Bookkeeping controls

Front

Which payment method clears your bank account the following day?

Back

Debit Card

Front

Which of the following is not a feature of an overdraft?

• overdraft facility is for a given time period
• interest is charged on a daily basis
• overdraft is a good long-term financing method
• can be a flexible way to borrow

Back

overdraft is a good long-term financing method

Front

Which payment method is most appropriate for paying a large deposit to a solicitor? Options: CHAPS, BACS, Cheque, Cash

Back

CHAPS

Front

What needs to be corrected in the cashbook when preparing a bank reconciliation? Options: Unpresented cheque, Missed direct debit payment, Outstanding lodgement, Opening balance difference.

Back

Missed direct debit payment

Front

Which of below is not an example of a control account? Sales Ledger Control Account, Purchase Ledger Control Account, VAT Control Account, Subsidiary Account

Back

Subsidiary Account

Front

If my SLCA has an opening balance of £500, credit sales of £1,000 and payments received of £750. What is my balance carried down?

Back

£750

Front

When reconciling the sales ledger to the SLCA, the sales ledger is £500 higher than the SLCA. What could have caused this?

Back

An invoice has been entered twice in the Sales Ledger

Front

What is the correct posting to adjust for a dishonoured cheque from a customer?

Back

Debit SLCA, Credit Cashbook (bank)

Front

What does a debit balance on the VAT Control Account represent?

Back

A balance due from HMRC

Front

What is the term for discounts offered to our customers?

Back

Discounts Allowed