Control Accounts
Authored by pravina santosh
Business
10th - 12th Grade
Used 24+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do business give discount allowed ?
For Bulk buying
For Prompt payment
To Avoid error
To check arithmetical accuracy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by return outward?
Sales return
Bad debt
Purchase return
trade discount
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cash purchases do not affect the creditors' control accounts at all - True or False
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is bad debt?
It is a Known loss
It is a discount
It is a sales return
It is a depreciation
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Trade creditors are the same as trade payables - True / False
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You owe Barbi $100 for goods you purchased last month. Is Barbi a trade payable or trade creditor?
Trade Creditor
Trade Payable
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A trade debtor is the same as a trade receivable - True / False
True
False
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