A-LevelAccountingReconciliation and verification9706/12 · May/June 2016 · Q51 Mark
Which statement about the sales ledger control account is correct?
AIt is to verify the total of the customers' account balances in the sales ledger.
BIt is used to calculate the gross profit on sales.
CIt is used to calculate the total sales for the year.
DIt is used to reconcile the cash received from customers with the bank statement.
✓ Correct answer
A: It is to verify the total of the customers' account balances in the sales ledger.
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.
Sign up free →