Which payment method clears your bank account the following day?

Bookkeeping controls

Quiz
•
Business
•
Professional Development
•
Medium

Victoria Carver
Used 12+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
CHAPS
Direct Debit
Debit Card
Faster Payments
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which payment method is most appropriate for paying a large deposit to a solicitor?
CHAPS
BACS
Cheque
Cash
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following needs to be corrected in the cashbook when preparing a bank reconciliation?
Unpresented cheque
Missed direct debit payment
Outstanding lodgement
Opening balance difference
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of below is not an example of a control account?
Sales Ledger Control Account
Purchase Ledger Control Account
VAT Control Account
Subsidiary Account
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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?
£750
£1,000
£500
£1,500
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When reconciling the sales ledger to the SLCA, the sales ledger is £500 higher than the SLCA. What could have caused this?
An invoice has been entered twice in the Sales Ledger
An invoice has been entered twice in the SLCA
A sales return has been entered twice in the sales ledger
An irrecoverable debt has been omitted from the SLCA
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