Control Accounts

Control Accounts

9th Grade - Professional Development

15 Qs

quiz-placeholder

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Control Accounts

Control Accounts

Assessment

Quiz

Social Studies, Business, Other

9th Grade - Professional Development

Hard

Created by

Dean Hoss

Used 254+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The total amount of money received from debtors, in addition to being recorded in the bank account, should be . . .

credited to the sales account.

credited to the debtors control account.

debited to the debtors control account.

debited to the sales account.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a sales ledger control account, bad debts written off should be shown as . . .

a debit.

a balance carried down.

a credit.

both a debit and a credit.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The balance on a firm's debtors control account at the end of a year should agree with . . .

the total of the firm's sales for that year.

the amount of money received from debtors during the year.

the total of debtors which are outstanding for more than one year.

the total of its list of debtors outstanding at the year-end.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The balance on a firm's creditors control account at the end of an accounting period should equal . . .

the total amount which the finn paid to its creditors during the period.

the firm's total purchases for the period.

the total of its list of creditors outstanding at the end of the period.

the cost of the firm's sales for the period.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A credit balance brought down on a debtors control account cannot be explained by . . .

a credit note issued to a debtor immediately after he had paid his account in full.

a debtor paying more than the amount owed by him.

unrecorded returns outwards.

discount allowed recorded twice in the debtors control account.

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Over the course of an accounting period, the amount owed to a firm by its debtors increased by £50,000. During the period, credit sales totalled £230,000 and money received from debtors amounted to £190,000. The £10,000 apparent discrepancy could be due to unrecorded . . .

discount allowed.

bad debts.

sales returns.

credit sales.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

At the beginning of an accounting period a firm owed its creditors £15,000. During the period, the firm's credit purchases amounted to £87,000 and it paid £94,000 to its creditors.

Assuming there were no other transactions relating to creditors, at the end of the accounting period the firm owed its creditors . .

£7,000

£8,000

£14,000

£22,000

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