Control Accounts Part 2

A credit sales of goods is recorded under which control account and what will the particulars of the transaction be in that control account?

• Trade receivable control account as Inventory

• Trade payable control account as Sales revenue

• Trade receivable control account as Sales revenue

• Trade payable control account as Inventory

A credit purchase of goods is recorded under which control account and what will the particulars of the transaction be in that control account?

• Trade payable control account as Cost of sales

• Trade payable control account as Inventory

• Trade receivable control account as Sales revenue

• Trade receivable control account as Cost of sales

Returns to suppliers which were made on credit is recorded under the trade payable control account. What will the particulars be recorded as?

• Sales returns

• Purchase returns

• Inventory

• Suppliers

Cheques received from customers is recorded under which control account and what will the particulars be recorded as?

• Trade receivable control account as Cash at bank

• Trade receivable control account as Sales revenue

• Trade payable control account as Trade receivables

• Trade payable control account as Inventory

Discount received is recorded under which control account?

• Trade receivable control account

• Trade payable control account

The offset between trade payables and trade receivables is recorded under which control account?

• Trade payable control account only

• Trade receivables control account only

• Both control accounts

One of your classmates here lives in Bishan. Who is he/she?

• Grace

• Chloe

• Yi Wen

• Xavier Kek

This person has been the same height since he/she was in Sec 2. Who is this person?

• He Qun

• Danish

• Xavier Goh

• Evon