Quiz 19 Control Accounts

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Plymouth State University *

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Accounting

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Nov 24, 2024

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BA3 - Quiz 19 – Mallik De Silva 1 When the going gets tough …………… Quiz 19 – Control Accounts Question 01 Control Accounts are helpful in detecting errors. True or False Question 02 Generally control accounts form a part of double entry. True or False Question 03 Total Sales including cash sales are debited to the Sales Ledger Control Account. True or False Question 04 A business has the following transactions for the month of June 2012: Credit sales 164,500 Sales returns 6,200 Cheques from receivables 155,300 Discounts allowed to customers 5,100 Irrecoverable debt written off 2,600 The receivables balance at 1 June 2012 was $8,300. The receivables balance at 30 June 2012 was $ _____________ Question 05 When reconciling the receivables control account to the list of balances, it was discovered that the sales daybook has been overcast by $50. What adjustment is necessary to the list of balances? A No adjustment B Add $50 C Subtract $50 D Subtract $100

BA3 - Quiz 19 – Mallik De Silva 2 Question 06 A receivables control account showed a debit balance of $37,642. The individual receivables' accounts in the sales ledger showed a total of $35,840. The difference could be due to entering discount allowed of $ ………………………………. on the debit side of the control account. Question 07 ABC business had receivables of $1,950 at 1 January 2013 and $1,200 at 31 December 2013. $96,750 was received from customers on credit during the year. Assuming that there were no irrecoverable debts and no discounts allowed, what were credit sales for the year? A. $96,000 B. $96,750 C. $97,200 D. $97,950 Question 08 Based upon the following information, what was the cost of purchases for the accounting period? Opening payables $ 71,300 Cash paid to suppliers 271,150 Discounts received 6,600 Goods returned 13,750 Closing payables 68,900 $ …………… Question 09 Which of the following is not the purpose of a sales ledger control account? A A sales ledger control account ensures that there are no errors in the personal ledger B Control accounts deter fraud C A sales ledger control account provides a check on the arithmetic accuracy of the personal ledger D A sales ledger control account helps to locate errors in the trial balance

BA3 - Quiz 19 – Mallik De Silva 3 Question 10 A supplier sends you a statement showing a balance outstanding of $11,000. Your own records show a balance outstanding of $10,000. The reason for this difference could be that: Goods Returned of $ ……………………… .. not yet updated by the ……………………… .. (Customer / Supplier) ……………….. the tough gets going !!!!!! My score % My Target :70% A step in the right direction !!!

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