Complete the following sentence by writing the missing words

Question

1. The ___ method refers to the system where the balance on petty cash differs in each period.

2. The__ gives an indication of the financial position of the business on a specific date, normally the end of the financial year.

3 A credit facility offered by banks which allows an account holder to withdraw more money than what is actually in his/her bank account is called a/an___

4. A person or business which issues a cheque is called a___

5. A vat period/ category in which vat vendors are required to submit a return after every two calendar months is called ___

Answer 1

1. The imprest method refers to the system where the balance on petty cash differs in each period.

2. The balance sheet gives an indication of the financial position of the business on a specific date, normally the end of the financial year.

3. A credit facility offered by banks which allows an account holder to withdraw more money than what is actually in his/her bank account is called a/an overdraft.

4. A person or business which issues a cheque is called a drawer.

5. A VAT period/category in which VAT vendors are required to submit a return after every two calendar months is called bi-monthly.