Chapter 16 Control accounts

Chapter 16 Control accounts

10th - 11th Grade

13 Qs

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Chapter 16 Control accounts

Chapter 16 Control accounts

Assessment

Quiz

Business

10th - 11th Grade

Practice Problem

Hard

Created by

grayce lim

Used 73+ times

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13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 receivables control account as Purchases

Trade payables control account as Sales

Trade receivables control account as Sales

Trade payables control account as Purchases

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 payables control account as Cost of sales

Trade payables control account as Purchases

Trade receivables control account as Sales

Trade receivables control account as Cost of sales

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Sales returns

Purchase returns

Inventory

Suppliers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Trade receivables control account as Cash at bank

Trade receivables control account as Sales revenue

Trade payables control account as Trade receivables

Trade payables control account as Inventory

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Discount received is recorded under which control account?

Trade receivables control account

Trade payables control account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Trade payables control account only

Trade receivables control account only

Both control accounts

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Harpreet is a credit customer of Suzanna. Harpreet’s account in Suzanna’s books shows a credit balance.


How could the credit balance have arisen?

A cheque from Harpreet was dishonoured.

Harpreet has overpaid his account.

Interest was charged by Suzanna.

Suzanna offered a trade discount.

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