The Accounting Cycle (Grade 10 NSC Matric Accounting): Quizzes
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Practise the questions
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Practise the questions
10 questions from this quiz
How often is the accounting cycle repeated for a sole trader during the financial year?
How often is the accounting cycle repeated for a sole trader during the financial year?
Every month (12 times annually)
Why are journals known as the 'book of first entry'?
Why are journals known as the 'book of first entry'?
First place source document info recorded
When is a trial balance prepared?
When is a trial balance prepared?
At the end of each month
What is the main purpose of source documents?
What is the main purpose of source documents?
Provide legal evidence of transactions
What does the Cash Receipts Journal (CRJ) record?
What does the Cash Receipts Journal (CRJ) record?
All money received by the business
Which document is used to record a credit sale in the Debtors Journal?
Which document is used to record a credit sale in the Debtors Journal?
The duplicate copy of the invoice
When is a credit note issued by a business?
When is a credit note issued by a business?
When customer returns goods or gets discount
When does a business issue a debit note?
When does a business issue a debit note?
When returning goods to a supplier
What does a trial balance check?
What does a trial balance check?
That total debits equal total credits
What does 'posting' mean in the accounting cycle?
What does 'posting' mean in the accounting cycle?
Transferring info from journals to ledgers