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AAT Level 2 - Bookkeeping Controls Exam Questions with Solutions
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AAT Level 2 - Bookkeeping Controls Exam Questions with Solutions
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AAT Level 2 - Bookkeeping ControlsExam Questions with Solutions
What payment methods have no effect on the bank balance? - -Cash
withdrawn from till
-What 2 payment methods reduce the bank balance at a later date? - -
Cheque and Credit Card
-What are the other 8 payment methods which reduce the bank balance on
the date of withdrawal? - -Cash from bank account
Debit Card
Bank Draft
Standing Order
Direct Debit
BACS
CHAPS
Faster Payments
-Why are bank statements overdrafts shown as a debit? - -Because it's a
debit from the banks perspective
-How does cash as a payment method work? - -You count it before it can be
banked and you need to determine how many of each type of coin or note
you have and the total
-What document is used for transferring cash to the bank account? - -Paying
in slip
-What is counter credit? - -A term used on bank statements to refer to cash
and cheques paid in to the businesses bank account at the banks counter
-Who are the 3 parties involved in a cheque? - -Drawee - The bank that has
issued the cheque and will have to pay the cheque
Payee - The supplier
Drawer - The customer who signs the cheque in order to make a payment
-What is a dishonoured cheque? - -A cheque sent back to the payee so that
payment can be pursued in some other way as there are insufficient bank
funds
-What is on a credit card statement? - -All of the purchases on the card
since the previous statement
The total outstanding on the credit card
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