Subsection 3.4. Control accounts for Accounting, O Level - revisedeck

3.4. Control accounts

A subsection of Accounting, 7707, through 3. Verification of accounting records

Listing 10 of 30 questions

Why does a trader prepare a sales ledger control account?

7707_w23_qp_12

MCQ

2023

Paper 1, Variant 2

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When preparing a sales ledger control account, what is the source of information for amounts received from credit customers?

7707_w23_qp_12

MCQ

2023

Paper 1, Variant 2

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What is an advantage of preparing a monthly sales ledger control account?

7707_w24_qp_12

MCQ

2024

Paper 1, Variant 2

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What is an advantage of maintaining a purchases ledger control account?

7707_w24_qp_13

MCQ

2024

Paper 1, Variant 3

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Raj is both a customer of and a supplier to Balbir. Raj’s account in Balbir’s sales ledger showed a debit balance of $300. There was a credit balance of $100 on Raj’s account in Balbir's purchases ledger. A contra entry between the two accounts was agreed. Which entry would Balbir make in his purchases ledger control account?

7707_w24_qp_13

MCQ

2024

Paper 1, Variant 3

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Omar sent a credit note to Miriam for goods returned. How would Miriam record this transaction?

7707_s22_qp_11

MCQ

2022

Paper 1, Variant 1

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Tamal provided the following information for March, his first month of trading. $ credit purchases credit purchases returned total payments to credit suppliers During the month, Tamal overpaid a supplier by $94. He did not make any further purchases from this supplier in March. What were the balances on Tamal’s purchases ledger control account on 1 April?

7707_s22_qp_11

MCQ

2022

Paper 1, Variant 1

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Omar sent a credit note to Miriam for goods returned. How would Miriam record this transaction?

7707_s22_qp_12

MCQ

2022

Paper 1, Variant 2

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On 1 August, the sales ledger control account had a debit balance of $1800. During August, a debt of $200 was written off as irrecoverable and $10 000 was received from credit customers. On 31 August, the credit customers owed $3000. What was the total of credit sales in August?

7707_s23_qp_12

MCQ

2023

Paper 1, Variant 2

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Nadia provided the following information for the month of July. $ 1 July sales ledger control account balance debit credit For the month of July: total of sales journal total of sales returns journal cheques received from credit customers irrecoverable debt written off interest charged on credit account There was no credit balance on the account on 1 August. What was the debit balance brought down on the sales ledger control account on 1 August?

7707_s24_qp_11

MCQ

2024

Paper 1, Variant 1

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Questions Discovered

30