Incomplete Records (Leaving Cert Accounting): Quizzes
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Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are incomplete records in accounting?
What are incomplete records in accounting?
Business failed to keep proper ledgers
When should you use the control account and cashbook method?
When should you use the control account and cashbook method?
When you have detailed transaction info
In the control account method, what does the cash account help identify?
In the control account method, what does the cash account help identify?
Cash sales
How do you calculate total sales in the control account method?
How do you calculate total sales in the control account method?
Cash sales + Credit sales
When should the balance sheet mark-up/margin method be used?
When should the balance sheet mark-up/margin method be used?
When information is extremely limited
What are the two sources of capital changes?
What are the two sources of capital changes?
Business performance & owner transactions
What is the net profit formula using the balance sheet method?
What is the net profit formula using the balance sheet method?
Net assets - Liabilities - Capital - Intro + Draw
What is the formula for cost of sales?
What is the formula for cost of sales?
Opening stock + Purchases - Closing stock
What is the difference between margin and mark-up?
What is the difference between margin and mark-up?
Margin is % of sales, mark-up is % of cost
What is the basic control account formula?
What is the basic control account formula?
Opening bal + Additions - Payments = Closing