5Exercises on individual topics with solutions
5.1Bookkeeping and basic terms
Exercise 1: Basic accounting terms
|Time to solve:||10 minutes|
You are working in the accounting team of a company at the end of March 20X1. Classify the different transactions as cash in-/outflow, expenditures/proceeds, income/expenses or output/cost. Neglect VAT.
- Delivery of 3,000 kg of raw material for €8/kg on credit.
- Cash sale of goods that were produced in March for €12,000.
- Payment of wages and salaries from bank account of €16,700 for March plus a payment of €3,300 for February.
- Payment of receivables of about €25,000.
- Sale of a used machine for €26,800 on credit. The book value of the machine is €21,800.
- Overdue notice ...