Control Account – NBC Institute

TAX – Nov 2020 – L1 – SA – Q1 – Introduction to Taxation

Objective questions testing basic financial accounting principles.

Question

Which of the following items is NOT found on the debit column of a trial balance?
A. Capital
B. Motor vehicle
C. Rent and rates
D. Salaries and wages
E. Postage and stationary

Answer

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Tags: Accounting Conventions, Control Account, Financial Statements, Income Statement, Inventory, Partnership, Source Document, Trial Balance
Level: Level 1

Topic: Introduction to Taxation
Series: NOV 2020

FA – Nov 2015 – L1 – SA – Q17 – Control Accounts

This question identifies which item is NOT expected on the credit side of a receivable ledger control account.

Question

Which of the following items is NOT expected to be found on the credit side of a receivable ledger control account?
A. Cash received from customers
B. Value of goods returned by customers
C. Decrease in allowance for receivables
D. Discount allowed
E. Customers’ debt written-off

Answer

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Tags: Accounting principles, Control Account, Receivables
Level: Level 1

Topic: Control Accounts
Series: NOV 2015

FA – Mar/July 2020 – L1 – SA – Q18 – Control Accounts

Identifying items recorded on the credit side of the trade receivables control account

Question

Which of the following is NOT recorded on the credit side of the trade receivables control account?
A. Dishonoured cheque
B. Cash received from customers
C. Cheque received from customers
D. Sales returns
E. Discount allowed

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Account, Credit Side, Trade receivables
Level: Level 1

Topic: Control Accounts
Series: MAR/JULY 2020

FA – Mar/July 2020 – L1 – SA – Q5 – Control Accounts

Correcting errors in a receivables control account

Question

Tomiwa’s individual receivables ledger balances totaling N500,000 do not agree with her receivables control account. The following errors were found:
(i) Credit note for N7,500 was not recorded in the receivables ledger
(ii) Contra entry of N20,000 was entered in the individual payables ledger account but not in the receivables and payables ledger control accounts

What should be the total of the balance on her receivable ledger control account after correcting the above errors?
A. N527,500
B. N500,000
C. N492,500
D. N482,500
E. N472,500

Answer

Find Related Questions by Tags, levels, etc.

Tags: Adjustments, Control Account, Errors, Receivables
Level: Level 1

Topic: Control Accounts
Series: MAR/JULY 2020

TAX – Nov 2020 – L1 – SA – Q1 – Introduction to Taxation

Objective questions testing basic financial accounting principles.

Question

Which of the following items is NOT found on the debit column of a trial balance?
A. Capital
B. Motor vehicle
C. Rent and rates
D. Salaries and wages
E. Postage and stationary

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Conventions, Control Account, Financial Statements, Income Statement, Inventory, Partnership, Source Document, Trial Balance
Level: Level 1

Topic: Introduction to Taxation
Series: NOV 2020

FA – Nov 2015 – L1 – SA – Q17 – Control Accounts

This question identifies which item is NOT expected on the credit side of a receivable ledger control account.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting principles, Control Account, Receivables
Level: Level 1

Topic: Control Accounts
Series: NOV 2015

FA – Mar/July 2020 – L1 – SA – Q18 – Control Accounts

Identifying items recorded on the credit side of the trade receivables control account

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Account, Credit Side, Trade receivables
Level: Level 1

Topic: Control Accounts
Series: MAR/JULY 2020

FA – Mar/July 2020 – L1 – SA – Q5 – Control Accounts

Correcting errors in a receivables control account

Question

What should be the total of the balance on her receivable ledger control account after correcting the above errors?
A. N527,500
B. N500,000
C. N492,500
D. N482,500
E. N472,500

Answer

Find Related Questions by Tags, levels, etc.

Tags: Adjustments, Control Account, Errors, Receivables
Level: Level 1

Topic: Control Accounts
Series: MAR/JULY 2020

Question Tag: Control Account

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TAX – Nov 2020 – L1 – SA – Q1 – Introduction to Taxation

Objective questions testing basic financial accounting principles.

FA – Nov 2015 – L1 – SA – Q17 – Control Accounts

This question identifies which item is NOT expected on the credit side of a receivable ledger control account.

FA – Mar/July 2020 – L1 – SA – Q18 – Control Accounts

Identifying items recorded on the credit side of the trade receivables control account

FA – Mar/July 2020 – L1 – SA – Q5 – Control Accounts

Correcting errors in a receivables control account

TAX – Nov 2020 – L1 – SA – Q1 – Introduction to Taxation

Objective questions testing basic financial accounting principles.

FA – Nov 2015 – L1 – SA – Q17 – Control Accounts

This question identifies which item is NOT expected on the credit side of a receivable ledger control account.

FA – Mar/July 2020 – L1 – SA – Q18 – Control Accounts

Identifying items recorded on the credit side of the trade receivables control account

FA – Mar/July 2020 – L1 – SA – Q5 – Control Accounts

Correcting errors in a receivables control account

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TAX – Nov 2020 – L1 – SA – Q1 – Introduction to Taxation

Objective questions testing basic financial accounting principles.

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FA – Nov 2015 – L1 – SA – Q17 – Control Accounts

This question identifies which item is NOT expected on the credit side of a receivable ledger control account.

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FA – Mar/July 2020 – L1 – SA – Q18 – Control Accounts

Identifying items recorded on the credit side of the trade receivables control account

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FA – Mar/July 2020 – L1 – SA – Q5 – Control Accounts

Correcting errors in a receivables control account

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TAX – Nov 2020 – L1 – SA – Q1 – Introduction to Taxation

Objective questions testing basic financial accounting principles.

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FA – Nov 2015 – L1 – SA – Q17 – Control Accounts

This question identifies which item is NOT expected on the credit side of a receivable ledger control account.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q17 – Control Accounts"

FA – Mar/July 2020 – L1 – SA – Q18 – Control Accounts

Identifying items recorded on the credit side of the trade receivables control account

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FA – Mar/July 2020 – L1 – SA – Q5 – Control Accounts

Correcting errors in a receivables control account

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