Contributions of Businesses and Payment Default Consequences

What is a potential effect of payment default on society?

• Improved public services

• Decreased crime rates

• Economic instability

• Higher education levels

How do businesses help in economic growth?

• By reducing competition

• By increasing inflation

• By investing in infrastructure

• By limiting resources

How do businesses impact innovation?

• By stifling creativity

• By promoting research and development

• By reducing technological progress

• By limiting new ideas

What is the purpose of the Sales Day Book?

• To record cash transactions

• To record individual invoices issued to credit customers

• To track inventory levels

• To calculate employee bonuses

What type of customers are invoices issued to in the Sales Day Book?

• Cash customers

• Credit customers

• New customers

• International customers

How often can the Sales Day Book record invoices?

• Daily, weekly, or monthly

• Annually

• Quarterly

• Bi-annually

What type of accounts are found in the purchases ledger?

• Trade receivables

• Trade payables

• Bank accounts

• Cash accounts

Which ledger includes supplier credit accounts?

• Sales ledger

• General ledger

• Purchases ledger

• Cash ledger

What does the general ledger include?

• Only sales accounts

• Only purchase accounts

• The rest of the accounts, including the Bank Account

• Only credit accounts

Which of the following is not included in the general ledger?

• Bank Account

• Sales ledger accounts

• Purchases ledger accounts

• Credit notes