100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Principles of bookkeeping controls Question and answers correctly solved 2024 $14.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. Bookkeeping
  4.  
  5. Bookkeeping

Exam (elaborations)

Principles of bookkeeping controls Question and answers correctly solved 2024

 0 purchase
  • Course
  • Bookkeeping
  • Institution
  • Bookkeeping

Principles of bookkeeping controls Question and answers correctly solved 2024 Principles of bookkeeping controls - intro to control accounts – notes, Introduction to Record Keeping, Bookkeeping Basics, MED 109 Ch. 29 Receivable's ledger account - - correct answer A list of amounts owed by ...

[Show more]

Preview 2 out of 14  pages

Document information

  • August 30, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • principles of bookkeeping controls
  • principles of bookkeeping controls question and an

Written for

  • Bookkeeping
  • Bookkeeping

Seller

avatar-seller
flyhigher329

Reviews received

Content preview

Principles of bookkeeping controls -
intro to control accounts – notes,
Introduction to Record Keeping,
Bookkeeping Basics, MED 109 Ch. 29
Receivable's ledger account - - correct answer ✔A list of amounts owed by
each individual credit customer at any particular point in time. An asset
account so also starts as a debit.


Receivables ledger control account - - correct answer ✔Total owed by all
credit customers at a particular point in time. This is an asset account, money
owed to you therefore starts as a debit.


Payables ledger control account - - correct answer ✔A list of amounts owed
to all credit supplier at any time, a liability account so begins as a credit. As
this is money owed to others by you.


Payable's ledger account - - correct answer ✔A list of amounts owed to each
individual credit supplier at any time, a liability so therefore opens as a credit.


VAT control account - - correct answer ✔Used to calculate net amounts due
to tax authorities/HMRC.


Purpose of control accounts - - correct answer ✔Control accounts contain
summarised totals of individual transactions affecting their respective ledgers.


Purpose of subsidiary ledgers - - correct answer ✔These are created so a
business can see the amounts owed from each credit customer.

, who is vat monitored by? - correct answer ✔VAT is administered and
regulated by HMRC however not all business's are registered for VAT
therefore cannot charge nor reclaim VAT.


VAT charged is known as - - correct answer ✔VAT charged on sales is
known as output tax/VAT.


VAT suffered is known as - - correct answer ✔VAT suffered on purchases is
known as input tax/VAT.


where will VAT be recorded? - correct answer ✔VAT amounts from sales
and purchases will be recorded in the VAT control account.


when do you receive a VAT rebate - - correct answer ✔If a business has
paid more VAT to suppliers than it has received from customers they will
receive a rebate/refund from HMRC.


how are payments too HMRC displayed - - correct answer ✔Payments to
HMRC in respect of VAT owed are credited to the cash book and debited to
the VAT control account.


how are receipts from HMRC displayed - - correct answer ✔Receipts of VAT
refunds from HMRC are debited to the cash book and credited to the VAT
control account.


how do you know if a rebate or payment is due to/from HMRC? - correct
answer ✔The balance brought down B/D on the VAT control account is
amount owed to HMRC (credit balance) or amount owed by HMRC (debit
side).

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller flyhigher329. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$14.49
  • (0)
Add to cart
Added