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WorksheetsFormat of Control Account
Total questions: 12
Worksheet time: 12mins
What does the control account do?
reflects all the balance of subsidiary account.
correct the errors in ledger account.
prepare balance sheets and other financial statements.
issued to correct errors or changes made to an existing invoice or order.
which side discount received in purchase control account belongs to?
credit(CR)
debit(DR)
does sales control account record sales return?
yes
no
how are bad debts recorded in sales control account?
debit(DR)
credit(CR)
where do set off goes?
purchase ledger control account
sales ledger control account
both
neither
format of purchase ledger control account
credit purchase, discount allowed, interest charged & return outwards
purchase, discount received, interest allowed & return outwards
credit purchase,discount receive, interest charged & return outwards
purchase, discount receive, interest allowed & return inwards
where is credit purchases shown in a control account?
credit side of the purchase ledger control account
debit side of the purchase leger control account
credit side of the sales ledger control account
debit side of the sales ledger control account
Which statement is true about a purchase ledger control account?
discount allowed appears on the debit side
discount allowed appears on the credit side
discount received appears on the debit side
discount received appears on the credit side
Which item appears on the credit side of the purchase ledger control account?
purchase returns
set- off
refunds from trade payables
discount allowed
Where do dishounoured cheque goes?
debit side of the purchase ledger control account
Credit side of the sales ledger control account
debit side of the sales ledger control account
Credit side of the purchase ledger control account
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