Accounting - Grade 11 - Lesson 8

A creditors reconciliation is completed from the perspective of the (a)   .A Creditors ledger is completed from the perspective of the ​ (b)  

• Creditor
• Debtor

A debtor has made a mistake recording an invoice for credit purchases. This will be corrected in the:

• Bank Reconciliation Statement

• Statement of Account

• Creditors Ledger

• Debtors Ledger

An invoice is recorded on the ____ side of the creditors statement.

• Debit Side

• Credit Side

A debit note is recorded on the debit side of the creditors statement.

• True

• False

An invoice issued for credit purchases will be recorded as follows:

• Dr. Statement of Account

  Cr. Creditors Ledger

• Dr. Creditors Ledger

  Cr. Creditors Reconcilaition

• Dr. Creditors Ledger

  Cr. Creditors Statement

• Dr. Creditors Reconciliation

  Cr. Creditors Statement

A creditors reconciliation statement will record interest charged on DEBIT SIDE

• TRUE

• FALSE

Which of the following will NOT be corrected in the Creditors Reconciliation?

• Creditor omitted an EFT payment on the statement of account.

• The debtor returned goods to the creditor. This debit note was only recorded in the creditors ledger.

• Invoices issued to the debtor after the creditor closed their books.

• A payment did not allow for an early settlement discount. The debtor was unaware of this.

A receipt was omitted from the creditors statement. The correction will be posted on the ​ (a)   ​ side of the​ (b)  

• Credit
• Creditors Reconciliation Statement
• Creditors Ledger
• Debit

Interest charged on a debtors account will be posted on the ​ (a)   side of the ​ (b)   and to the ​ (c)   side of the ​ (d)  

• Credit
• Creditors Ledger
• Debit
• Statement of Account

A creditors reconciliation statement is completed when:

• There are omitted invoices on the statement of account

• There is a mistake in the books of the creditor

• The debtor makes an EFT payment to the creditor on the last day of the month

• All of the above

• None of the above