WorksheetsCFAB - Accounting 1 - Revision - Chapter 4
Total questions: 10
Worksheet time: 4mins
The nominal ledger is a book of original entry. True or False?
TRUE
FALSE
In a T account, a debit entry would be made in the
Left hand side
Right hand side
The balances in the receivables ledgers when added should be equal to the receivable ledger control account.
TRUE
FALSE
A control account is a total account in the nominal ledger.
TRUE
FALSE
__________ figure shows the total amount owed by all customers at a particular point in time.
Trade receivables
Trade payables
Together ledger accounting and double entry …
Record directly all the source documents
Summerise the transactions listed in the books of original entry
Record all the entity’s credit transactions
Record all the entity’s cash transactions
A debit entry in a T account will…
Decrease an asset
Decrease an expense
Increase a liability
Decrease capital
When a credit customer pays an invoice for £120 including VAT at 20%, the credit entry in the VAT ledger account will be:
£120
£100
£20
Nil
Discount received from suppliers that is recorded initially in the cash book is debited to:
Trade receivables
Trade payables
Discount received
Purchases
Mabel's supplier has allowed her 5% discount for prompt payment of her account. How should this be posted?
DR Payables ledger control account; CR Discounts allowed
DR Discounts allowed; CR Payables ledger control account
DR Payables ledger control account; CR Discounts received
DR Discounts received; CR Payables ledger control account
