Bookeeping Controls Flashcards
What is the three main parties involved in Cheques?
Drawee
Payee
Drawer
Who is the Drawer?
person writing and signing the cheques
Who is the payee?
person to whom cheques being paid to
Who is the Drawee?
The Bank
What side is the outstanding lodgements on?
Debit
What side is the unpresented cheques on?
Credit
Whats on the debit side of the vat control account?
Purchases Sales Returns Discounts Allowed Irrecoverable debts Cash purchases Balance c/d
Whats on the credit side of the VAT Control account?
Sales Purchases returns Discounts recieved Cash book Cash sales Other cash income
What side is the invoices on in the slca?
Debit
What side is the invoices on in the plca?
credit
What are the six types of errors?
Commision Reversal Omission Principle Original Entry Compensating
What is the error of commision?
Transactions entered into the wrong persons account
What is the error of Reversal?
Dr and Cr made on the wrong sides
What is the error of original entry ?
correct accounts been used and entries have been made to correct sides, however the wrong amounts were used
What is the error of principle?
Entered into wrong accounts
