Accounting 9706 · AS & A Level · The accounting system
The accounting system — practice question
Nadiya keeps control accounts within the double-entry framework of her business. The purchases ledger and sales ledger include memorandum accounts only.
(a)[3]
State three advantages of keeping control accounts.
(b)[4]
Complete the statements below to amend the accounting records for trade payables.
(c)[6]
Complete the statements below to amend the accounting records for trade receivables.
(d)[2]
Explain why contra entries may be recorded in control accounts.
Worked solution & mark scheme
This 15-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Verifies the arithmetical accuracy of the purchases and sales ledgers” …