Debtors’ Reconciliation (Grade 12 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
What two figures does debtors' reconciliation compare?
What two figures does debtors' reconciliation compare?
Control account & total individual balances
What does Step 2 of reconciliation (checking journal casting) involve?
What does Step 2 of reconciliation (checking journal casting) involve?
Verify arithmetic accuracy of journal totals
How often are individual transactions posted to customer accounts in debtors' ledger?
How often are individual transactions posted to customer accounts in debtors' ledger?
Daily
How often is the total of debtors journal posted to the control account?
How often is the total of debtors journal posted to the control account?
Monthly
Which accounts do entry errors affect?
Which accounts do entry errors affect?
Both individual debtor & control accounts
Which accounts do total errors affect?
Which accounts do total errors affect?
Only the control account
When should the control account balance equal total individual debtor balances?
When should the control account balance equal total individual debtor balances?
At month-end
What correction is needed for entry errors?
What correction is needed for entry errors?
Correct both individual & control accounts
If journal is undercast, what is the effect on accounts?
If journal is undercast, what is the effect on accounts?
Both accounts understated
What effect does wrong side posting create?
What effect does wrong side posting create?
Double effect