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Bookkeeping Controls Lesson 3

Authored by Sarah Ferguson

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Professional Development

Bookkeeping Controls Lesson 3
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10 questions

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1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

From the options below, when would we make a journal entry?

Payroll transactions

Opening entries (opening balances)

Correction of errors

Irrecoverable debts

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

From the payment options below, which two options will not reduce funds immediately in the payer's bank account?

Cheque

Debit card payment

Credit card payment

Faster payment

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

From the errors below, which errors will cause an imbalance in the trial balance?

Cash sales have been recorded in the cash sales account only

A payment for rent has been reversed

A sales invoice has been omitted from the ledger accounts

A receipt for bank interest received has been recorded as a debit on both bank and interest received accounts

Purchases have been recorded correctly in the VAT and PLCA, but not the purchases account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Whenever there is an error in the accounting system, a suspense account will always be opened

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The total wage expense for an employer is £55,000 - What journal entry will record the wage expense?

DR Wage Control £55,000 / CR Wage Expense £55,000

DR Wage Expense £55,000 / CR Wage Control £55,000

DR Wage Expense £55,000 / DR Wage Control £55,000

CR Wage Control £55,000 / CR Wage Expense £55,000

DR Wage Expense £5,500 / CR Wage Control £5,500

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Wage expenses are £55,000. Income tax is £7,125 and NI is £3450. Trade Union fee's are £2500. What will be the entry to record net wages?

DR Wages Control £41,925 / CR Bank £41,925

CR Wages Control £41,925 / DR Bank £41,925

DR Bank £41,925 / DR Wages Control £41,925

CR Bank £41,925 / DR Wages Expense £41,925

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

DJ Bent has just started a business. The owner has invested £10,000 into the business. Which correct journal entry would be used to record this transaction?

DR Bank £10,000 / CR Sales £10,000

CR Sales £10,000 / DR Bank £10,000

DR Capital £10,000 / CR Bank £10,000

DR Bank £10,000 / CR Capital £10,000

DR Drawings £5,000 / CR Bank £5,000

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