Inventory Systems (Grade 11 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 alternative name for trading stock?
What is the alternative name for trading stock?
Inventory
Under the perpetual system, when is the Trading stock account updated?
Under the perpetual system, when is the Trading stock account updated?
Continually throughout the year
Which account records purchases under the periodic stock system during the year?
Which account records purchases under the periodic stock system during the year?
Purchases account
Which system allows stock deficits to be detected?
Which system allows stock deficits to be detected?
Perpetual system
When is cost of sales recorded under the perpetual stock system?
When is cost of sales recorded under the perpetual stock system?
As each transaction takes place
Do both inventory systems require a physical stock take at year-end?
Do both inventory systems require a physical stock take at year-end?
Yes, both systems require it
How is a cash purchase of stock recorded in the perpetual system?
How is a cash purchase of stock recorded in the perpetual system?
Dr Trading stock, Cr Bank
How are transport costs on purchases recorded in the perpetual system?
How are transport costs on purchases recorded in the perpetual system?
As a separate expense account
If cost is R100 and mark-up is 25% on cost, what is the selling price?
If cost is R100 and mark-up is 25% on cost, what is the selling price?
R125
What is the cost of sales formula used in the periodic system?
What is the cost of sales formula used in the periodic system?
Opening stock + Purchases - Closing stock