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Kaplan Kit FA1 Question 31

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Kaplan Kit FA1 Question 31

  • This topic has 1 reply, 2 voices, and was last updated 12 months ago by John Moffat.
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  • July 13, 2024 at 3:57 am #708285
    ncell
    Participant
    • Topics: 27
    • Replies: 4
    • ☆

    Llama Co is registered to account for sales tax and operates a computerised accounting system. Llama Co is producing training materials for its newly recruited staff relating to data inputs for the purchasing system.

    Which one of the following is not an item of standing data used by the purchasing system to process invoices, credit notes and payments?

    A The bank account details of each supplier to enable automated payments to be made when due
    B The credit terms agreed with each supplier
    C The rate of sales tax applicable when the supplier is registered to account for sales tax
    D A purchase invoice

    Answer in the Book
    D A purchase invoice

    I am not convinced with the answer in the Kaplan Kit; Please kindly explain.

    July 13, 2024 at 10:42 am #708295
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    ‘Standing data’ is data that is in the system to be used for all transactions relating to the particular supplier. It will be the same data that is used whenever a purchase invoice is received.

    The purchase invoice will be for a different amount each time and so is not standing data (it is not data that stays the same).

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