Bookkeeping

A source document evidencing that orders have been placed by the customer waiting to be served by the supplier-

• Purchase request

• Purchase order

• Purchase invoice

• Purchase check

Answer explanation

The source document evidencing that goods have been delivered by the supplier to the customer-

• Supplier’s sales invoice

• Vale slip

• Customer’s sales invoice

• Customer’s delivery receipt

Answer explanation

A source document issued by the supplier acknowledging that full payment has been received from the customer-

• Official receipt

• Purchase receipt

• Delivery receipt

• Receiving report

Answer explanation

Is a statement of the financial position of a business which states the assets, liabilities, and owners' equity at a particular point in time.

• Balance Sheet

• Income Statement

• Owner’s Equity

• Assets

Answer explanation

A source document which accompanies a check when payment is made-

• Check voucher

• Purchase voucher

• Cash voucher

• All of the above

Answer explanation

All of the following are examples of source documents, except-

• Check

• Invoice

• Contract

• Journal

Answer explanation

A source document which shows that the customer has already made partial payment to the supplier through issuance of-

• Check

• Voucher

• Official Receipt

• Sales Invoice

Answer explanation

Sales invoice is used on sale of goods. Service invoice for services. For service payments even for partial payments, issue Official Receipt.

Are things or properties that the business owns, example includes cash, account receivable and prepaid expenses.

• Assets

• Liabilities

• Owner’s Equity

• Revenue

Answer explanation

It is the obligations of the company, payable in money, goods or services.

• Assets

• Liabilities

• Owner’s Equity

• Revenue

Answer explanation

It is the claim of the owner of the business also known as the capital.

• Assets

• Liabilities

• Owner’s Equity

• Revenue

Answer explanation

Owner's equity is essentially the owner's rights to the assets of the business. It's what's left over for the owner after you've subtracted all the liabilities from the assets. The term “owner's equity” is typically used for a sole proprietorship.