Control Accounts – NBC Institute

FA – May 2012 – L1 – SA – Q17 – Control Accounts

Identifying an advantage not associated with control accounts.

Question

The advantages of Control Accounts do NOT include:

A. Locating errors
B. Facilitating the extraction of trial balance
C. Detecting fraud
D. Checking on the accuracy of ledger entries
E. Discouraging adherence to double entry principle

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Error Detection, Trial Balance
Level: Level 1

Topic: Control Accounts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q15 – Control Accounts

Identifying items not credited to the Accounts Payable Control Account.

Question

Which of the following items should NOT be on the credit side of Accounts Payable Control Account?

A. Total of purchases day book
B. Interest charged by suppliers
C. Transfer of debit balance to accounts receivable ledger
D. Transfer of credit balance from accounts receivable ledger
E. Set-offs

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Ledger Entries, Payables
Level: Level 1

Topic: Control Accounts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

Question

Which of the following is NOT a shortcoming of single entry book-keeping?

A. A trial balance is not available
B. Profits are overstated
C. There are no subsidiary books
D. There are no control accounts
E. There are no ledger accounts.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Book-keeping, Control Accounts, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2012

FA – Nov 2011 – L1 – SA – Q20 – Control Accounts

This question asks for another name for the Debtors Control Ledger Account.

Question

Another name for Debtors Control Ledger Account is?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Sales Ledger
Level: Level 1

Topic: Control Accounts
Series: NOV 2011

FA – Nov 2011 – L1 – SA – Q7 – Control Accounts

This question asks how contra entries in control accounts are corrected.

Question

By what means do you effect correction of contra entries in control accounts?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contra Entries, Control Accounts
Level: Level 1

Topic: Control Accounts
Series: NOV 2011

FA – Nov 2011 – L1 – SA – Q3 – Control Accounts

This question tests knowledge on the description and function of control accounts in accounting.

Question

Which of the following describes a Control Account?
A. Conglomerate of ledger system
B. Combined ledger system
C. Self-balancing ledger system
D. Standardized ledger system
E. List of balances

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Ledger System
Level: Level 1

Topic: Control Accounts
Series: NOV 2011

FA – Nov 2020 – L1 – SA – Q17 – Control Accounts

Identifies items recorded on the credit side of a receivables ledger control account.

Question

Which of the following would be on the credit side of the receivables ledger control account?

I. Cash received
II. Irrecoverable debts
III. Discount allowed
IV. Sales

A. I, II, and III
B. I, III, and IV
C. II and IV
D. I and IV
E. I, II, III, and IV

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Credit Side, Receivables Ledger
Level: Level 1

Topic: Control Accounts
Series: NOV 2020

FA – Nov 2020 – L1 – SA – Q6 – Control Accounts

Identifies a feature that does not describe a control account.

Question

Which of the following is NOT a feature of a control account?
A. It is maintained by the financial controller.
B. It is used to check arithmetical accuracy of the ledger to which it relates.
C. The ledger to which it relates is known as self-financing.
D. It helps in the detection of fraud and error.
E. The entries therein appear on the same side as they do in the individual accounts.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Fraud Detection, Ledger Accuracy
Level: Level 1

Topic: Control Accounts
Series: NOV 2020

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

Question

Source of information for preparing Control Accounts EXCLUDES:

A. Purchases journal
B. Cash discount
C. Sales day book
D. Cash account
E. Opening Statement of Financial Position

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash, Control Accounts, Prime Entry, Purchases
Level: Level 1

Topic: Control Accounts
Series: NOV 2012

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

Question

Which of the following is NOT a feature of a control account?
A. It is maintained by the financial controller
B. It is used to check arithmetical accuracy of the ledger to which it relates
C. The ledger to which it relates is known as self-financing
D. It contains the total of entries in individual accounts
E. The entries therein appear on the same side as they do in the individual accounts

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Financial Records, Ledger Accuracy
Level: Level 1

Topic: Control Accounts
Series: MAY 2014

FA – May 2012 – L1 – SA – Q17 – Control Accounts

Identifying an advantage not associated with control accounts.

Question

The advantages of Control Accounts do NOT include:

A. Locating errors
B. Facilitating the extraction of trial balance
C. Detecting fraud
D. Checking on the accuracy of ledger entries
E. Discouraging adherence to double entry principle

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Error Detection, Trial Balance
Level: Level 1

Topic: Control Accounts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q15 – Control Accounts

Identifying items not credited to the Accounts Payable Control Account.

Question

Which of the following items should NOT be on the credit side of Accounts Payable Control Account?

A. Total of purchases day book
B. Interest charged by suppliers
C. Transfer of debit balance to accounts receivable ledger
D. Transfer of credit balance from accounts receivable ledger
E. Set-offs

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Ledger Entries, Payables
Level: Level 1

Topic: Control Accounts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

Question

Which of the following is NOT a shortcoming of single entry book-keeping?

A. A trial balance is not available
B. Profits are overstated
C. There are no subsidiary books
D. There are no control accounts
E. There are no ledger accounts.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Book-keeping, Control Accounts, Trial Balance
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2012

FA – Nov 2011 – L1 – SA – Q20 – Control Accounts

This question asks for another name for the Debtors Control Ledger Account.

Question

Another name for Debtors Control Ledger Account is?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Sales Ledger
Level: Level 1

Topic: Control Accounts
Series: NOV 2011

FA – Nov 2011 – L1 – SA – Q7 – Control Accounts

This question asks how contra entries in control accounts are corrected.

Question

By what means do you effect correction of contra entries in control accounts?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contra Entries, Control Accounts
Level: Level 1

Topic: Control Accounts
Series: NOV 2011

FA – Nov 2011 – L1 – SA – Q3 – Control Accounts

This question tests knowledge on the description and function of control accounts in accounting.

Question

Which of the following describes a Control Account?
A. Conglomerate of ledger system
B. Combined ledger system
C. Self-balancing ledger system
D. Standardized ledger system
E. List of balances

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Ledger System
Level: Level 1

Topic: Control Accounts
Series: NOV 2011

FA – Nov 2020 – L1 – SA – Q17 – Control Accounts

Identifies items recorded on the credit side of a receivables ledger control account.

Question

Which of the following would be on the credit side of the receivables ledger control account?

I. Cash received
II. Irrecoverable debts
III. Discount allowed
IV. Sales

A. I, II, and III
B. I, III, and IV
C. II and IV
D. I and IV
E. I, II, III, and IV

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Credit Side, Receivables Ledger
Level: Level 1

Topic: Control Accounts
Series: NOV 2020

FA – Nov 2020 – L1 – SA – Q6 – Control Accounts

Identifies a feature that does not describe a control account.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Fraud Detection, Ledger Accuracy
Level: Level 1

Topic: Control Accounts
Series: NOV 2020

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

Question

Source of information for preparing Control Accounts EXCLUDES:

A. Purchases journal
B. Cash discount
C. Sales day book
D. Cash account
E. Opening Statement of Financial Position

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash, Control Accounts, Prime Entry, Purchases
Level: Level 1

Topic: Control Accounts
Series: NOV 2012

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Financial Records, Ledger Accuracy
Level: Level 1

Topic: Control Accounts
Series: MAY 2014

Question Tag: Control Accounts

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FA – May 2012 – L1 – SA – Q17 – Control Accounts

Identifying an advantage not associated with control accounts.

You're reporting an error for "FA – May 2012 – L1 – SA – Q17 – Control Accounts"

FA – May 2012 – L1 – SA – Q15 – Control Accounts

Identifying items not credited to the Accounts Payable Control Account.

You're reporting an error for "FA – May 2012 – L1 – SA – Q15 – Control Accounts"

FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

You're reporting an error for "FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles"

FA – Nov 2011 – L1 – SA – Q20 – Control Accounts

This question asks for another name for the Debtors Control Ledger Account.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q20 – Control Accounts"

FA – Nov 2011 – L1 – SA – Q7 – Control Accounts

This question asks how contra entries in control accounts are corrected.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q7 – Control Accounts"

FA – Nov 2011 – L1 – SA – Q3 – Control Accounts

This question tests knowledge on the description and function of control accounts in accounting.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q3 – Control Accounts"

FA – Nov 2020 – L1 – SA – Q17 – Control Accounts

Identifies items recorded on the credit side of a receivables ledger control account.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q17 – Control Accounts"

FA – Nov 2020 – L1 – SA – Q6 – Control Accounts

Identifies a feature that does not describe a control account.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q6 – Control Accounts"

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q7 – Control Accounts"

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

You're reporting an error for "FA – May 2014 – L1 – SA – Q7 – Control Accounts"

FA – May 2012 – L1 – SA – Q17 – Control Accounts

Identifying an advantage not associated with control accounts.

You're reporting an error for "FA – May 2012 – L1 – SA – Q17 – Control Accounts"

FA – May 2012 – L1 – SA – Q15 – Control Accounts

Identifying items not credited to the Accounts Payable Control Account.

You're reporting an error for "FA – May 2012 – L1 – SA – Q15 – Control Accounts"

FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles

Identifying the shortcoming of single entry book-keeping.

You're reporting an error for "FA – May 2012 – L1 – SA – Q2 – Double-Entry Accounting Principles"

FA – Nov 2011 – L1 – SA – Q20 – Control Accounts

This question asks for another name for the Debtors Control Ledger Account.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q20 – Control Accounts"

FA – Nov 2011 – L1 – SA – Q7 – Control Accounts

This question asks how contra entries in control accounts are corrected.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q7 – Control Accounts"

FA – Nov 2011 – L1 – SA – Q3 – Control Accounts

This question tests knowledge on the description and function of control accounts in accounting.

You're reporting an error for "FA – Nov 2011 – L1 – SA – Q3 – Control Accounts"

FA – Nov 2020 – L1 – SA – Q17 – Control Accounts

Identifies items recorded on the credit side of a receivables ledger control account.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q17 – Control Accounts"

FA – Nov 2020 – L1 – SA – Q6 – Control Accounts

Identifies a feature that does not describe a control account.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q6 – Control Accounts"

FA – Nov 2012 – L1 – SA – Q7 – Control Accounts

Identifying a source that does not provide information for preparing control accounts.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q7 – Control Accounts"

FA – May 2014 – L1 – SA – Q7 – Control Accounts

Identifies a feature that is not characteristic of control accounts.

You're reporting an error for "FA – May 2014 – L1 – SA – Q7 – Control Accounts"

Our offerings

Contact Info

Customer

Get In Touch

admin