Choose one answer

Question

1. Which one of the following journals will be used to record credit sale to customers?

A. Credit journal
B. Cash receipt journal
C. Debtors journal
D. Debtors allowance journal.

2. The business receives a/an ___ when purchasing goods on credit from suppliers

A. Credit note
B. Original credit tax invoice
C. Original debit note
D. Duplicate credit tax invoice

3. __Refers to stock that does not sell and piles up in a business.
A. Obsolete stock
B. Stock rotation
C. Shrinkage
D. Stock losses

4. A business with sales of __ in any given twelve-month period, is compelled, by the law, to register as a vat vendor
A. R150000
B. R300000
C.less than R 1000000
D. E 1000000 more

Answer 1

1. C. Debtors journal

2. B. Original credit tax invoice

3. A. Obsolete stock

4. C. less than R 1000000