Advanced bookkeeping week 2, recap chapters 1 - 4

ross young
Flashcards by ross young, updated more than 1 year ago
ross young
Created by ross young over 2 years ago
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Recapping chapters 1- 4 in Osborne Advanced Bookkeeping tutorial
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Question Answer
What side of the trial Balance is discount received? credit side
Purchase ledger control is a debit in the trial balance, true or false? False
Capital does not appear in the Statement of profit or loss. True or false True
Sales revenue in the Statement of profit or Loss is a debit. True or false False
In the extended trial balance where do drawings get posted to? Debit or Credit? Debit in the Statement of Financial Position
How is closing inventory posted in the extended trial balance? Credit in Profit or Loss account Debit in Statement of Financial Position
What sort of account is carriage in? Expenses account
An error is made by debiting a customer P Smith instead of P Smithy whom is the correct customer. Describe this error? Error of commission
An amount of £89 for payment of office expenses has been entered into the accounts as £98. Describe this error? Error of original entry
In the Extended Trial Balance, premises at cost are entered as a debit. True or false? True
In the Statement of financial Position, how is sales ledger control and purchase ledger control posted? Debit SLCA Credit PLCA
When drawing up a capital account, what side of the T account would you post drawings and profit to? Drawings debit Profit credit
How 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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