accounting unit 1

what is the source document and subsidiary book when purchasing goods on credit
source document: purchase invoice / subsidiary book: purchases day book
1 of 5
What do you do with a bad debt?
Add as an expense on the income statement and is added to receivables on the balance sheet
2 of 5
what would you do if the balance brought down is on the DR side of the bank statement
it is a negative figure on the bank reconciliation (overdraft)
3 of 5
how does the purchase ledger control account verifies the purchase ledger
the total of the purchase ledger control account should match the payables figure on the control account
4 of 5
why is accounting important?
keep track of cash flow in and out of business and HM revenue for ta
5 of 5

Other cards in this set

Card 2

Front

What do you do with a bad debt?

Back

Add as an expense on the income statement and is added to receivables on the balance sheet

Card 3

Front

what would you do if the balance brought down is on the DR side of the bank statement

Back

Preview of the front of card 3

Card 4

Front

how does the purchase ledger control account verifies the purchase ledger

Back

Preview of the front of card 4

Card 5

Front

why is accounting important?

Back

Preview of the front of card 5

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