Osborne Practice Assessment 1 Flashcards
1
Q
What is a statement of account?
A
-list of outstanding transactions and total amount owed
-sent to a customer
2
Q
What is a trial balance?
A
-list of all general ledger accounts which shows that the total of debit = credit
3
Q
What is a statement of profit or loss?
A
-report showing how the business has performed over a period of time
4
Q
If we receive a purchase order, where will we enter this?
A
-enter as a sales invoice
5
Q
What details do you enter on the description when entering a petty cash closing balance?
A
-balance c/d
