Books of prime entry and ledgers quiz: O-Level Principles of Accounts (SEAB/Cambridge 7087) quiz

The sales ledger

The trial balance

The purchases journal

The statement of financial position

A receipt

A bank statement

A cheque counterfoil

A purchase invoice

Because cash and bank transactions are first recorded in it and it also serves as the cash and bank ledger account

Because it is copied twice

Because it records only credit transactions

Because it is never balanced

$2{,}000$

$1{,}700$

$300$

$2{,}300$

$800$

$24$

$776$

$824$

To the credit of discount allowed

It is not posted anywhere

To the credit of discount received

To the debit of discount allowed

A transfer between cash and bank, recorded on both sides of the cash book

A discount given to a customer

The correction of an error

A credit purchase of goods

The full imprest amount regardless of spending

Exactly the total spent during the period, restoring the float to the imprest amount

Nothing, until the float runs out

A fixed percentage of sales

A cash sale of goods

A payment of wages by cheque

The purchase of a non-current asset on credit

A credit sale of goods

The sales account and the purchases account

Expense and asset accounts

The personal accounts of credit suppliers (trade payables)

The personal accounts of credit customers (trade receivables)

To group similar transactions so the ledger is not cluttered with every individual entry and posting is efficient

To avoid using source documents

To hide transactions from users

Because the ledger cannot record any transactions

Credit purchases account $9{,}400$

Debit purchases account $9{,}400$, with each supplier credited individually

Debit each supplier $9{,}400$

Credit the bank $9{,}400$