Flashcards

Advanced bookkeeping week 2, recap chapters 1 - 4

ross young Accounting Highers Inglês 13 flashcards

Flashcards do conjunto (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