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Recording and Processing Transactions
Quick questions on Control accounts and bank reconciliation explained: H2 Principles of Accounting
5short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What are control accounts?Show answer
A control account is a single general-ledger account that summarises a whole ledger of personal accounts. The two common ones are:
What is bank reconciliation?Show answer
The cash book (the business's record of bank transactions) and the bank statement (the bank's record) rarely agree at a date, because of timing differences and items one party knows about before the other:
What is q1?Show answer
State three items that appear as credits in a trade receivables control account. [3 marks]
What is q2?Show answer
Explain why an unpresented cheque is deducted from the bank-statement balance in a reconciliation. [2 marks]
What is q3?Show answer
A receivables control account balance is \30\,000\. State what this \1\,000$ difference indicates. [2 marks]
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