1. 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.
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2. A sales system records?
- Orders and contracts placed by customers.
- Money paid and money owed.
- The purchase orders sent to suppliers.
3. What are purchase orders used for?
- To record money being paid in for goods and services.
- To purchase goods or services for the organisation from the suplier.
- To request payment for goods or services.
4. Which function is responsible for personnel systems?
- Accounts and Finance
5. 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.