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1 What is prepared by a book-keeper? [7110/12/O/N/15] 7 Sally buys goods and is allowed a discount for early payment.
[7110/12/O/N/15]
A appropriation account How does Sally record this discount?
B cash book
C income statement
D statement of financial position
7110/12/M/J/15
3 Which item would be recorded by a credit entry in an
account? 1 How should the owner of a business use his financial
A a decrease in capital statements?
B a decrease in liabilities A to calculate the cash drawings for the year
C an increase in assets B to determine the amount due to trade payables
D an increase in capital C to measure the change in the bank balance
D to monitor the progress of the business
4 Harvey bought goods on credit from Janet. The goods
were unsuitable and Harvey returned them 2 Sarah sells goods on credit to Zafar.
to Janet. How is this recorded in Sarah’s ledgers?
Which document did Harvey send to Janet?
A credit note
B debit note
C invoice
D statement of account
What was the total of the liabilities? It took out a bank loan, $2000, to pay for a motor vehicle.
A $4420 B $4770 C $4830 D $4920 What was the owner’s capital after the transaction?
A $17000 B $19000 C $21000 D $23000
2 Which item would be recorded by a credit entry in an
account? 3 Sarah sells goods on credit to Zafar.
A a decrease in capital How is this recorded in Sarah’s ledgers?
B a decrease in liabilities
C an increase in assets
D an increase in capital