1
Q
Discounts Allowed Account
A
The account in the general ledger used to record prompt payment discounts taken by credit customers
2
Q
Posting
A
Transferring data from the books of prime entry (day books) into the ledgers
3
Q
Sales Ledger Control Account
A
A general ledger account for trade receivables
4
Q
Sales Returns Account
A
The account in the general ledger used to record customer returns
5
Q
Subsidiary Ledgers
A
Sales and purchase ledgers that are not part of the general ledger and which contain ledger account for each individual trade receivable or trade payable.
6
Q
Are the subsidiary ledges part of the double entry system?
A
No
AAT : Bookkeeping Transactions
flashcards
Decks in class (22)
# Cards
-
Key Words for Chapter 121
-
Chapter 11 Keywords5
-
Chapter 11 Accounting for petty cash7
-
Chapter 10 Double Entry for purchaes and trade Payables6
-
Chapter 10 Key Words2
-
Chapter 9 Key words6
-
Chapter 9 Double Entry for Sales and Trade Recivables7
-
Chapter 8 Key Words8
-
Chapter 8: Maintaining the cash book12
-
Chapter 7 Key words7
-
Chapter 7 Double enrty P26
-
Chapter 6 Key words7
-
Chapter 6 Double Entry P18
-
Chapter 5 key words9
-
Chapter 5 Recording Credit Purchases12
-
Chapter 4 Key words7
-
Chapter 4 Recording Credit Sales8
-
Chapter 3 Keywords10
-
Chapter 3: VAT and Discounts23
-
Chapter 2: Books of Prime Entry31
-
Key words for Chapter 213
-
Chapter 1: Business Documentation20
