Bookkeeping Controls

Question 1

Full Cost of employing an employee / Wages expenses Calculation

Answer 1

Gross Pay + Employer Contribution (Employer National Insurance and Employer Pension)

Question 2

Gross Pay Calculation

Answer 2

Net Pay + Income tax + Employees Contributions (Employees National Insurance/Pension)

Question 3

Net Pay Calculation

Answer 3

Gross Pay - income tax - employee contributions

Question 4

Amount owed to HMRC Calculation

Answer 4

All National Insurance (Employer + Employee) + income tax

Question 5

Different types of payments

Answer 5

• Bacs
• Credit Card
• Chaps
• Cash
• Standing Order
• Direct Debit
• Cheque
• Debit Card
• Faster Payment

Question 6

What is a control account

Answer 6

A total account

A summarised total of all the individual transactions