Select the function in the acquisitions and payment cycle, where the goods received note (GRN) is cross-referenced to the supplier delivery note (SDN).a.The ordering of goods function.b.The recording of purchases function.c.The payment preparation function.d.The receiving of goods function

Select the function in the acquisitions and payment cycle where the requisition form and the purchase order forms are required before a transaction can be initiated.a.The recording of purchases function.b.The receiving of goods function.c.The payment preparation function.d.The ordering of goods function

In the context of the acquisitions and payments cycle, the purpose of the ______ function is to enter the purchase and the corresponding liability in the accounting records.a.ordering of goodsb.receiving of goodsc.payment preparationd.recording of purchases

Select the best alternative to complete the sentence. The role of the ______ function in the acquisitions and payments cycle, is to ensure that only valid creditors are paid and that they are paid the correct amount, on time. a.recording of purchasesb.payment preparationc.actual payment and recordingd.receiving of goods

Select the alternative that best describes a REQUISITION DOCUMENT used in the acquisitions and payments cycle.a.This document is completed by the buying department and sets out the details and prices of the goods to be purchased. b.This document is issued by the warehouse to convey to the buying department that goods are required.c.This document is completed by the purchasing company when the goods are delivered by the supplier.d.This document is made out by the supplier and details the goods which are supplied and it has to be signed by the purchasing company to acknowledge receipt of the goods

Select the answer which contains the correct order of source documents used to be recorded the abovetransactions in the accounting books of Akilan business.(1) purchase invoice, credit note, sales invoice, receipt, journal voucher(2) purchase invoice, debit note, sales invoice, voucher, journal voucher(3) purchase invoice, credit note, receipt, journal voucher, sales invoice(4) sales invoice, debit note, purchase invoice, receipt, journal voucher(5) purchase invoice, debit note, sales invoice, receipt, journal voucher05. What is balance of VAT account after the above transactions?(1) Rs. 800 credit (2) Rs. 800 debit (3) Rs. 1 000 credit(4) Rs. 1 000 debit (5) Rs. 900 debit06. What is increase or decrease in net assets due to the above transactions?(1) Rs. 11 000 (2) Rs. 9 000 (3) Rs. 10 100(4) Rs. 5 000 (5) Rs. 12 10007. A business carries out all business transactions through bank account. Monthly bank statement of thisbusiness showed Rs. 270 000 credit balance on 30.06.2022. The values of cheques deposited but notrealized and issued but not presented on this date were Rs. 85 000 and Rs. 45 000 respectively. The cashbalance on 30.06.2022 is,(1) Rs. 225 000 debit (2) Rs. 23 000 debit (3) Rs. 270 000 debit(4) Rs. 310 000 debit (5) Rs. 355 000 debit⚫ Use the following information to answer the questions 8 – 9.Debtor list balance of Tharaki business was Rs. 58 000. This balance was not equal to debtor controlaccount balance. The reasons for the difference were as follows.- Discount allowed Rs. 3 500 was recorded in cash receipt journal as Rs. 3 000.- Interest levied on debtor Rs. 4 400 was recorded in debtor ledger as Rs. 400 and in interest leviedaccount as Rs. 4 000.- Set off Rs. 3 000 was recorded in debit side of both accounts in general ledger.- Bad debt Rs. 2 400 was recorded as Rs. 400 in debtor ledger and as Rs. 2 000 in bad debt account.08. The balance of adjusted debtor control account and the balance of debtor control account before rectifyingerrors are,(1) Rs. 66 500, Rs. 59 500 (2) Rs. 61 000, Rs. 55 500 (3) Rs. 59 500, Rs. 58 500(4) Rs. 59 500, Rs. 66 000 (5) Rs. 59 500, Rs. 55 50009. The balance of suspense account generated in trial balance due to the above errors is,(1) Rs. 6 000 credit (2) Rs. 6 000 debit (3) Rs. 64 000 debit(4) Rs. 5 600 credit (5) Rs. 5 600 debit10. The accounting concepts which provide the base for recognition of the lower of either cost or net realizablevalue of inventory as the value of inventory are,(1) materiality and matching concepts (2) matching and timely concepts(3) prudence and realization concepts (4) prudence and historical cost concepts(5) prudence and matching concepts