RLCA, PLCA, VAT

Which account records the total amounts owed by customers?

• Payables Ledger Control Account
• VAT Account
• Receivables Ledger Control Account
• General Ledger

What is the primary purpose of a payables ledger control account?

• To track total sales
• To monitor VAT payments
• To record amounts owed by the business to suppliers
• To calculate payroll

In which account would you record VAT on sales?

• Receivables Ledger Control Account
• Payables Ledger Control Account
• VAT Control Account
• Sales Account

Which entry would you find in the payables ledger control account?

• Credit sales
• Cash receipts from customers
• Purchase invoices from suppliers
• VAT refunds

What does a debit balance in the receivables ledger control account represent?

• Amounts owed to suppliers
• Amounts owed by customers
• VAT liability
• Bank overdraft

Which of the following would decrease the balance on the receivables ledger control account?

• Credit sales
• Customer payments
• Purchase invoices
• VAT on purchases

In which account would you record VAT on purchases?

• Receivables Ledger Control Account
• Payables Ledger Control Account
• VAT Control Account
• Purchases Account

What type of balance would you typically expect in the payables ledger control account?

• Debit
• Credit
• Zero
• Fluctuating