Bookeeping Controls Flashcards Preview

AAT Level 2 > Bookeeping Controls > Flashcards

Flashcards in Bookeeping Controls Deck (17)
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1
Q

What is the three main parties involved in Cheques?

A

Drawee
Payee
Drawer

2
Q

Who is the Drawer?

A

person writing and signing the cheques

3
Q

Who is the payee?

A

person to whom cheques being paid to

4
Q

Who is the Drawee?

A

The Bank

5
Q

What side is the outstanding lodgements on?

A

Debit

6
Q

What side is the unpresented cheques on?

A

Credit

7
Q

Whats on the debit side of the vat control account?

A
Purchases
Sales Returns
Discounts Allowed
Irrecoverable debts
Cash purchases
Balance c/d
8
Q

Whats on the credit side of the VAT Control account?

A
Sales
Purchases returns
Discounts recieved
Cash book
Cash sales
Other cash income
9
Q

What side is the invoices on in the slca?

A

Debit

10
Q

What side is the invoices on in the plca?

A

credit

11
Q

What are the six types of errors?

A
Commision
Reversal
Omission 
Principle
Original Entry
Compensating
12
Q

What is the error of commision?

A

Transactions entered into the wrong persons account

13
Q

What is the error of Reversal?

A

Dr and Cr made on the wrong sides

14
Q

What is the error of original entry ?

A

correct accounts been used and entries have been made to correct sides, however the wrong amounts were used

15
Q

What is the error of principle?

A

Entered into wrong accounts

16
Q

What is the error of compensating?

A

Two errors cancel each other out

17
Q

What is the error of ommision?

A

Left out altogether