Mock Feedback Flashcards
Is the cashbook is part of the double entry book-keeping system if there is a bank account in the general ledger? True or false
TRUE - the cashbook is not part of the double entry book-keping system if there is a bank account in the general ledger
A petty cashbook is always a book of prime entry but never part of the double entry book-keeping system? True or false
False - the petty cashbook can be part of the double entry book-keping system
Digital book-keeping systems will reduce errors but will not prevent duplication of errors? True of false
TRUE
Record the closing balance
BALANCE CARRIED DOWN - 31st of Dec not 1st Jan
Definition of a Purchase Order
It is issued to a supplier to request supply of goods from them on terms specified within the order
Which daybook will a supplier credit note be entered in?
Purchase Returns Daybook
Supplier invoice is entered into which daybook?
Purchase daybook
Sales invoice is entered into which daybook?
Sales daybook
Definition of remittance advice
The remittance advise note will be sent to suppliers to advise them of the amount being paid
Net monthly
Payment is due at the end of the month following the month of the invoice
How many days in the month
Jan - 31 days
Feb - 28 days
March - 31 days
April - 30 days
May - 31 days
June - 30 days
July - 31 days
August - 31 days
September - 30 days
October - 31 days
November - 30 days
Dec - 31 days
30 days have September,
April, June and November.
All the rest have 31 except February
