If a customer buys good or services amounting to R3 000 from a business that uses only traditional cash registers, would a cash slip be appropriate as a source document? What would distinguish this document from a full tax invoice
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If a customer buys good or services amounting to R3 000 from a business that uses only traditional cash registers, would a cash slip be appropriate as a source document? What would distinguish this document from a full tax invoice
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- If a customer buys good or services amounting to R3 000 from a business thatuses only traditional cash registers, would a cash slip be appropriate as asource document?Complete the following table by providing the missing information: Transaction: Possible source document: Business sells goods or services for cash Duplicate tax invoice with payment terms The customer of the business sold to on credit, returns goods or requests a rebate after the sale Petty Cash voucher & original cash slip from supplier. Received money from a debtor for part or full payment on account10 - From whom is VAT charged when a receipt is made from the cash register?A) FROM THE TAX OFFICEB) FROM THE CUSTOMERC) FROM THE SELLERD) EMPLOYEEE) NO VAT TAXES
- What happens when an employee records a fictitious refund of goods at his cash registerHow can money be deposited into a Spruce account? Tax refund. Direct deposit. Linked bank account. All of the above.When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?
- if you issued a cheque to the customer who supplied you goods for sale and the bank manager declines to cash it, what justification would you accept for his decision?Which of the following statements is not correct? Multiple Choice The cash register proof is used to enter the cash sales and sales tax in the cash receipts journal. The cash receipts journal has separate columns for debits to Cash, credits to Accounts Receivable, credits to Sales, and credits to Sales Tax Payable. The entry to record the receipt of a promissory note to replace an open account is recorded in the cash receipts journal. In accounting, the term "cash" includes checks, money orders, and funds on deposit in a bank as well as currency and coins.49. All of the following are considered valid cashless disbursement except Purchase of goods using an electronic card issued by Citibank Payment of payables using a non-Cash Availment Authority Remittance of taxes withheld to the BIR through Tax Remittance Advice Online payment through LBP’s eMDS Payment to a supplier through LBC Padala
- When a business endorses a note and transfers it to a bank, the process is called a discounting a note receivable. b. dishonoring a note receivable e cosigning a note receivable d. collecting a note receivableIdentify which one of the following is a document issued by an individual to his or her bank, directing them to pay the person whose name is mentioned in the document the sum specified in it? a. Cheque b. Demand draft c. Bill of exchange d. Credit cardWhat is the main purpose of factoring in accounts receivables? a. To meet immediate cash needs of the business b. To create an additional guarantee of collection c. To invest accounts receivable in another business d. To establish a legal proof for future use
