AL Practice Assessment 1 Flashcards
1
Q
What do you post in the payables ledger, when you are given the cash book payments and the discounts received?
A
-any payments just in the payables ledger
-any discounts received
2
Q
Do you include the opening balance in the amount for bank?
A
NO
3
Q
What are the double entries for the petty cash book payments and receipts?
A
Cr Bank
Dr motor exp
Dr postage
Dr VAT
4
Q
What can creditors be categorised as?
A
liability
5
Q
What do you include in remittance advice?
A
-just invoices not cheques or discount
6
Q
If a customer, with an account, pays with cash do they pay VAT?
A
NO
-as the VAT was analysed when they first entered the receivables
-so just input the cash and receivables column
7
Q
If a customer, without an account, pays with cash do they pay VAT?
A
YES
