WorksheetsRevision 1 Principles of Bookkeeping Controls
Total questions: 10
Worksheet time: 5mins
A statutory deduction from employee's pay
Employer's National Insurance Contributions
Income Tax
Net Pay
Trade Union Fees
Same day electronic payments (normally taking 2 hours) through a bank is known as a
Faster Payment
Direct Debit
Standing Order
CHAPS
A card payment system which requires the purchaser to enter a 4 digit security number at the point of sale is a
Chip and Pin
Standing Order
Bank Transfer
Debit Card
A mistake in the ledgers caused by the entries being made on the wrong side of the accounts is ...
a reversal of entries
an error of principle
an error of omission
an error of commission
A mistake in the ledgers caused by a transaction being recorded in the wrong type of account is ..
a reversal of entries
an error of principle
an error of omission
an error of commission
A mistake in the ledgers caused by a transaction being recorded in the wrong person's account is ....
an error of commission
an error of original entry
a compensating error
a reversal of entries
What should be the amount in the suspense account, if Debits amount to £5,500 and Credits amount to £6,000 on the trial balance.
£500 debit balance
£500 credit balance
An debt is to be written off. Gross debt is £720, VAT is £120. What are the entries?
DR Irrecoverable Debt £600
DR VAT £120
CR Receivables Ledger Control £720
DR Irrecoverable Debt £720
CR Receivables Ledger Control £720
DR Receivables Ledger Control £720
CR Irrecoverable Debts £720
DR Irrecoverable Debt £720
DR VAT £120
CR Receivables Ledger Control £840
The total monthly payroll cost to a company is £40,000. What are the accounting entries?
DR Wages Expense £40,000
CR Wages Control £40,000
DR Wages Control £40,000
CR Bank £40,000
DR Wages Control £40,000
DR Wages Expense
DR Bank £40,000
CR HMRC £40,000
What is the balance on the receivables ledger control?
Sales = £12,000
Receipts from customers = £4,000
Contra = £1,000
Irrecoverable debts = £500
£6,500
£14,500
£8,500
£9,500
