Q1 ________ is computed by subtracting the cost of goods sold from sales revenue
Q2 ________ discount is the amount allowed off normal selling price at the time goods are being sold to encourage the customer to buy the goods
Q3 _________ entry is an entry that is used to describe the movement of cash between the office and the bank
Q4 The cash book could be the main cash book and the ________
Q5 _________ helps to decongest the ledger
Profit and loss account
Q6 A ________ is a type of day book, recording transactions where the balance will be included in the trial balance.
Q7 The following procedure can be adopted when a trial balance fails to agree, except __________
Recast the trial balance
Check that no ledger account has been omitted from the trial balance
Ensure that the trial balance contains the profit figure
Check that each amount entered in the trial balance is on the correct side
Q8 The trail balance does not form part of the double-entry process but is just a ________ that is used to check that the ledger accounts balance
Q9 __________ does not form part of the double entry process.
Statement of Financial position
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