POSSIBLE QUESTIONS Flashcards
1
Q
EXPLAIN THE DUAL FUNCTION OF THE CASH BOOK AS A BOOK OF FIRST ENTRY AND AS A LEDGER ACCOUNT FOR CASH AND BANK
A
-USED TO RECORD ALL CASH AND BANK TRANSACTIONS
2
Q
DISTINGUISH BETWEEN PERPETUAL AND PERIODIC STOCK SYSTEMS
A
3
Q
EXPLAIN THE NEED FOR AN ADJUSTMENT OF CLOSING
A
IT IS DONE TO DETERMINE THE ACTUAL VALUE OF THE STOCK ON HAND IN THE BUSINESS
4
Q
EXPLAIN THE PURPOSE OF A DUPLICATE CREDIT NOTE
A
COMES FROM SELLER TO BUYER AND IS USED FOR SALES RETURNS AND FOR THE ENTERING OF THESE TRANSACTIONS
5
Q
EXPLAIN THE PURPOSE OF THE ORIGINAL INVOICE AND DUPLICATE INVOICE
A
