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

What discrepancy remains between Tonga and Cook’s records 

after allowing for these items? 

A $9,930 

B $9,850 

C $770 

D $690 

6 Supplier 

statement 

reconciliations 

Supplier statements 

These statements are issued to a business entity by a supplier to 

summarise the transactions that have taken place during a given period, 

and also to show the balance outstanding at the end of the period. 

•

Their purpose is to ensure that the amount outstanding is accurate

and agrees with underlying documentation.

•

The payable (individual) ledger account should agree with the total

of the supplier statement.

•

As such, these are a further way to prove the accuracy of

accounting records.

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