R General Knowledge 1

Name the discount deducted when an invoice is paid quickly. (a)  

• Bulk Discount
• Early Discount
• Prompt Payment Discount
• Trade Discount

A carried down bank balance on the ________ side of the cash book means that there is money in bank.

• Debit

• Credit

The type of double-entry account which summaries the totals of transactions in other accounts is a

• Summary Account

• Subsidiary Account

• Final Account

• Control Account

The ledger which contains the accounts for trade payable transactions is the

• Payables Ledger

• Receivables Ledger

• General Ledger

• Nominal Ledger

The VAT fraction is

• 1/2

• 1/3

• 1/6

• 1/12

An internal document completed by a buyer to check the details of an order received from a supplier is a

• Purchase Order

• Delivery Note

• Goods Received Note

• Returns Note

Capital plus Liabilities equals what

• Non-current Assets

• Drawings

• Assets

• Current Assets

Discounts Allowed is ..

• an expense

• income

• an asset

• a liability

A document sent by the seller to a trade receivable stating the amount payable and date due is a

• Remittance Advice

• Bank Statement

• Invoice

• Statement of Account

Payments received in are recorded in the Cash Book on the ________ side

• Debit

• Credit