Exam (elaborations)
Edexcel A LEVEL ACCOUNTING 2024 Exam Questions and Answers
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- Edexcel A-Level Accounting
- Institution
- Edexcel A-Level Accounting
Edexcel A LEVEL ACCOUNTING 2024 Exam Questions and Answers
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Edexcel A LEVEL ACCOUNTING 2024Exam Questions and Answers
sales invoice - Answer>>Evidence of a credit sale. TR will
increase
purchase invoice - Answer>>Evidence of a credit purchase. TP
will increase
Sales Credit Note - Answer>>When a credit customer returns
goods and shows TR owes less to the business
Purchase Credit Note - Answer>>Received when a business
returns golds sold on credit to supplier, TP owes less
Cheque counterfoil - Answer>>Evidence business has issued a
cheque
Paying-in counterfoil - Answer>>Cash/cheque a business pays
into bank
cash receipts - Answer>>Evidence of payment of cash
Till roll - Answer>>Evidence of cash sale
bank statement - Answer>>Evidence of direct debits, standing
orders, BACS and bank charges
Error of reversal R - Answer>>When an account is devoted
instead of credited and vice versa
Error of omission O - Answer>>Both sides of transaction have
been omitted
, Error of commission C - Answer>>Incorrect account of right
type e.g different TR
Error of compensation C - Answer>>When errors on the debut
equal errors on the credit
Error of original entry O - Answer>>Error made when
transferring from source doc to books
Error of principle P - Answer>>Incorrect class of an account
Transposition error T - Answer>>Not equal debit for credit e.g
45 and 54
Casting error A - Answer>>Where total DR+CR are
miscalculated
Posting error P - Answer>>2 debits or 2 credits
Partial omission error P - Answer>>One side of transaction isn't
recorded
Unequal posting error - Answer>>Debit side doesn't equal
credit, numbers are miles apart
Money Measurement - Answer>>Information in accounts must
be recorded in money terms. Therefore not possible to record
workforce loyalty
duality concept - Answer>>For every debit there's a credit
objectivity concept - Answer>>Information should be factual
rather than opinions. Objective than subjective
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