1- Occasional small payments in cash, eg. staff refreshments, postage stamps, payment to the office cleaner, taxi fares, are recorded in the: Bank StatementBank BookPetty Cash BookCash Book

2- Cost of Goods Purchased is calculated as: Net Purchases Carriage InwardsNet Sales Cost of Goods SoldPurchases - Purchase Returns + Carriage InwardsNet Purchases + Carriage Inwards + Carriage Outwards

3- A credit sale of $1,200 is made on April 15, terms 2/10/EOM, n/30. The buyer gets a cash discount of 2% if he makes the settlement on or before: 10th May10th April10th June30th June

4- Which of the following is NOT a book of prime entry? General LedgerPetty cash bookSales day bookJournal

5- All of the following are recorded in the Journal except: Acquisitions and Disposals of Current AssetsYear-end AdjustmentsCash SalesCorrection of errors

6- Correction of errors are recorded in the: Sales Day BookCash BookSales Returns Day BookJournal

7- The purchases day book records credit purchases from supplierscredit purchases of fixed assetspayments to customersall purchases of goods for resale

8- Shaima traders returns goods worth $350 to Al Fatima LLC.

What journal entry will be recorded by Shaima Traders to record the above transaction? Dr. Purchases Cr. PayablesDr. Payables Cr. Purchase ReturnsDr. Sales Returns Cr. ReceivablesDr. Payables Cr. Purchases

9- Overcasting of purchase account is: Is an error affecting the trial balanceIs an error not affecting the trial balanceIs an error of principleIs an error of original entry

10- Which of the following statements is not true? The sales ledger contains the sales accountsThe cash book contains the accounts relating to cash and bank.The purchases ledger contains the detailed accounts of individual suppliersThe general ledger contains the accounts likely to appear in the financial statements