A business registered for sales tax pays an invoice in full to a supplier. The invoice was for goods purchased with a list price of $600, exclusive of sales tax at 20%. The business was granted a trade discount of 3%.What amount should the business record in the cash book for this payment?
A. $582.00
B. $698.40
C. $720.00
D. $600.00
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A business purchases goods from a supplier with a list price of $850. The supplier grants the business a trade discount of 10%, and also offers a settlement discount of 5% if they pay within seven days.How much should the business record for the purchase in the purchase day book?
A. $726.75
B. $765.00
C. $807.50
D. $850.00
Which of the following statements is true of direct debits?
A. They can only be used for a regular payment of a fixed sum
B. The paying business instructs its bank to initiate the payment
C. Authorisation is required before each payment is made
D. They are often used by businesses for paying utilities
Which of the following statements is TRUE of card transactions through EFTPOS?
A. EFTPOS system requires no customer checks to be made for debit and credit card payments; just entering the card is enough
B. EFTPOS would be used by a business to settle its tax obligation
C. Telephone authorisation will be required for credit and debit card transactions above the merchant's floor limit
D. Customer refunds can be carried out through EFTPOS using the supervisor's card
Which of the following statements about banking cheques and EFTPOS receipts are true?
A. The EFTPOS system holds the funds and only posts them to the holder's bank account at the end of each year
B. Each cheque's drawer should be listed on the back of a paying-in slip
C. The EFTPOS system user must list the amount and customer name for each credit card transaction
D. A stolen cheque will be honoured provided the payee was not negligent
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