Creditors’ Payment Schedule (Creditors’ Budget) (Grade 12 NSC Matric Accounting): Quizzes
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10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the main purpose of a creditors' payment schedule?
What is the main purpose of a creditors' payment schedule?
To predict when to pay suppliers
Which step in preparing the main budget includes the creditors' payment schedule?
Which step in preparing the main budget includes the creditors' payment schedule?
The second step
When are creditors typically paid for credit purchases?
When are creditors typically paid for credit purchases?
In the month following purchase
When stock levels are maintained, what equals cost of sales?
When stock levels are maintained, what equals cost of sales?
Total purchases
What percentage of total purchases are typically credit purchases?
What percentage of total purchases are typically credit purchases?
80%
If sales are R200 and mark-up is 100% on cost, what is cost of sales?
If sales are R200 and mark-up is 100% on cost, what is cost of sales?
R100
Where should the opening creditors balance be included?
Where should the opening creditors balance be included?
In the first payment month
Under which section does the creditors' payment schedule feed into the cash budget?
Under which section does the creditors' payment schedule feed into the cash budget?
Cash Payments
Which is a common mistake when preparing a creditors' payment schedule?
Which is a common mistake when preparing a creditors' payment schedule?
Forgetting opening creditors balance
If February sales are R130,000 with 100% mark-up and 80% credit, what are credit purchases?
If February sales are R130,000 with 100% mark-up and 80% credit, what are credit purchases?
R52,000