I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

 

1 

Which of the following accounting items may have control accounts in the nominal ledger? 

(i) 

Receivables and payables 

 

(ii) Inventories 

 

(iii) Cash 

 

(iv) Salaries 

and 

wages 

 

A (i) 

only 

B 

(i), (ii) and (iv) only 

C 

(ii) and (iii) only 

D 

(i), (ii), (iii) and (iv) 

2 

Sales of $4,000 have been omitted from the receivables control account (RCA). What is the entry to 

correct this?   

A DEBIT 

RCA 

  $4,000 

B CREDIT 

RCA 

  $4,000 

3 

During a period, A Co has the following transactions on receivables control account: sales at invoiced 

amount $125,000 less discounts allowed of $2,000, cash received $50,000. The balance carried 

forward is $95,000. A Co expected all customers to take up the discounts allowed. What was the 

opening balance at the beginning of the period? 

 A 

$22,000 

debit 

 B 

$22,000 

credit 

 C 

$18,000 

debit 

 D 

$20,000 

debit