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Questions and Answers
Which of the following is the purpose of the receivables and payables ledger control accounts?
Which of the following is the purpose of the receivables and payables ledger control accounts?
- To total and balance control accounts (correct)
- To identify discrepancies between control accounts
- To reconcile control accounts
- To prepare control accounts
Which of the following is a reason for reconciling the receivables and payables ledger control accounts with the receivables and payables ledgers?
Which of the following is a reason for reconciling the receivables and payables ledger control accounts with the receivables and payables ledgers?
- To total and balance control accounts
- To ensure accuracy of records (correct)
- To identify discrepancies between control accounts
- To prepare control accounts
Which of the following is a step in preparing control accounts?
Which of the following is a step in preparing control accounts?
- Reconciling control accounts
- Identifying discrepancies between control accounts
- Balancing the control accounts
- Totaling the balances of individual ledger accounts (correct)
Which of the following is a step in reconciling control accounts?
Which of the following is a step in reconciling control accounts?
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Which of the following is the purpose of the VAT control account?
Which of the following is the purpose of the VAT control account?
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