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Bookkeeping Controls

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Bookkeeping Controls
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which payment method would a business choose, to transfer a large sum of money to a solicitor, for the purchase of a new business premises?

BACS direct credit
Cheque
CHAPS
Cash

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following payment methods does NOT effect the bank balance on the date of payment?

Faster payments (online)
CHAPS
Bank draft
Credit Card

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When completing a bank reconciliation, any outstanding lodgements or unpresented cheques must be included. These differences are due to .........

Timing differences
Incorrect entry in the day book
A mistake in the day book cross castings
A difference in opinion

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When balancing off a ledger account, the balance c/d always goes on the smallest side of the account

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purchase ledger is a list of individual credit supplier accounts. The total of all these accounts should reconcile to the ...............

Bank balance
Sales ledger control account
Cash book total (credit side)
Purchase ledger control account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The sales ledger is part of the double entry bookkeeping system

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Individual transactions are posted to the sales ledger and purchase ledger. The totals of the days books are posted to the general ledger accounts (SLCA and PLCA). How does this help a business to identify errors quickly?

The general ledger accounts can be checked against the subsidiary ledgers for discrepancies
Errors when calculating trade discount can be easily identified
Invoices not recorded anywhere in the accounting system by the bookkeeper can be identified quickly
It doesn't

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