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Carla Accounts - Accounts

Small quiz on accountancy

Tick the correct definition of a stakeholder
. A person who has any interest in a business in any way
. A person who invests shares in a business
Is a bank statement a form of accounts record?
. No
. Yes
. Don't Know
What is a sales day book?
. A book of original entry, recording credit sales invoices
. A list of all supplier invoices received
. A ledger containing all impersonal accounts
What type of errors are in the suspense account?
. Errors that can't be found
. Errors that can be found
What is an error of original entry?
. Where an amount is posted to an incorrect account of the right type
. Where one side of the transaction is posted to the wrong side of an account
. Where an error is made transferring an amount from the source document into the book of ___
What does the 'E' in DEAD CLIC stand for?
. Errors
. Egg
. Expenses
. Elephant
The importance of a trail balance is...
. To check the accuracy of bookkeeping
. To understand the limitations of a trail balance
What type of error is this: 'An invoice of received from a supplier for £654 was recorded in the purchases account as being for £564'
. Compensating
. Omission
. Reversal
. Princple
. Original Entry
. Commission
What is an unrepresented cheque?
. Cheques that have been drawn and entered into the cash book, but have not yet been presented to the bank for payment
. Bank deposits that have been recorded in the cash book but have not yet been processed by the bank
What is a standing order?
. Where authority is granted by the business to a third party for fixed or variable payments to be made at the request of the third party
. Where a fixed payment is made at regular intervals by the bank on the instructions of the business