EMS Grade 8 Question Preview (ID: 42607)


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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

Bank deposit slip
a) Its's not safe for business to keep large sums of cash on premises
b) Hence they should deposit daily
c) This also allows cash flow
d) All

Cash flows means
a) Cash is not available
b) That the business has money available to make payments
c) Cash is not safe
d) Cash in tied up in Shares

Source documents Cash invoice
a) These are usually done on a computer
b) Printed out and given to the customer
c) It contains info such as quantity, description unit price
d) All

Source of documents Banks statements
a) All information about customer
b) Record of the account holder's transactions over a period
c) None
d) All

Bank accounts
a) All business' use some type of account
b) Can be savings account, transmission accounts
c) Fixed account
d) All

Source Document - Bank statment
a) Bank records all the customers tranactions
b) At least once a month.
c) Some info on the statement may not be exactly the same
d) all

Inventory
a) Goods bought to only be sold for a profit
b) Goods bought by business to be sold for cash
c) Goods bought to be kept
d) None

Debtors
a) Owe money
b) Money to be paid
c) What the person is known as if they owe money
d) None

Cash
a) Money kept on the premises
b) Will be deposited daily
c) using deposit slip
d) All

Non -Current Asset
a) This is owned
b) Has an extended life span
c) both
d) None

Fixed assets
a) Land and
b) Equipment used
c) All
d) None

Financial Assets
a) Surplus money put aside as an investment
b) Money invested for a longer than a year earns interest
c) Known as fixed deposit
d) All

Losses
a) Loss = Income less expense
b) Loss = Income more than expense
c) Loss = Income = Expense
d) None

Liabilities
a) Pay back debt
b) There are 2 types of liabilities
c) none
d) First 2

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