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Att Chaptr One > Books Or Prime > Flashcards

Books Or Prime Flashcards

1
Q

What is a sales daybook?

A

The book of prime entry where all the businesses invoices sent to credit customers listed

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2
Q

What is the sales day book?

A

List of all the businesses invoices sent to credit customers

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3
Q

How do businesses include a more detailed analysis of the net amount?

A

By using analytic columns in an analysed sales daybook e.g. Business may wish to analyse itself by type of product.

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4
Q

How do businesses include a more detailed analysis of the net amount?

A

By using analytic columns in an analysed sales daybook e.g. Business may wish to analyse itself by type of product.

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5
Q

Are they analyse columns in a daybook the net or gross amount?

A

Net

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6
Q

What is the sales return day book?

A

The book of prime entry were all credit notes issued by the business are listed

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7
Q

How can credit notes be recorded in the daybook?

A

Either as a negative entry in the sales day book or in a separate book of prime entry known as the sales returns day book

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8
Q

How can credit notes be recorded in the daybook?

A

Either as a negative entry in the sales day book or in a separate book of prime entry known as the sales returns day book

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9
Q

This is sales return day book total periodically the same as the sales day book

A

Yeah

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10
Q

What is a cashbook

A

A book of prime entry used to record money received and paid out by the business

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11
Q

What is a cashbook

A

A book of prime entry used to record money received and paid out by the business

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12
Q

What categories is the cashbook often split into?

A

Credit and debit

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13
Q

What is a debit?

A

Something the business owns such as money in the bank

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14
Q

What is a debit?

A

Something the business owns such as money in the bank

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15
Q

What is a credit?

A

A credit is something the business owes such as a bank loan

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16
Q

What does the cashbook debit side record?

A

Money received by the business together with the appropriate analysis

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17
Q

What does the cashbook credit side record?

A

This records money is paid out by the business together with the appropriate analysis

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18
Q

What does a two column cashbook mean?

A

Means that on the cashbook there are two main columns, cash and bank

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19
Q

What is the cash side in the two column cashbook used for?

A

To record amounts received or paid in cash only

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20
Q

What does the bank side in the two column cashbook used for?

A

To record all of amounts paid or receive through the bank, including checks direct debits and BACS

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21
Q

What are the other columns in the two column cashbook known as? (Vat, cash sales and cash purchases)

A

Analysis column

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22
Q

Where is all money received via business recorded?

A

In the cashbook debit side, whether it is a receipt of cash check credit card or debit card

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23
Q

What will be the date recorded in the cashbook?

A

It will be the date the payment was received or written up in the cashbook depending on the businesses policy

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24
Q

What is the figure in the cash column?

A

The total amount of receipt of notes and coins only

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25
Q

What is the figure in the bank column in the cashbook?

A

Is the total amount of receipts into the businesses bank account including checks paid in

26
Q

When money is received from a credit customer, why is no entry made into the VAT column of the cashbook

A

As the VAT was recorded when the original sale invoice was entered into the sales daybook

27
Q

What happens when the cash sale which includes VAT are made in the cashbook?

A

The VAT element must be entered into the VAT column and the net amount must be entered into the cash sales column

28
Q

Why must the VAT be entered into the VAT column on a cash sale in a cash book?

A

So that the total of the cash sales and VAT amounts is the figure in the cash or bank column

29
Q

Why must the VAT be entered into the VAT column on a cash sale in a cash book?

A

So that the total of the cash sales and VAT amounts is the figure in the cash or bank column

30
Q

What is the purchases daybook?

A

The book of prime entry were all suppliers invoices received by the business are listed

31
Q

Where are purchase invoices recorded?

A

In the book of prime entry known as purchases daybook

32
Q

What does the purchase analysis column in the purchase daybook contain?

A

Items brought for use in the businesses primary products e.g. flower for Baker whereas the expenses analysis column contains overhead expenditure stairs stationary

33
Q

What is the purchases returns day book?

A

The book of prime entry where all the credit notes received by the business listed

34
Q

What will the business do if it finds it’s been invoiced for goods that were faulty or not ordered?

A

It will request a receive a credit note against the invoice

35
Q

How can a credit note sent to a business be recorded?

A

Either as a negative entry in the purchase daybook or a separate book of prime entry known as the purchases returns day book

36
Q

Where is a payment made by the business recorded?

A

In the cashbook credit side

37
Q

What is the cashbook credit card for mirror image of?

A

The cashbook debit side

38
Q

The cashbook credit side, what is the figure in the cash column?

A

The total amount of the payment of notes and coins

39
Q

The cashbook credit side, what is the figure in the bank column

A

The total value of the payment leaving the bank account by check debit automated payment

40
Q

What happens in the cashbook credit side when a payment is made to the credit supplier?

A

No entry is made to the VAT column as the VAT recorded when the original purchase invoice was enter into the purchases daybook

41
Q

What is the purpose of the book of prime entry?

A

To categorise business documents together so that we can see the level of sales and expenditure for a particular period

42
Q

What is the receivables ledger and payable ledger known as?

A

Subsidiary ledgers

43
Q

What is the receivables ledger?

A

A record that contains ledger accounts each credit customer
Customer ledger account shows the amount owed by the individual customer
It hurts with customer queries over invoices, credit notes and receipts

44
Q

What is a payable ledger?

A

A record that contains ledger accounts for every credit supplier
The supplies ledger account shows the amount owed to the individual supplier
It helps the business identify how much to pay each supplier and the date the payment should be made

45
Q

What are the two sides each credit customer ledger account contains

A

On the left-hand side, we record invoices
on the right hand side we record credit notes

46
Q

What does the left-hand side on the customer ledger account increase?

A

The amount owed by the customer

47
Q

What does the right hand side on the customers ledger account record?

A

Credit notes prompt payment discounts taken and payments received from the customer all of which decrease the amount owed by the customer

48
Q

What do the right and left-hand side increase and decrease in the receivables ledger?

A

The left-hand side increases the amount owed by the customer and the right hand side decreases the amount owed by the customer

49
Q

Is the receivables ledger for customers or suppliers?

A

Customers

50
Q

Is the payable ledger for customers or suppliers?

A

Supplies

51
Q

How would you calculate how much a customer owes using the receivables ledger?

A

You should total the left-hand side of the account and total the right side of the account, then subtract the right-hand side to the left-hand side total

52
Q

What is the right hand side record on the payable ledger?

A

Records invoices which increased the amount owed to the supplier

53
Q

What does the left-hand side of the payable ledger record?

A

Credit note prompt payment discount taken and payments to the supplier all of which decrease the amount owed to the supplier

54
Q

What does the left-hand side decrease on the pay ledger?

A

The amount the business owes to the supplier

55
Q

What is the right hand side increase on the payable ledger

A

Increase the amount of business owes the supplier

56
Q

Where are sales invoices initially recorded?

A

In the sales day book

57
Q

Where are sales credit notes initially recorded?

A

In the sales return day book

58
Q

Where are purchase invoices initially recorded?

A

In the purchase day book

59
Q

Receipts of money into the business it is recorded

A

In the cashbook debit side

60
Q

Where are payments of money by the businesses recorded in?

A

Cashbook credit side

61
Q

What does the receivable ledger show?

A

The amount owed by each individual credit customer

62
Q

What does the payables ledger show?

A

The amount owed to each individual credit supplier

Att Chaptr One (5 decks)

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