Books of prime entry questions and answers

8.63  ·  5,445 ratings  ·  864 reviews
books of prime entry questions and answers

Chapter Books of prime entry and control accounts

Which of the following is not a book of prime entry? Enter the transaction in the appropriate book of prime entry Decide on the Ledger account to be debited and the one to be credited Post the transactions to the appropriate Ledger accounts Study the voucher to identify the nature of the transaction Which of the following steps is wrong when accounting for a credit sale? The posting date is recorded in the Journal as well as in the Ledger The invoice amount is recorded in the appropriate Journal and posted to the Ledger The Cash book folio number is entered in the cross reference column of the Ledger The Journal folio number is entered in the cross reference column of the Ledger Which of the following statements is not correct when accounting for a credit sale? Post the amount of the individual invoice to the debit of the relevant Customer's account Enter the particulars from the invoice in the Sales Journal Post the amount of the individual invoice to the credit of the Sales account Post the periodical total of the amounts of sale to the credit of Sales account Which of the following statements is incorrect in relation to accounting for a supplier's Invoice when accounting for goods purchased on credit? Regularly Petty Cashier is reimbursed to make up his cash balance to the imprest The Petty Cash Book could be either a subsidiary book or a main book of accounts In emergency the Petty Cashier may give staff loans of small amounts Every payment made by the Petty Cashier should be supported by evidence The Submit Answers for Grading feature requires scripting to function.
File Name: books of prime entry questions and answers.zip
Size: 64177 Kb
Published 25.04.2019

The books of Prime Entry (part a) - ACCA Financial Accounting (FA) lectures

Books of Prime Entry and Ledgers - Principles of Accounting

Bank Loan account Sales account Capital account Return Inwards account Which of the following accounts will have a balance on the credit side? Before opening the account, Trash had made the following payments out of his private account. The Return Inwards account would be found in:. Book of original entry for goods returned answefs customers!

Carousel Previous Carousel Next! The debtors ledger is also known as. Error of duplication. Have you checked your answer against the answer printed in the lecture notes.

Much more than documents.

Posting to an asset account instead of an expenditure account. Thank you very much. There was also an unpaid account of R for sundry expenses. The workshop is solely for manufacturing purposes?

The trial balance qudstions balance. Kadima Wyclef. Allexpenditure must be evidenced by an expense receipt and the pettycashier will attach an expense voucher to each expense. There were no disposals during the year.

Report this Document. The total suite of components that, transformation pr. Sales minus the cost of goods sold minus all expenses incurred equals Net Profit. Control accounts.

I received more insite of the topic. The Statement of financial position of a business prine intended to report:. And why is there a balance of 5. Cash and other assets the proprietor brings in when he commences a business.

Which of the following is not a subsidiary book of accounts? Trade Receivables. Trade Payables. Which of the following accounting entries are correct? All b , c , d c , d a , b Which of the following accounting entries are correct? All b , c , d a , c , d a , b Which of the following accounts will have a balance on the debit side? Bank Loan account Sales account Capital account Return Inwards account Which of the following accounts will have a balance on the credit side?

Updated

Test annd understanding 1. The format of the remaining day books is similar to that of the sales day book. There were no stocks of partly finished units and during the year no sets were lost or scrapped. What would be the impact on the Trial Balance of each of the following errors.

So, then reimbursement might consist of the sum of unaccounted petty cash payments vouchers. You are required to prepare the necessary journals for recording the above transactions for the month of January and show the postings to the ledger accounts on 31st January If there are also receipts of petty cash, the Submit Answers for Grading button below will not wo. Multiple Choice Questions.

5 thoughts on “Revision Bitesize Books Of Prime Entry, Revision Notes - Accounting Issue

  1. Read Free For 30 Days. Primw means by which someone may pass the right to collect money due on a cheque. Deepak Ehn. Accounts in which expenses, revenue and capital are recorded?

  2. Qkestions Loan account. The imprest system. Which of the following would be an error of principle. Assets introduced at commencement plus any profit the business makes.😾

  3. Which of the following accounts will have a balance on the credit side. Sales account. Assume that each circumstance is separate from and not dependent on the others. If there are also receipts of petty cash, with possibly separate voucher books for payments and receip.

  4. The table below summarises the main types of businessdocumentation and sources of data for an accounting system, togetherwith their content and purpose. An account to summarise this information, the receivables control account , is normally contained within the general ledger. An account to summarise this information, the payables control account , is normally contained within the general ledger. Where there are individual accounts in a receivables or payablesledger AND a control account in the general ledger, only one can formpart of the double entry system. The other exists for memorandumpurposes. 🙍

Leave a Reply

Your email address will not be published. Required fields are marked *