Sales invoices are first entered in A) The Cash Book B) The Purchases Journal C) The Sales Journal D) The Sales Account

Sales invoices are first entered in A) The Cash Book B) The Purchases Journal C) The Sales Journal D) The Sales Account
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Answer: C
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Entered in the Purchases Journal are A) Discounts received B) Purchases invoices C) Payments to suppliers D) Trade discounts

Description : Entered in the Purchases Journal are A) Discounts received B) Purchases invoices C) Payments to suppliers D) Trade discounts

Last Answer : Answer: B

A credit memorandum is used as documentation for a journal entry that requires a debit to a. Sales and a credit to Cash. b. Sales Returns and Allowances and a credit to Accounts Receivable. c. Accounts Receivable and a credit to a contra-revenue account. d. Cash and a credit to Sales Returns and Allowances.

Description : A credit memorandum is used as documentation for a journal entry that requires a debit to a. Sales and a credit to Cash. b. Sales Returns and Allowances and a credit to Accounts Receivable. c. ... and a credit to a contra-revenue account. d. Cash and a credit to Sales Returns and Allowances.

Last Answer : d. Cash and a credit to Sales Returns and Allowances.

All supplies of certificates received by Head and Sub Offices must entered in a) The Daily dairy b) Daily account c) The stock register(NC-12) d) Cash book

Description : All supplies of certificates received by Head and Sub Offices must entered in a) The Daily dairy b) Daily account c) The stock register(NC-12) d) Cash book

Last Answer : c) The stock register(NC-12)

Primary book" maintained in a business is 1. Journal 2. Ledger 3. Cash book 4. Account book 5. None of these

Description : Primary book" maintained in a business is 1. Journal 2. Ledger 3. Cash book 4. Account book 5. None of these

Last Answer : Journal

he journal entry to record a credit sale is a. Cash Sales b. Cash Service Revenue c. Accounts Receivable Service Revenue d. Accounts Receivable Sales

Description : he journal entry to record a credit sale is a. Cash Sales b. Cash Service Revenue c. Accounts Receivable Service Revenue d. Accounts Receivable Sales

Last Answer : d. Accounts Receivable Sales

Which of the following is not a Real Account? a) Cash A/c b) Investments A/c c) Out standing rent A/c d) Purchases A/c

Description : Which of the following is not a Real Account? a) Cash A/c b) Investments A/c c) Out standing rent A/c d) Purchases A/c

Last Answer : c) Out standing rent A/c

West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.

Description : West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.

Last Answer : . $47,000.

If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account

Description : If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account

Last Answer : Answer: A

Which of the following particulars should also be furnished on the reverse of the daily account. a) Details of remittances received and sent from or to HO or other SO b) Particulars of UCR , UCP, bills paid , reason for holding cash/stamp below minimum or excess maximum c) Requisition for postage entered in remarks column d) All documents sent to along with the daily account e) All the above

Description : Which of the following particulars should also be furnished on the reverse of the daily account. a) Details of remittances received and sent from or to HO or other SO b) Particulars of UCR , UCP, ... entered in remarks column d) All documents sent to along with the daily account e) All the above

Last Answer : e) All the above

he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and Allowances Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Description : he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and ... Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Last Answer : d. Merchandise Inventory Cost of Goods Sold

The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a. Accounts Payable. b. Purchase Returns and Allowances. c. Sales. d. Merchandise Inventory.

Description : The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a. Accounts Payable. b. Purchase Returns and Allowances. c. Sales. d. Merchandise Inventory.

Last Answer : d. Merchandise Inventory.

When family allotment money order are paid a) The MOs paid shall be listed along with other MOs b) The MOs will be entered in separate journal and accounted for separately in the accounts c) Will be entered in MO paid journals and the total entered in the ordinary journal d) None of these

Description : When family allotment money order are paid a) The MOs paid shall be listed along with other MOs b) The MOs will be entered in separate journal and accounted for separately in the accounts c) Will be entered in MO paid journals and the total entered in the ordinary journal d) None of these

Last Answer : c) Will be entered in MO paid journals and the total entered in the ordinary journal

The transaction is entered in cash book on the basis of ---------- a. Occurrence b. amount c None of these

Description : The transaction is entered in cash book on the basis of ---------- a. Occurrence b. amount c None of these

Last Answer : a. Occurrence

How do I make invoices for freelance work?

Description : How do I make invoices for freelance work?

Last Answer : What application are you using to generate them. There are many invoice templates in Word. you can download them and customize them. If you need a copy of one, I can provide what I have used in the ... with the invoice for payment in a timely fashion so you can cover your butt and keep track of it.

If you do freelance work, how do you track time and send invoices?

Description : If you do freelance work, how do you track time and send invoices?

Last Answer : answer:You can use http://www.blinksale.com/home I used it for my invoices when I was doing freelance work. It also works with Basecamp, so you can import your clients info from. Its simple and easy to use R

it is always best to have invoices signed for approval after processing for payment. -General Knowledge

Description : it is always best to have invoices signed for approval after processing for payment. -General Knowledge

Last Answer : The given statement is false. Invoices should be signed for approval before processing for payment.

Contractor Forms: Invoices?

Description : Contractor Forms: Invoices?

Last Answer : The most popular of contractor forms, an invoice is the type of document through which a contractor may bill a company or individual for the services that they have provided. Normally, this will list ... as the contractor requiring the invoice be due upon receipt or within a certain number of days.

The period of preservation of invoices of articles received from stock depot is a) Six months b) Eighteen months c) Two years d) Three years

Description : The period of preservation of invoices of articles received from stock depot is a) Six months b) Eighteen months c) Two years d) Three years

Last Answer : d) Three years

Documentary drafts require various shipping documents such as ____. A. bills of lading B. insurance certificates C. commercial invoices D. A and B E. A, B, and C

Description : Documentary drafts require various shipping documents such as ____. A. bills of lading B. insurance certificates C. commercial invoices D. A and B E. A, B, and C

Last Answer : E. A, B, and C

An account bag from the Head Office to Sub office contain a) The SO slip, b) A cash bag containing cash including postage stamps c) IPO, Saving certificate, for sales d) SB Slip (SB 27), BO daily account after check, Blank MO forms for sale e) All the above

Description : An account bag from the Head Office to Sub office contain a) The SO slip, b) A cash bag containing cash including postage stamps c) IPO, Saving certificate, for sales d) SB Slip (SB 27), BO daily account after check, Blank MO forms for sale e) All the above

Last Answer : e) All the above

The Sales Returns and Allowances account does not provide information to management about a. possible inferior merchandise. b. the percentage of credit sales versus cash sales. c. inefficiencies in filling orders. d. errors in overbilling customers.

Description : The Sales Returns and Allowances account does not provide information to management about a. possible inferior merchandise. b. the percentage of credit sales versus cash sales. c. inefficiencies in filling orders. d. errors in overbilling customers.

Last Answer : b. the percentage of credit sales versus cash sales.

When goods are returned that relate to a prior cash sale, a. the Sales Returns and Allowances account should not be used. b. the cash account will be credited. c. Sales Returns and Allowances will be credited. d. Accounts Receivable will be credited.

Description : When goods are returned that relate to a prior cash sale, a. the Sales Returns and Allowances account should not be used. b. the cash account will be credited. c. Sales Returns and Allowances will be credited. d. Accounts Receivable will be credited.

Last Answer : b. the cash account will be credited.

The collection of a $900 account after the 2 percent discount period will result in a a. debit to Cash for $882. b. debit to Accounts Receivable for $900. c. debit to Cash for $900. d. debit to Sales Discounts for $18.

Description : The collection of a $900 account after the 2 percent discount period will result in a a. debit to Cash for $882. b. debit to Accounts Receivable for $900. c. debit to Cash for $900. d. debit to Sales Discounts for $18.

Last Answer : c. debit to Cash for $900.

The collection of a $600 account within the 2 percent discount period will result in a a. debit to Sales Discounts for $12. b. debit to Accounts Receivable for $588. c. credit to Cash for $588. d. credit to Accounts Receivable for $588.

Description : The collection of a $600 account within the 2 percent discount period will result in a a. debit to Sales Discounts for $12. b. debit to Accounts Receivable for $588. c. credit to Cash for $588. d. credit to Accounts Receivable for $588.

Last Answer : a. debit to Sales Discounts for $12.

Cash discount allowed to a debtor should be credited to a) Discount account b)Customer’s account c) Sales account d) Cash account

Description : Cash discount allowed to a debtor should be credited to a) Discount account b)Customer’s account c) Sales account d) Cash account

Last Answer : b)Customer’s account

Sales made to Mahesh for cash should be debited to________________ a) Cash account b) Mahesh Account c) Sales account d) Purchase account

Description : Sales made to Mahesh for cash should be debited to________________ a) Cash account b) Mahesh Account c) Sales account d) Purchase account

Last Answer : a) Cash account

Would people get better deals at car dealerships if they paid cash for their car purchases instead of using credit?

Description : Would people get better deals at car dealerships if they paid cash for their car purchases instead of using credit?

Last Answer : You can negoitate a better rate if you use cash than credit. Dealers like cash.

In a perpetual inventory system, a return of defective merchandise by a cash customer is recorded by crediting a. Accounts Payable and Cash. b. Merchandise Inventory and Cost of Goods Sold c. Purchases Returns and Allowances and Merchandise Inventory. d. .Cash and Cost of Goods Sold.

Description : In a perpetual inventory system, a return of defective merchandise by a cash customer is recorded by crediting a. Accounts Payable and Cash. b. Merchandise Inventory and Cost of Goods Sold c. Purchases Returns and Allowances and Merchandise Inventory. d. .Cash and Cost of Goods Sold.

Last Answer : d. .Cash and Cost of Goods Sold.

The availability of cash and other cash like marketable instruments that are useful in purchases and investments are commonly known as _______ a. Liquidity b. Credit c. Marketability

Description : The availability of cash and other cash like marketable instruments that are useful in purchases and investments are commonly known as _______ a. Liquidity b. Credit c. Marketability

Last Answer : a. Liquidity

Cash outflow on purchases is calculated by A. Purchases + Opening Creditors + Opening B/P – Closing Creditors - Closing B/P B. Purchases + Opening Creditors - Closing Creditors + Closing B/P C. Purchases - Opening Creditors - Opening B/P + Closing Creditors + Closing B/P D. None of the above

Description : Cash outflow on purchases is calculated by A. Purchases + Opening Creditors + Opening B/P – Closing Creditors - Closing B/P B. Purchases + Opening Creditors - Closing Creditors + Closing B/P C. Purchases - Opening Creditors - Opening B/P + Closing Creditors + Closing B/P D. None of the above

Last Answer : A. Purchases + Opening Creditors + Opening B/P – Closing Creditors - Closing B/P

What type of wholesaler is most often used for large -volume purchases of bulky goods like coal, oil, and chemicals? A)A rack jobber B)A truck wholesaler C)A drop shipper D)A cash -and -carry wholesaler E)A bulk distributor

Description : What type of wholesaler is most often used for large -volume purchases of bulky goods like coal, oil, and chemicals? A)A rack jobber B)A truck wholesaler C)A drop shipper D)A cash -and -carry wholesaler E)A bulk distributor

Last Answer : C)A drop shipper

How do I compute sales tax for purchases made from another state?

Description : How do I compute sales tax for purchases made from another state?

Last Answer : answer:You might not need to charge any tax. The old rule was to tax only if the business had a store in the state being shipped to. The tax charged would be the ship to state's tax. So for ... books for the business and inform you what to keep track of, how to pay any required quarterly taxes, etc.

A multistage sales tax with credit for taxes paid on business purchases.

Description : A multistage sales tax with credit for taxes paid on business purchases.

Last Answer : Ans. VAT

If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which one of the following represents the figure of gross profit for the year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Description : If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which ... year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Last Answer : Answer: Rs. 12,500

If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Description : If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Last Answer : Answer: Rs. 10,500

For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of Sales. Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times

Description : For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of ... Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times

Last Answer : (a) 8 times

Value of goods withdrawn by the proprietor for his personal use should be credited to ____ a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c

Description : Value of goods withdrawn by the proprietor for his personal use should be credited to ____ a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c

Last Answer : d) Purchases A/c

If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c

Description : If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c

Last Answer : c) Dr Motor Car A/c & Cr Purchases A/c

Goods withdrawn by the proprietor for his personal use are A. Shown as a deduction from the purchases B. Shown as a deduction from the sales C. Treated as sales at cost price D. Added to the purchases

Description : Goods withdrawn by the proprietor for his personal use are A. Shown as a deduction from the purchases B. Shown as a deduction from the sales C. Treated as sales at cost price D. Added to the purchases

Last Answer : A. Shown as a deduction from the purchases

Which of the following is NOT considered to be an objective associated with the use of sales promotions? A. Change buyer attitudes B. Increase volume of individual purchases C. Prompt buyers into trial purchase D. Product improvement

Description : Which of the following is NOT considered to be an objective associated with the use of sales promotions? A. Change buyer attitudes B. Increase volume of individual purchases C. Prompt buyers into trial purchase D. Product improvement

Last Answer : A. Change buyer attitudes

The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchases is A)a market test. B)the regression analysis. C)trend analysis. D)a survey. E)the Delphi technique.

Description : The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchases is A)a market test. B)the regression analysis. C)trend analysis. D)a survey. E)the Delphi technique.

Last Answer : A)a market test.

If an intermediary wants to carry Tide detergent and Procter & Gamble agrees only if the supplier purchases P&G's entire line of detergents as well, the company is engaging in which of the following channel management practices? A)Exclusive dealing B)Dual distribution C)Tying agreement D)Refusal to deal E)Restricted sales territories

Description : If an intermediary wants to carry Tide detergent and Procter & Gamble agrees only if the supplier purchases P&G's entire line of detergents as well, the company is engaging in which of the ... A)Exclusive dealing B)Dual distribution C)Tying agreement D)Refusal to deal E)Restricted sales territories

Last Answer : C)Tying agreement

Suppose marketers at Renault need to determine the effects of an increase in the advertising budget on sales of the Clio. In setting up an experiment, the independent variable would be: A)sales B)price C)advertising expense D)production cost E)wholesale purchases

Description : Suppose marketers at Renault need to determine the effects of an increase in the advertising budget on sales of the Clio. In setting up an experiment, the independent variable would be: A)sales B)price C)advertising expense D)production cost E)wholesale purchases

Last Answer : C)advertising expense

Marketers at Premier Brands want to determine the effects of a price increase on sales of Gourmet Dinners. In setting up an experiment, the dependent variable would be: A)production costs B)price C)advertising costs D)sales E)wholesale purchases

Description : Marketers at Premier Brands want to determine the effects of a price increase on sales of Gourmet Dinners. In setting up an experiment, the dependent variable would be: A)production costs B)price C)advertising costs D)sales E)wholesale purchases

Last Answer : D)sales

Baxters purchases information regarding soup sales from a firm that tracks the information for a fee, it is using: A)syndicated data services B)primary data generation C)field experiments D)laboratory experiments

Description : Baxters purchases information regarding soup sales from a firm that tracks the information for a fee, it is using: A)syndicated data services B)primary data generation C)field experiments D)laboratory experiments

Last Answer : A)syndicated data services

Suppliers personal a/c are seen in the A) Sales Ledger B) Nominal ledger C) Purchases Ledger D) General Ledger

Description : Suppliers personal a/c are seen in the A) Sales Ledger B) Nominal ledger C) Purchases Ledger D) General Ledger

Last Answer : Answer: C

Gross profit is A) Cost of goods sold + Opening stock B) Excess of sales over cost of goods sold C) Sales fewer Purchases D) Net profit fewer expenses of the period

Description : Gross profit is A) Cost of goods sold + Opening stock B) Excess of sales over cost of goods sold C) Sales fewer Purchases D) Net profit fewer expenses of the period

Last Answer : Answer: B

Mithun went to a shop and bought things worth Rs. 75, out of which 90 Paise went on sales tax on taxable purchases. If the tax rate was 18%, then what was the cost of the tax free items? a) 12.5 b) 69.80 c) 19.7 d) 34.5 e) 69.1

Description : Mithun went to a shop and bought things worth Rs. 75, out of which 90 Paise went on sales tax on taxable purchases. If the tax rate was 18%, then what was the cost of the tax free items? a) 12.5 b) 69.80 c) 19.7 d) 34.5 e) 69.1

Last Answer : Answer: E  Total cost of the items he purchased = Rs.75  Given that out of this Rs.75, 90 Paise is given as tax  => Total tax incurred = 90 Paise  = Rs.90/100  Let the cost of the tax free items = x  Given that tax rate = ... −0.9 −x) = 90  ⇒ (75 − 0.9 − x) = 5  x = 75 − 0.9 - 5  X=69.1