AS Applied ICT - Key Terms and Definitions

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1. What is the purpose of the sales ledger?

  • To notify the organisation of a delivery.
  • Record sales made + money paid in for the goods or services sold.
  • To purchase goods from suppliers.
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2. What are purchase orders used for?

  • To purchase goods or services for the organisation from the suplier.
  • To request payment for goods or services.
  • To record money being paid in for goods and services.

3. What is the Income Statement?

  • Lists the assets, debts and owners' investment at a particular date.
  • Lists the revenue, the expenditure and the net income during a particular period.
  • Summarise the organisations accounts.

4. What is a Purchase Ledger?

  • A record of the purchases made and money paid out in date order.
  • A request for payment from the organisation.
  • Money paid and money owed to suppliers.

5. What is the Balance Sheet?

  • Lists the assets, debts and owners' investment at a particular date.
  • Lists the revenue, the expenditure and the net income during a particular period.
  • Summarise the organisations accounts.

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