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AAT : Bookkeeping Transactions > Chapter 1: Business Documentation > Flashcards

Chapter 1: Business Documentation Flashcards

1
Q

Checking details on documents:

What is the three-way matching technique?

A

(1)Check the details on the sales order match those of the delivery note (2), which match the those on the invoice (3)

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2
Q

What are the three ledgers or books used in Bookkeeping?

A

Debtors
Creditors
Normal

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3
Q

Name the four types of accounts or pages in the ledgers

A

Assets
Liabilities
Expenses
Revenue

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4
Q

What is the accounting equation?

A

Assets = Liabilities

or

Assets = Liabilities and Capital

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5
Q

Name the three main Debit accounts

PEA-RLS

A

Purchasers
Expense
Asset

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6
Q

Name the three main Credit Accounts

PEA-RLS

A

Revenue
Liabilities
Sales

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7
Q

What are the six accounting steps?

A
  1. Source Documents
  2. Books of prime entry
  3. Double Entry- General Ledger
  4. Update Subsidiary Ledgers
  5. Trial Balance
  6. Financial Statements
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8
Q

Name the subsidiary ledgers

A

Sales Ledger

Purchase Ledger

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9
Q

What is the equation for calculating the Gross cost?

A

Gross=Net + VAT

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10
Q

What is the equation for calculation the VAT cost?

A

VAT= Net/%x20

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11
Q

What are the % for Net Gross and VAT?

A

Net=100%
VAT=20%
Gross= 120%

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12
Q

What are the 9 day Books?

A
  1. Discount Received
  2. Discount Allowed
  3. Purchase Day Book
  4. Purchases Returns Book
  5. The Journal
  6. Cash Book
  7. Petty Cash Book
  8. Sales Day Book
  9. Sales Returns
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13
Q

Name the General Ledger Accounts

A

Sales returns
Purchases
Sales
Purchases Returns

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14
Q

What are three types of business entities?

A

Sole Trader
Partnership
Limited Liability Company

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15
Q

What usually accompanies goods delivered to a customer?

A

Delivery Note

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16
Q

When is an invoice used and why?

A

An invoice is used in credit transactions to show how much is owned by the customer and when it should be paid.

17
Q

When is a credit note used and why?

A

A credit note is used in credit transactions to show that less is owned than was originally invoiced

18
Q

when is a remittance advice note used and why?

A

A remittance advice note is used in credit transactions to help the business receiving the advice note to identify which invoices and credit notes are being paid.

19
Q

When are Petty Cash vouchers used?

A

To record payments of petty cash

20
Q

Why are coding systems used?

A

To ensure accuracy of recording and filing

AAT : Bookkeeping Transactions (22 decks)

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