WorksheetsControl Accounts
Total questions: 10
Worksheet time: 5mins
Why do business give discount allowed ?
For Bulk buying
For Prompt payment
To Avoid error
To check arithmetical accuracy
What is meant by return outward?
Sales return
Bad debt
Purchase return
trade discount
Cash purchases do not affect the creditors' control accounts at all - True or False
True
False
What is bad debt?
It is a Known loss
It is a discount
It is a sales return
It is a depreciation
Trade creditors are the same as trade payables - True / False
True
False
You owe Barbi $100 for goods you purchased last month. Is Barbi a trade payable or trade creditor?
Trade Creditor
Trade Payable
A trade debtor is the same as a trade receivable - True / False
True
False
Urooj owes you $100 for goods she purchased last month. Is she a trade debtor or a trade creditor.
Trade debtor
Trade Creditor
Purpose of control accounts.
To calculate profit made by the business
To check the accuracy of the entries and locate the errors
What are the Main Control Accounts?
Sales ledger control accounts and Purchase ledger control accounts.
Cash book and Petty cash book
Sales day book and Purchase day book
