A-LevelAccountingReconciliation and verification9706/12 · Feb/Mar 2024 · Q121 Mark

What are the benefits of preparing a sales ledger control account? 1 detecting errors of original entry 2 helping reduce the possibility of fraud 3 providing totals of trade receivables for inclusion in financial statements

A1, 2 and 3

B1 and 2 only

C1 and 3 only

D2 and 3 only

✓ Correct answer

D: 2 and 3 only

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Reconciliation and verification and see which topics are most likely to come up next.

About this question

Topic: Reconciliation and verification, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, Feb/Mar 2024 Paper 1 Variant 2, question 12.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Reconciliation and verificationFeb/Mar 20161m

A sales ledger control account was prepared. An irrecoverable debt of $40 was omitted and a discount allowed of $68 w…

Reconciliation and verificationFeb/Mar 20161m

The trial balance totals are as follows: debit $500 150 credit $500 000 Which error could have caused the difference?

Reconciliation and verificationFeb/Mar 20171m

Why is a sales ledger control account used? 1 to control discounts received 2 to ensure credit customers pay promptl…

Preparation of financial statementsFeb/Mar 20181m

Which statements describe a capital reserve? 1 It is a reserve arising from a gain which is not yet realised. 2 It is…

Preparation of financial statementsFeb/Mar 20181m

The following is an extract from a statement of changes in equity. ordinary share general retained share capital prem…

Analysis and communication of accounting informationFeb/Mar 20181m

The following has been extracted from the financial statements of a business. $ revenue 135000 total capital employed…

← Browse all past-paper questions