SAICA CA(SA) Financial Accounting — practice questions
22 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice SAICA CA(SA) Financial Accounting in the app →A firm of accountants sells advice rather than goods, so it holds no:The time from spending cash to collecting payment from the customer is the operating:A retailer that resells finished goods produced by a manufacturer is a:Deducting cost of goods sold from net sales gives:Merchandising transactions fall into sales and:Shipping charges, taxes and insurance on goods bought for resale are added to:Invoice terms of 2/10, n/30 give a discount rate of:In those same terms, the number of days in the discount window is:A retailer paying after the discount window still owes the:Purchase discounts come in two kinds: trade discounts and discounts that are:The original sale amount before any discounts, returns or allowances is:Taking discounts, returns and allowances off that figure produces:Sales Discounts carries a normal debit balance, which makes it a contra:When a customer returns goods, the retailer issues a:An inventory system updating the account on every single sale or purchase is:An inventory system updating the account only at scheduled times is:On the choice between those two systems, accounting standards state a requirement that is:Under FOB destination terms, the shipping charges are paid by the:Under FOB shipping point terms, the shipping charges are paid by the:An income statement listing each revenue and expense account separately is called:Advertising and office supplies costs, not tied to direct selling, are called:A statement combining all revenues into one category and all expenses into another is: