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Control Account MCQ

The document is a worksheet for Grade 10 accounting focused on control accounts, presenting multiple-choice questions related to credit sales, sales ledger, and purchase ledger control accounts. It includes practical scenarios for calculating balances and preparing control accounts based on given data. The document also provides specific transactions for the month of May 2008 to analyze and prepare the Sales Ledger Control Account and Purchases Ledger Control Account.

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Ahmed Nazeem
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© © All Rights Reserved
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Download as DOC, PDF, TXT or read online on Scribd
2 views

Control Account MCQ

The document is a worksheet for Grade 10 accounting focused on control accounts, presenting multiple-choice questions related to credit sales, sales ledger, and purchase ledger control accounts. It includes practical scenarios for calculating balances and preparing control accounts based on given data. The document also provides specific transactions for the month of May 2008 to analyze and prepare the Sales Ledger Control Account and Purchases Ledger Control Account.

Uploaded by

Ahmed Nazeem
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Haa.

Alif Atholhu Madharusa


Hoarafushi
Accounting / Work sheet
Control account
Grade 10
Choose the best answer.
1. What is the source of information for credit sales for preparing the control accounts?
A. Sales account in the General ledger
B. Sales journal C. General journal D. Sales ledger
2. Which of the following is not considered while preparing the sales ledger control account?
A. Opening balance of debtors B. Discount received
C. Discount allowed D. Returns inwards
3. Which item will appear on the debit side of a debtors ledger control account?
A. Cash sales B. Cheques received
C. Return inwards D. Sales on credit
4. Which item will appear on the credit side of a purchase ledger control account?
A. Cheques paid B. Discount received
C. Credit purchases D. purchases returns
5. What is the purpose of preparing the control accounts?
A. To calculate the total sales B. To calculate the closing debtors only
C. To calculate the closing creditors only
D. To check the arithmetical accuracy of each ledger separately.
6. What is the alternative name of the sales ledger control account?
A. Total debtors account B. Total creditors account
C. Purchases account D. sales account.
7. Cash is refunded to customer, who had overpaid his account. In which ledger control
account it is recorded?
A. Debit side of sales ledger control account.
B. Credit side of sales ledger control account.
C. Debit side of purchase ledger control account.
D. Credit side of purchase ledger control account.
8. A refund was received from a supplier for excess payment made by us.
Where should it be recorded?
A. Debit side of sales ledger control account.
B. Credit side of sales ledger control account.
C. Debit side of purchase ledger control account.
D. Credit side of purchase ledger control account.
9. A purchase ledger control account is prepared from the following list of items:-
Total creditors at the start of the month $ 900
Credit purchases $ 12000
Customers’ debts written off $ 200
Cash paid to creditors $ 11800
Returns inwards $ 300
What is the closing balance?
A. $ 600 B. $900 C. $ 1100 D. 1400
The following details are available from Kims’s books for the month of May 2008
2008
$
May 1 Sales Ledger Control account balance 10 000

Purchases Ledger Control account balance 8 000

31 Purchases for month 12 000

Sales for month 16 000

Returns inwards 1 000

Returns outwards 400

Payments to creditors 11 000

Receipts from debtors 15 500

Customer’s cheque returned unpaid by bank 500

Bad debts written off 300

Discount received 550

Discount allowed 750

Transfer of debit balances from Sales Ledger to


Purchases Ledger during month 400

Credit balances in Sales Ledger 31 May 2008 600

Debit balances in Purchases Ledger 31 May 2008 200

Prepare the Sales Ledger Control Account and Sales Ledger Control Account for the
month of May 2008.

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