100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
AAT Level 2 - Bookkeeping Transactions Exam Questions and Answers 100% Solved Guaranteed Success $9.49   Add to cart

Exam (elaborations)

AAT Level 2 - Bookkeeping Transactions Exam Questions and Answers 100% Solved Guaranteed Success

 0 view  0 purchase
  • Course
  • AAT
  • Institution
  • AAT

AAT Level 2 - Bookkeeping Transactions Exam Questions and Answers 100% Solved Guaranteed Success What is the purpose of accounting? - To record and classify the businesses transactions accurately. What are the three types of business entities? - Sole Trader Partnership Limited Company What ...

[Show more]

Preview 2 out of 13  pages

  • September 26, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AAT
  • AAT
avatar-seller
JOSHCLAY
AAT Level 2 - Bookkeeping Transactions

Exam Questions and Answers 100%

Solved Guaranteed Success


What is the purpose of accounting? - ✔✔To record and classify the

businesses transactions accurately.

What are the three types of business entities? - ✔✔Sole Trader

Partnership

Limited Company

What is a sole trade business? - ✔✔The simplest form of business which is

managed and owned by one person who is responsible for the profits and

debts of the business.

What is a partnership? - ✔✔A business owned by 2+ people where profits

and debts are shared according to a profit sharing agreement.

What is a limited company? - ✔✔A business in which the shareholders

cannot be sued for the debts of the business.

What is revenue? - ✔✔Income from sales

, What are cash and credit sales and purchases? - ✔✔Cash

sales/purchases happen when money exchanges hands at the time of the

transaction whereas credit sales/purchases are invoiced at the time of

transaction but paid some time after.

What are the risks with credit sales? - ✔✔The person may not pay or pay

late

What is the sales process? - ✔✔Quotation is requested

Order is placed

Goods are dispatched

Payment Requested/Invoiced

(Goods may be returned to vendor by credit note)

Payment/Remittance Advice Note

What should be checked for accuracy on financial documents? - ✔✔Are

the names correct?

Goods/Services correct?

Product codes?

Price Per Unit?

Quantities?

Arithmetic?

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

76799 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.49
  • (0)
  Add to cart