Bookkeeping controls

Which payment method clears your bank account the following day?

• CHAPS

• Direct Debit

• Debit Card

• Faster Payments

Which of the following is not a feature of an overdraft?

• overdraft facility is for a given time period

• interest is charged on a daily basis

• overdraft is a good long-term financing method

• can be a flexible way to borrow

Which payment method is most appropriate for paying a large deposit to a solicitor?

• CHAPS

• BACS

• Cheque

• Cash

Which of the following needs to be corrected in the cashbook when preparing a bank reconciliation?

• Unpresented cheque

• Missed direct debit payment

• Outstanding lodgement

• Opening balance difference

Which of below is not an example of a control account?

• Sales Ledger Control Account

• Purchase Ledger Control Account

• VAT Control Account

• Subsidiary Account

If my SLCA has an opening balance of £500, credit sales of £1,000 and payments received of £750. What is my balance carried down?

• £750

• £1,000

• £500

• £1,500

When reconciling the sales ledger to the SLCA, the sales ledger is £500 higher than the SLCA. What could have caused this?

• An invoice has been entered twice in the Sales Ledger

• An invoice has been entered twice in the SLCA

• A sales return has been entered twice in the sales ledger

• An irrecoverable debt has been omitted from the SLCA

What is the correct posting to adjust for a dishonoured cheque from a customer?

• Debit Cashbook (bank), Credit SLCA

• Debit dishonoured cheque expense, Credit SLCA

• Debit SLCA, Credit Cashbook (bank)

• Debit Sales, Credit SLCA

What does a debit balance on the VAT Control Account represent?

• A balance due to HMRC

• A balance due from HMRC

Which of the following two are on the credit side in the VAT Control Account?

• Sales Returns

• Sales

• Purchase Returns

• Discounts Allowed