
A

a discount given at the point of sale.

17
Q
  1. What are the uses of trade discounts?
A
  • competitive advantage.
  • customer loyalty.
18
Q
  1. What is discount allowed?
A
  • cash discounts allowed by a business to its customers when they pay their accounts quickly.
19
Q
  1. What is the discount received?
A
  • cash discounts received by a business from its suppliers when they pay their accounts quickly.

Accounting (20 decks)

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