COMPLETE THE SENTENCES
Use the words in the block (word bank) below to complete the following sentences. Write only the answer next to the question numbers (1.2.1 to 1.2.5) in the ANSWER BOOK e.g., 1.2.6 telephone.
1.2.1 All monies received and paid by the business is done through the business’s __________ account.
assets; discount; invoice; credit; bank; SubsidiaryJournal; General Ledger; Analysis of Receipts; transaction; Trial Balance; receipt; debit
1.2.2 ____________is a motivation to debtors to pay or settle their debt in time.
(1) 1.2.3 A payment to a creditor will decrease liabilities on the _______ side.
1.2.4 The source document issued to a customer when goods are bought on credit is called a/an ___________.
1.2.5 All possessions of the business used to generate income are known as ______.
1.2.1 bank
1.2.2 discount
1.2.3 debit
1.2.4 invoice
1.2.5 assets