Flashcards
Advanced bookkeeping week 2, recap chapters 1 - 4
Cards in this deck (13)
- 1What side of the trial Balance is discount received?credit side
- 2Purchase ledger control is a debit in the trial balance, true or false?False
- 3Capital does not appear in the Statement of profit or loss. True or falseTrue
- 4Sales revenue in the Statement of profit or Loss is a debit. True or falseFalse
- 5In the extended trial balance where do drawings get posted to? Debit or Credit?Debit in the Statement of Financial Position
- 6How is closing inventory posted in the extended trial balance?Credit in Profit or Loss account
Debit in Statement of Financial Position - 7What sort of account is carriage in?Expenses account
- 8An error is made by debiting a customer P Smith instead of P Smithy whom is the correct customer. Describe this error?Error of commission
- 9An amount of £89 for payment of office expenses has been entered into the accounts as £98. Describe this error?Error of original entry
- 10In the Extended Trial Balance, premises at cost are entered as a debit. True or false?True
- 11In the Statement of financial Position, how is sales ledger control and purchase ledger control posted?Debit SLCA
Credit PLCA - 12When drawing up a capital account, what side of the T account would you post drawings and profit to?Drawings debit
Profit credit - 13How is a loss shown in the extended trial balance?As a credit in PoL account
Debit in Statement of Financial Position
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- Description
- Recapping chapters 1- 4 in Osborne Advanced Bookkeeping tutorial
- Created by
- ross young · Jan 2018
- Updated
- Feb 10, 2018
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