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