Control Accounts Flashcards
1
Q
What are control accounts
A
A control account is a total account
Control accounts contain summarised totals of all the individual transactions
2
Q
What does the SLCA Record
A
A total of all Credit Customer Transactions
3
Q
What does the PLCA record
A
A total of all credit supplier transactions
4
Q
What does the balance on the SLCA show us
A
How much credit customers owe us
5
Q
What does the balance on the PLCA show us
A
How much we owe to credit suppliers
6
Q
What does the balance on the VAT control account show us
A
How much we owe to HMRC (CR)
How much HMRC owe us (DR)
7
Q
What three accounts are used to write off irrecoverable debt
A
Irrecoverable Debt (DR)
VAT (DR)
SLCA (CR)
