Advanced Ledger Accounts (Grade 10 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
At what price must all amounts be recorded in the Trading Stock Account?
At what price must all amounts be recorded in the Trading Stock Account?
Cost price
Which inventory system does the Trading Stock Account use?
Which inventory system does the Trading Stock Account use?
Perpetual inventory system
On which side of the Trading Stock Account are purchases recorded?
On which side of the Trading Stock Account are purchases recorded?
Debit side
When the owner takes goods for personal use, where is this recorded in Trading Stock Account?
When the owner takes goods for personal use, where is this recorded in Trading Stock Account?
Credit side as drawings
What is the main purpose of control accounts?
What is the main purpose of control accounts?
Verify subsidiary ledger accuracy
What type of balance does the Debtors' Control Account always have?
What type of balance does the Debtors' Control Account always have?
Debit balance
What type of balance does the Creditors' Control Account always have?
What type of balance does the Creditors' Control Account always have?
Credit balance
What should the control account balance equal during reconciliation?
What should the control account balance equal during reconciliation?
Total of subsidiary ledger balances
If R240 was posted to credit side instead of debit, what amount corrects this?
If R240 was posted to credit side instead of debit, what amount corrects this?
Debit R480
Where are credit sales to customers recorded in the Debtors' Control Account?
Where are credit sales to customers recorded in the Debtors' Control Account?
Debit side