Knowledge Check: Control Accounts and Reconciliations

Knowledge Check: Control Accounts and Reconciliations

University

10 Qs

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Knowledge Check: Control Accounts and Reconciliations

Knowledge Check: Control Accounts and Reconciliations

Assessment

Quiz

Other

University

Hard

Created by

Shekinah Debra

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In simple terms, a contra entry denotes:

sales are made to, and purchases bought from, the same company.

a customer returns some goods.

a cheque payment is made to a supplier for exactly one invoice.

an invoice has been incorrectly entered.

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

How would an irrecoverable debt be recorded in the general ledger, ignore sales tax?

Dr Bank Cr Payables

Dr Bank Cr Receivables

Dr Receivables Cr Irrecoverable debt expense

Dr Irrecoverable debt expense Cr Receivables

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is true? i. A contra will be a debit to the receivables ledger control account. ii. An irrecoverable debt will be a credit to the receivables ledger control account. iii. A discount received will be a credit to the receivables ledger control account. iv. A discount allowed will be a credit to the receivables ledger control account.

All of them

ii only

ii and iv

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When can VAT be recovered on an irrecoverable debt?

As soon as the debt becomes irrecoverable.

When the customer was due to pay.

After six months have elapsed.

When the bank says so.

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

If a contra is recorded in the Payables, what is the correct treatment of the opposite entry?

Dr Payables

Dr Receivables

Cr Bank

Cr Receivables

6.

OPEN ENDED QUESTION

3 mins • 1 pt

The Payables ledger control account shows a balance of £1,110,456 and the subsidiary ledger totals £1,110,856. Which of the following is likely to have caused the difference?

Evaluate responses using AI:

OFF

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The balance on the sales ledger control account is currently £10,000. The following errors have been identified: (i) The sales day book was overcast by £200. (ii) Discounts allowed of £80 have only been accounted for in the subsidiary ledger. (iii) A credit note of £60 has been entered into the debit side of the individual receivables account. What is the balance on the sales ledger control account following these corrections?

£9,800

£9,720

£9,660

£9,600

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