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AAT Level 2 - Bookkeeping Transactions Questions and Answers 100% Pass
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AAT Level 2 - Bookkeeping Transactions Questions and Answers 100% Pass What is the purpose of a sales invoice? A sales invoice documents the sale of goods or services, detailing the amount owed by the customer. How are purchases recorded in bookkeeping? Purchases are recorded as debits ...

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  • September 15, 2024
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AAT Level 2 - Bookkeeping Transactions
Questions and Answers 100% Pass

What is the purpose of a sales invoice?


✔✔ A sales invoice documents the sale of goods or services, detailing the amount owed by the

customer.




How are purchases recorded in bookkeeping?


✔✔ Purchases are recorded as debits in the purchases account and credits in the accounts

payable account.




What is the function of a petty cash book?


✔✔ A petty cash book tracks small, everyday expenses paid in cash, helping to manage and

reconcile petty cash transactions.




What is a bank reconciliation statement?


✔✔ A bank reconciliation statement compares the company’s bank statement with its own

records to ensure that both match and to identify any discrepancies.




1

,How do you record a payment made to a supplier?


✔✔ A payment made to a supplier is recorded as a credit in the bank account and a debit in the

accounts payable account.




What is the role of an aged receivables report?


✔✔ An aged receivables report helps track outstanding invoices and shows how long invoices

have been overdue, aiding in managing credit and collections.




How is depreciation recorded in the books?


✔✔ Depreciation is recorded as a debit in the depreciation expense account and a credit in the

accumulated depreciation account.




What is the purpose of a journal entry in bookkeeping?


✔✔ A journal entry records financial transactions in the general ledger, detailing the accounts

affected, amounts, and whether they are debited or credited.




How is VAT recorded in bookkeeping?


✔✔ VAT collected from customers is recorded as a liability, while VAT paid on purchases is

recorded as an expense or asset, depending on the context.

2

, What is the purpose of the trial balance?


✔✔ The trial balance ensures that total debits equal total credits in the ledger, helping to identify

any errors in the recording of transactions.




What is the role of the general ledger in bookkeeping?


✔✔ The general ledger is the primary accounting record that contains all the accounts of a

business, showing the cumulative financial transactions and balances.




How is a sales return recorded?


✔✔ A sales return is recorded as a debit in the sales returns account and a credit in the accounts

receivable account.




What is the purpose of a trial balance?


✔✔ The trial balance verifies that total debits equal total credits and helps identify any

discrepancies or errors in the bookkeeping records.




What is an expense claim?




3

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