Control accounts

Which item appears in a Sales ledger control?

• Discount received

• Discount allowed

• Allowances for irrecoverable debts

• Trade discount

When a transfer is made from an account in the sales ledger to an account in the purchases ledger, it is called as a

• Minority balance

• Dishonoured cheque

• Contra entry

• None of the above

What would not appear in a Sales ledger control?

• Receipts from customers

• Discount allowed

• Return inwards

• Allowances for irrecoverable debts

What does a credit balance in a Purchases ledger control represent?

• Total credit purchases

• Total purchases

• Amounts owed to suppliers

• Amounts owed by suppliers

What item would appear on the credit side of the Purchases ledger control?

• Contra

• Discount received

• Credit purchases

• Purchases returns

A credit balance in a Sales ledger control represents

• An overpayment by a customer

• An overpayment by the business

• Payment made to a supplier in advance

• None of the above

If a business has overpaid an outstanding balance, it implies

• A credit balance in the Purchases ledger control

• A debit balance in the Purchases ledger control

• A debit balance in the Sales ledger control

• A credit balance in the Sales ledger control

An entry in the sales day book has been omitted from the sales ledger account. it will be

• Debited to the Sales ledger control

• Credited to the Sales ledger control

• Added to the balance as per sales ledger in the reconciliation statement

• Deducted from the balance as per sales ledger in the reconciliation statement