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accounting > Missing figures using control accounts > Flashcards

Missing figures using control accounts Flashcards

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CPA flashcards
1
Q

Where is credit sales?

A

Debit side of sales ledger control account

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2
Q

What can credit sales be the missing figure for?

A

Part or all of revenue

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3
Q

What side is balance c/d on the sales ledger control account?

A

Credit side

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4
Q

What can the balance c/d on the sales ledger control account be the missing figure for?

A

Trade receivables in current assets

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5
Q

Where is credit purchases?

A

Credit side of purchases ledger control account

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6
Q

What can credit purchases be the missing figure for?

A

Part or all of revenue

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7
Q

What side is balance c/d on the purchases ledger control account?

A

Debit side

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8
Q

What can the balance c/d on the sales ledger control account be the missing figure for?

A

Trade payables in current liabilities

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accounting (118 decks)

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