recording financial tings

Question 1

single entry accounting

Answer 1

a simple system where one entity is made for each transaction. it consists of two records called cash journals

Question 2

source document

Answer 2

business document such as receipts and credit notes that are used as sources of financial information

Question 3

cheque butt

Answer 3

a document used to verify the details of cash payments made by cheque

Question 4

eft payment

Answer 4

a payment made online that transfers cash funds from one business too another

Question 5

receipt

Answer 5

a document used to verify the business receiving cash

Question 6

eftpos recipt

Answer 6

a document by an eftpos terminal when a customer has payed by credit, debit or gift card

Question 7

invoices

Answer 7

used to verify that a credit sale or purchase has taken place

Question 8

cash vs credit

Answer 8

cash payment is is a transaction where the payment is settled immediately whereas credit is a payment made at a later date.