Acca financial Accounting (FA) Study Text ac ca (FA)

A credit balance of $917 brought forward on Y’s account in the books 

of X means that:

 

A 

X owes Y $917 

B 

Y owes X $917 

C 

X has paid Y $917 

D 

X is owed $917 by Y 

46 

In a receivables’ ledger control account, which of the following lists 

is composed only of items which would appear on the credit side of 

the account?

 

A 

Cash received from customers, sales returns, irrecoverable debts 

written off, contras against amounts due to suppliers in the accounts 

payable ledger 

B 

Sales, cash refunds to customers, irrecoverable debts written off 

C 

Cash received from customers, interest charged on overdue 

accounts, irrecoverable debts written off 

D 

Sales, cash refunds to customers, interest charged on overdue 

accounts, contras against amounts due to suppliers in the accounts 

payable ledger 

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