Chapter 9

Question 1

Account used to record the totals of the books of prime entry, related to credit sales, to check the accuracy of the sales ledger. Also known as the total trade receivables account

Answer 1

Sales ledger control account

Question 2

Account used to record the totals of the books of prime entry, related to credit purchases, to check the accuracy of the purchases ledger. Also known as the total trade payables account

Answer 2

Purchases ledger control account

Question 3

Smaller of the two debts that make up the inter-indebtedness between a supplier and a customer

Answer 3

Set-off