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WorksheetsControl Accounts
Total questions: 10
Worksheet time: 5mins
The sales ledger control account summarises the totals from the subsidiary accounts in the sales ledger
True
False
Where does the information in the VAT Control Account come from?
Subsidiary Ledgers
Books of Prime Entry
Trial Balance
Which of the following situations would cause the balance on the PLCA to be higher than the purchases ledger
A payment made to a supplier has been omitted from the PLCA
A payment made to a supplier has been omitted from the purchases ledger
Which of the following situations would cause the balance on the sales ledger to be higher than the SLCA
A sales invoice has been entered twice in the SLCA
A sales invoice has been entered twice in the sales ledger
On which side of the SLCA do returned cheques go?
Debit
Credit
On which side of the bank do customer returned cheques go?
Debit
Credit
What is the double entry to record an irrecoverable debt?
Debit: Irrecoverable debts
Credit: SLCA
Debit: SLCA
Credit: Irrecoverable debts
What is the double entry to record a contra?
Debit: SLCA
Credit: PLCA
Debit: PLCA
Credit: SLCA
If the balance b/d on the VAT Control Account is on the debit side then what does this mean?
The business owes money to HMRC
The business is due a VAT refund from HMRC
Which of the following is not a purpose of control accounts?
Detect fraud
Conceal information
Detect errors
Provide instant information
