Examen
A LEVEL ACCOUNTING QUESTIONS WITH ACTUAL ANSWERS.
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A LEVEL ACCOUNTING QUESTIONS WITH ACTUAL ANSWERS.
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A LEVEL ACCOUNTING QUESTIONSWITH ACTUAL ANSWERS.
sales invoice ANS - Evidence of a credit sale. TR will increase
purchase invoice ANS - Evidence of a credit purchase. TP will increase
Sales Credit Note ANS - When a credit customer returns goods and shows TR owes less to the business
Purchase Credit Note ANS - Received when a business returns golds sold on credit to supplier, TP owes
less
Cheque counterfoil ANS - Evidence business has issued a cheque
Paying-in counterfoil ANS - Cash/cheque a business pays into bank
cash receipts ANS - Evidence of payment of cash
Till roll ANS - Evidence of cash sale
bank statement ANS - Evidence of direct debits, standing orders, BACS and bank charges
Error of reversal R ANS - When an account is devoted instead of credited and vice versa
Error of omission O ANS - Both sides of transaction have been omitted
Error of commission C ANS - Incorrect account of right type e.g different TR
, Error of compensation C ANS - When errors on the debut equal errors on the credit
Error of original entry O ANS - Error made when transferring from source doc to books
Error of principle P ANS - Incorrect class of an account
Transposition error T ANS - Not equal debit for credit e.g 45 and 54
Casting error A ANS - Where total DR+CR are miscalculated
Posting error P ANS - 2 debits or 2 credits
Partial omission error P ANS - One side of transaction isn't recorded
Unequal posting error ANS - Debit side doesn't equal credit, numbers are miles apart
Money Measurement ANS - Information in accounts must be recorded in money terms. Therefore not
possible to record workforce loyalty
duality concept ANS - For every debit there's a credit
objectivity concept ANS - Information should be factual rather than opinions. Objective than subjective
cost concept ANS - Assets and liabilities valued at cost
Going concern concept ANS - Those preparing statements assume business will be trading for the
foreseeable future
Consistency concept ANS - The same accounting policies and procedures carried from one accounting
period to the next
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