Fa1 CH 12 & CH 13
Quiz by fatin azira
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- Q1
Providing credit facilities to customers can lead to problems.
truefalseTrue or False30s - Q2
A tool to control problems of providing credit facilities to customers is aging of receivables.
truefalseTrue or False30s - Q3
What are the costs of offering credit facilities to customers?
All of the choices
Cost of trying to obtain payment
Court costs
Interest costs of an overdraft
30s - Q4
Which is the correct double entry for the write-off of an irrecoverable debt?
Dr Trade receivables general ledger account
Cr Irrecoverable debts
Dr Trade payables general ledger account
Cr Irrecoverable debts
Dr Irrecoverable debts
Cr Trade payables general ledger account
Dr Irrecoverable debts
Cr Trade receivables general ledger account
45s - Q5
Which of the following items would be considered for writing off as an irrecoverable debt?
A credit sale over the business’s credit limit
A credit sale to customer who has ceased to trade because of bankcruptcy
A credit sale made within the last month
A sale made for cash
45s - Q6
Credit facilities allow businesses to keep trading without having to provide cash “up front”.
truefalseTrue or False30s - Q7
Lily entered a sales invoice for $300 onto her computerised accounting system for goods sold on credit in September. How would this impact the trial balance in September assuming no receipt for these goods has been received?
Increase trade receivables general ledger account
Increase sales account
Decrease trade receivables general ledger account
Increase sales account
Decrease trade receivables general ledger account
Decrease sales account
Increase trade receivables general ledger account
Decrease sales account
60s - Q8
NOT advantages of using coding system :
saving cost
saving storage space
saving time
30s - Q9
A cash sale will be shown in the receivables ledger.
falsetrueTrue or False30s - Q10
What is a sales account used for in the accounting records?
Credited with the total of sales made, excluding sales tax
Debited with the total of sales made, including sales tax
Credited with the total of sales made, including sales tax
Debited with the total of sales made, excluding sales tax
45s - Q11
Which of the following would NOT be recorded in the trade receivables general ledger account?
A credit note for goods returned to the business by a credit customer
A discount received from a supplier
The write off of an irrecoverable debt
An invoice issued to a customer for a sale on credit
45s - Q12
What would writing off an irrecoverable debt result in?
Increase in net profit
Increase in liability
Decrease in net profit
Decrease in the bank balance
30s - Q13
Which of the following reasons would a business have for maintaining and aged analysis of its receivables?
It shows how long a customer has been in business
It records trade discount allowed
It aids in anticipating irrecoverable debts
It indicates customer royalty
45s - Q14
The balance on the trade receivables general ledger account will always agree to the sum of the balances on the individual receivables ledger.
truefalseTrue or False45s - Q15
A company uses the following coding sytem.
4 Screw
4 1 Flat head screw
4 2 Pin head screw
4 1 1 Steel flat head screw
Which type of coding system is this?
Significant
Hierarchical
Block
Faceted
30s