Accounting Multiple Choice Question – 18 May 2019

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Accounting

Which of the following are entered in the Purchases Journal (otherwise known as the Purchases Daybook)?

Select ONE answer:

  1. Payments to suppliers.
  2. Trade discount.
  3. Invoices received from suppliers.
  4. Cash discount (also known as settlement discount) received.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 3

  1. Payments to suppliers are entered in the Cash Book (or Cheque Payments Book).
  2. Invoices are entered in the Purchases Journal (Purchases Daybook) net of trade discount.
  3. Correct
  4. Discounts received are entered in the Cash Book (or Cash Receipts Book).

 

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Author: stuart001uk2014

Referral marketing, business, economics and accounting s​pecialist & corporate mentor

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