Accounting - 4AC1 PearsonEdexcel

Control Accounts

Muhtasari

A business with hundreds of credit customers keeps hundreds of individual accounts in its sales ledger. Checking every single one for posting errors would take days. A control account answers the same question in one calculation: does the total owed by all those customers, calculated independently, agree with the sum of the individual balances?

In this lesson you will learn why control accounts are prepared, and how to prepare a trade receivables control account and a trade payables control account that reconcile to their respective ledgers.

Malengo

Explain the purpose of control accounts
Prepare a trade receivables control account and a trade payables control account

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Maelezo ya Somo

The sales ledger holds one account for every credit customer; the purchases ledger holds one account for every credit supplier. Both can run to hundreds of individual accounts. A control account summarises an entire ledger in a single account, built from the totals in the books of prime entry rather than from the individual customer or supplier accounts themselves.

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Tathmini ya Somo

Hongera kwa kukamilisha somo la Control Accounts. Sasa kwa kuwa umechunguza dhana na mawazo muhimu, ni wakati wa kuweka ujuzi wako kwa mtihani. Sehemu hii inatoa mazoezi mbalimbali maswali yaliyoundwa ili kuimarisha uelewaji wako na kukusaidia kupima ufahamu wako wa nyenzo.

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What is the main purpose of a control account? A) To record cash sales B) To provide an independent check on the total of a ledger C) To calculate profit D) To list non-current assets Answer: B
On which side of a trade receivables control account does 'discount allowed' appear? A) Debit B) Credit C) It does not appear D) Both sides Answer: B
A trade receivables control account has opening balance $12,000, credit sales $60,000, and deductions totalling $58,500. What is the closing balance? A) $70,500 B) $13,500 C) $46,500 D) $1,500 Answer: B
On which side of a trade payables control account does a payment to a supplier appear? A) Debit B) Credit C) It does not appear D) Both sides Answer: A
A contra entry between the sales ledger and purchases ledger is used when: A) A customer pays by cheque B) The same business is both a customer and a supplier C) An irrecoverable debt is written off D) A discount is given Answer: B

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Vitabu Vinavyopendekezwa

Pearson Edexcel International GCSE (9-1) Accounting Student Book

Manukuu: First edition

Mchapishaji: Pearson Education

Mwaka: 2018

ISBN: 978-0-435-18859-1

Maelezo: Endorsed student book covering the full 4AC1 specification with worked examples and exam-style questions.

Jifunze zaidi kutoka vyanzo huria

Sehemu ya kitabu Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders OpenStax · Principles of Accounting, Volume 1: Financial Accounting
"Principles of Accounting, Volume 1: Financial Accounting: Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders" by OpenStax, OpenStax, Rice University, licensed under CC BY-NC-SA 4.0 (https://creativecommons.org/licenses/by-nc-sa/4.0/). Source: https://openstax.org/books/principles-financial-accounting/pages/7-2-describe-and-explain-the-purpose-of-special-journals-and-their-importance-to-stakeholders. Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-introduction

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Ungependa kufanya mazoezi ya maswali ya majaribio kuhusu Control Accounts? Pakua programu ya Green Bridge CBT ili kupata maswali ya majaribio na tathmini kamili za mazoezi kuhusu mada hii.

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