Author: stuart001uk2014

The total of the Sales Journal is posted to…?

Select ONE answer:

1. the credit side of the sales account in the nominal (general) ledger.
2. the debit side of the sales account in the nominal (general) ledger.
3. the debit side of the sales daybook.
4. None of the above.

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 1

1. Correct – The total of the Sales Journal is the total of the credit sales for a particular period.
2. Incorrect – Sales are always recorded as a credit in the sales account.
3. Incorrect – The sales daybook is the same as the sales journal.
4. Incorrect

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The Sales Daybook is used to record…?

Select ONE answer:

1. money received from debtors.
2. the names, addresses, credit terms and other details regarding debtors.
3. invoices issued to customers in respect of. goods sold on credit.
4. None of the above.

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. Incorrect – Money received from debtors is initially recorded is the cash book (or cash receipts book).
2. Incorrect – The names, addresses, credit terms and other details regarding debtors will be kept on file somewhere but not in the sales daybook.
3. Correct
4. Incorrect

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The Sales Journal is commonly known as…?

Select ONE answer:

1. sales invoice.
2. the sales daybook.
3. the sales ledger.
4. None of the above.

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 2

1. Incorrect – Sales invoices are the source documents which are recorded in the sales journal.
2. Correct
3. Incorrect – The sales ledger is the section of the accounting records where the accounts for individual debtors are maintained.
4. Incorrect

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The total of the discount allowed column in the cash book should be posted to…?

Select ONE answer:

1. the debit side of the discount allowed account.
2. the debit side of the discount received account.
3. the credit side of the discount allowed account.
4. the credit side of the discount received account.

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 1

1. Correct
2. The total of the discount allowed column should be posted to the discount allowed account.
3. This is the correct account but the wrong side of the account.
4. As for answer 2 above.

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Cash discount (also known as settlement discount) received is…?

Select ONE answer:

1. deducted from the amount payable by debtors when money is received from them.
2. given by a firm to its customers when it sells goods on credit.
3. deducted by a firm when it pays its creditors.
4. None of the above.

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. Any amount of discount deducted from the amount payable by debtors when money is received from them is cash discount allowed.
2. Discount given by a firm to its customers at the time of sale is a trade discount. A cash discount is allowed at the time of payment.
3. Correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.