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A LEVEL ACCOUNTING QUESTIONS WITH ACTUAL ANSWERS.
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  • Course
  • Accounting 101
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  • Accounting 101

A LEVEL ACCOUNTING QUESTIONS WITH ACTUAL ANSWERS.

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Document information

  • August 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • a level accounting questions with actual answers

Written for

  • Accounting 101
  • Accounting 101

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Professorkaylee

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A LEVEL ACCOUNTING QUESTIONS
WITH ACTUAL ANSWERS.

sales invoice ANS - Evidence of a credit sale. TR will increase



purchase invoice ANS - Evidence of a credit purchase. TP will increase



Sales Credit Note ANS - When a credit customer returns goods and shows TR owes less to the business



Purchase Credit Note ANS - Received when a business returns golds sold on credit to supplier, TP owes
less



Cheque counterfoil ANS - Evidence business has issued a cheque



Paying-in counterfoil ANS - Cash/cheque a business pays into bank



cash receipts ANS - Evidence of payment of cash



Till roll ANS - Evidence of cash sale



bank statement ANS - Evidence of direct debits, standing orders, BACS and bank charges



Error of reversal R ANS - When an account is devoted instead of credited and vice versa



Error of omission O ANS - Both sides of transaction have been omitted



Error of commission C ANS - Incorrect account of right type e.g different TR

, Error of compensation C ANS - When errors on the debut equal errors on the credit



Error of original entry O ANS - Error made when transferring from source doc to books



Error of principle P ANS - Incorrect class of an account



Transposition error T ANS - Not equal debit for credit e.g 45 and 54



Casting error A ANS - Where total DR+CR are miscalculated



Posting error P ANS - 2 debits or 2 credits



Partial omission error P ANS - One side of transaction isn't recorded



Unequal posting error ANS - Debit side doesn't equal credit, numbers are miles apart



Money Measurement ANS - Information in accounts must be recorded in money terms. Therefore not
possible to record workforce loyalty



duality concept ANS - For every debit there's a credit



objectivity concept ANS - Information should be factual rather than opinions. Objective than subjective



cost concept ANS - Assets and liabilities valued at cost



Going concern concept ANS - Those preparing statements assume business will be trading for the
foreseeable future



Consistency concept ANS - The same accounting policies and procedures carried from one accounting
period to the next

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