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EMS Grade 8
Test Description: EMMS
Instructions: Answer all questions to get your test result.
1) Various Source Documents- Bank Deposit slip
A
Money deposited by the business into the Business account
B
All forms of money received for the day
C
Must be filled in on the deposit slip eg. cash, cheque, credit card
D
All
2) Bank deposit slip
A
Hence they should deposit daily
B
Its's not safe for business to keep large sums of cash on premises
C
This also allows cash flow
D
All
3) Cash flows means
A
That the business has money available to make payments
B
Cash is not safe
C
Cash is not available
D
Cash in tied up in Shares
4) Source documents Cash invoice
A
It contains info such as quantity, description unit price
B
All
C
These are usually done on a computer
D
Printed out and given to the customer
5) Source of documents Banks statements
A
All
B
All information about customer
C
Record of the account holder's transactions over a period
D
None
6) Bank accounts
A
All business' use some type of account
B
Can be savings account, transmission accounts
C
Fixed account
D
All
7) Source Document - Bank statment
A
At least once a month.
B
Bank records all the customers tranactions
C
Some info on the statement may not be exactly the same
D
all
8) Inventory
A
Goods bought by business to be sold for cash
B
None
C
Goods bought to be kept
D
Goods bought to only be sold for a profit
9) Debtors
A
None
B
Owe money
C
Money to be paid
D
What the person is known as if they owe money
10) Cash
A
using deposit slip
B
Money kept on the premises
C
Will be deposited daily
D
All
11) Non -Current Asset
A
Has an extended life span
B
None
C
This is owned
D
both
12) Fixed assets
A
None
B
Land and
C
All
D
Equipment used
13) Financial Assets
A
Surplus money put aside as an investment
B
Known as fixed deposit
C
Money invested for a longer than a year earns interest
D
All
14) Losses
A
Loss = Income more than expense
B
None
C
Loss = Income = Expense
D
Loss = Income less expense
15) Liabilities
A
First 2
B
There are 2 types of liabilities
C
Pay back debt
D
none
*select an answer for all questions
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