Creditors Allowances Journal (Grade 10 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the main purpose of the creditors allowances journal?
What is the main purpose of the creditors allowances journal?
Record reductions in amounts owed to suppliers
Which source document must be issued when returning goods to a creditor?
Which source document must be issued when returning goods to a creditor?
Debit note
Which is NOT a common reason for issuing a debit note to a supplier?
Which is NOT a common reason for issuing a debit note to a supplier?
Making a payment to the creditor
How does an entry in the creditors allowances journal affect creditor liability?
How does an entry in the creditors allowances journal affect creditor liability?
Reduces the liability to creditors
Goods worth R800 less 20% discount are returned. What amount is recorded?
Goods worth R800 less 20% discount are returned. What amount is recorded?
R640
What does the creditors control column represent in the journal?
What does the creditors control column represent in the journal?
Total reduction in amount owed
How often are creditors control amounts posted to individual creditor accounts?
How often are creditors control amounts posted to individual creditor accounts?
Daily to the debit side
What must the creditors control total equal for verification?
What must the creditors control total equal for verification?
Sum of all analysis columns
What is the purpose of analysis columns in the journal?
What is the purpose of analysis columns in the journal?
Help identify which goods are being returned
Which is a common mistake to avoid in the creditors allowances journal?
Which is a common mistake to avoid in the creditors allowances journal?
Recording gross instead of net amount