Revision Flashcards
1
Q
Sales Returns are Dr or Cr
A
Dr as income decreases
2
Q
Purchase Returns are Dr or Cr?
A
Cr as they are a decrease in expenses
3
Q
Discounts Received are Dr or Cr?
A
Cr as income increases
4
Q
Discounts Allowed Dr or Cr?
A
Dr as expense increases
5
Q
Is SLC an Asset or a Liability?
A
Asset
6
Q
Is PLC an Asset or a Liability?
A
Liability
7
Q
Which balances are used inTrial Balance?
A
B/d balances
8
Q
Which account are purchases for credit posted to?
A
PLCA
9
Q
Purchase returns are what?
A
Cr decrease in expenses
10
Q
Discounts received are what?
A
Cr as income increases
11
Q
Discounts Allowed are what?
A
Dr as expenses increase
12
Q
Sales Returns are what?
A
Dr as income decreases
13
Q
VAT owed to HMRC
A
liability
14
Q
VAT owed by HMRC
A
Asset Dr
15
Q
Prompt Payment Discounts PPD are recorded in what Book of prime entry?
A
Discounts received daybook
