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AAT level 2 Bookkeeping transactions Questions and Answers $14.99   Add to cart

Exam (elaborations)

AAT level 2 Bookkeeping transactions Questions and Answers

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  • Course
  • Bookkeeping
  • Institution
  • Bookkeeping

AAT level 2 Bookkeeping transactions

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  • August 3, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Bookkeeping
  • Bookkeeping
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Dreamer252
AAT level 2 Bookkeeping transactions


asset - answer Something owned by the business e.g property, vehicles, computers,
stock of goods, cash at bank, amounts owed to us by customers (trade
receivables/debtors)

trade receivables/ debtors - answer the value of payments to be received from
customers who have bought goods on credit

liability - answer An amount owed by the business to someone else e.g. bank loans,
overdrafts, amounts owed to suppliers of good (trade payables/ creditors) and unpaid
tax.

Trade payables / creditors - answer Amount owed to suppliers of goods

Expense - answer Costs incurred by the business, such as purchase of goods, salaries,
rent and electricity bills.

dual effect - answer the principle stating that all business transactions are recorded as
having at least two effects on the basic accounting elements (assets, liabilities, and
owner's equity)

VAT - answer Indirect tax charged on goods and services. Usually 20%. ALWAYS
round down to the nearest 1p.

NET value - answerTransaction value before tax (after discounts)

GROSS value - answerAmount after vat is added

expenditure - answeran expense; the amount needed to be paid out

capital expenditures - answerExpenditures on equipment the business will use for many
years.

Revenue expenditure - answerThe payment of an operating expense necessary to earn
revenue e.g paying salaries

Capital income - answerIncome generated by selling something that was capital
expenditure

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