Financial accounting F3 acca Practice questions Financial accounting F3 acca Practice questions Financial accounting F3 acca Practice questions
Trang 1Control Accounts
Prepared for Educational Purposes
August 14, 2025
Contents
2 Part 2: Answers with Detailed Explanations 10
1
Trang 21 Part 1: List of Questions
This section contains 50 multiple-choice questions based on control accounts, including receivables and payables ledger reconciliations, contra entries, and discounts Numbers are left-aligned from 1 to 50
1 A debit entry to the sales account could represent
a irrecoverable debts written off
b the correction of an error or goods returned
c credit sales or the correction of an error
d cash sales
2 Edgar is a sole trader who does not keep full accounting records The following details relate to his transactions with credit customers and suppliers for the year ended 30 June 2008: Trade receivables, 1 July 2007 $130,000; Trade payables, 1 July 2007 $60,000; Cash received from customers $686,400; Cash paid to suppliers
$302,800; Discounts allowed $1,400; Discounts received $2,960; Purchases $331,760; Contra between payables and receivables ledgers $2,000; Trade receivables, 30 June
2008 $181,000 What figure should appear in Edgars Statement of Financial Position for payables?
a $84,000
b $36,000
c $493,040
d $82,440
3 The total of the list of balances in Adeles payables ledger was $438,900 at 30 June
2008 This balance did not agree with Adeles payables ledger control account balance The following errors were discovered: (1) A contra entry of $980 was recorded in the payables ledger control account, but not in the payables ledger (2) The total of the purchase returns journal was undercast by $1,000 (3) An invoice for $4,344 was posted to the supplier’s account as $4,434 What amount should Adele report in its Statement of Financial Position as accounts payable at 30 June 2008?
a $438,010
b $437,830
c $436,830
d $439,790
4 Peter received a statement of account from a supplier Paul, showing a balance to be paid of $8,950 Peters payables ledger account for Paul shows a balance due to Paul
of $4,140 Investigation reveals the following: (1) Cash paid to Paul $4,080 has not yet been entered by Paul (2) Peters ledger account for Paul has not been adjusted for
$40 of cash discount disallowed by Paul What discrepancy remains between Peters and Pauls records after allowing for these items?
a $770
Trang 3c $9,930
d $9,850
5 A business bought goods from a supplier on credit The supplier offered a discount if the invoice was paid within 15 days, and the business did pay the invoice within 15 days What is the correct entry to record the discount?
a Debit: Trade Payables, Credit: Cash
b Debit: Discounts Received, Credit: Trade Payables
c Debit: Trade Payables, Credit: Discounts Received
d Debit: Cash, Credit: Discounts Received
6 A credit entry to the receivables ledger control account could represent
a Cash received from customers
b Credit sales
c Sales returns
d Discounts allowed
7 The receivables ledger control account shows a balance of $50,000 An error discovered shows a sales invoice of $2,000 was recorded as $200 What is the corrected balance?
a $51,800
b $48,200
c $50,200
d $51,600
8 The payables ledger control account has a balance of $75,000 A contra entry of $1,500 was not recorded in the payables ledger What is the adjusted payables balance?
a $73,500
b $76,500
c $75,000
d $74,500
9 A suppliers statement shows a balance of $12,000 The companys payables ledger shows $10,500 A payment of $1,200 was not recorded by the supplier What is the remaining discrepancy?
a $300
b $1,500
c $10,800
d $1,200
10 The correct entry to record a contra between receivables and payables ledgers is
a Debit: Receivables, Credit: Payables
b Debit: Payables, Credit: Receivables
Trang 4c Debit: Cash, Credit: Payables
d Debit: Receivables, Credit: Cash
11 The receivables ledger control account shows: Opening balance $40,000, Credit sales
$200,000, Cash received $180,000, Discounts allowed $2,000 What is the closing balance?
a $58,000
b $60,000
c $56,000
d $62,000
12 The payables ledger list of balances is $100,000 An invoice of $5,000 was recorded twice What is the corrected balance?
a $95,000
b $100,000
c $105,000
d $90,000
13 A debit entry to the payables ledger control account could represent
a Purchases on credit
b Cash paid to suppliers
c Purchase returns
d Discounts received
14 The receivables ledger control account shows a balance of $30,000 A sales return of
$1,000 was not recorded What is the corrected balance?
a $29,000
b $31,000
c $30,000
d $28,000
15 A suppliers statement shows a balance of $15,000 The companys payables ledger shows $13,500 A discount of $500 was disallowed by the supplier What is the remaining discrepancy?
a $1,000
b $500
c $1,500
d $2,000
16 The payables ledger control account shows: Opening balance $25,000, Purchases
$150,000, Cash paid $120,000, Discounts received $3,000, Contra $2,000 What is the closing balance?
Trang 5b $48,000
c $52,000
d $46,000
17 The receivables ledger list of balances is $80,000 A sales invoice of $2,500 was omitted What is the corrected balance?
a $77,500
b $82,500
c $80,000
d $85,000
18 A credit entry to the sales account could represent
a Sales returns
b Cash sales
c Irrecoverable debts
d Discounts allowed
19 The receivables ledger control account shows a balance of $60,000 A cash receipt of
$5,000 was recorded as $500 What is the corrected balance?
a $55,500
b $64,500
c $60,500
d $54,500
20 The payables ledger control account has a balance of $90,000 A purchase return of
$2,000 was not recorded What is the corrected balance?
a $88,000
b $92,000
c $90,000
d $86,000
21 A suppliers statement shows a balance of $20,000 The companys payables ledger shows $18,000 A payment of $1,800 was not recorded by the supplier What is the remaining discrepancy?
a $200
b $1,800
c $2,000
d $1,600
22 The correct entry to record a discount allowed to a customer is
a Debit: Discounts Allowed, Credit: Receivables
b Debit: Receivables, Credit: Discounts Allowed
Trang 6c Debit: Cash, Credit: Receivables
d Debit: Receivables, Credit: Cash
23 The receivables ledger control account shows: Opening balance $70,000, Credit sales
$250,000, Cash received $200,000, Discounts allowed $5,000, Contra $3,000 What is the closing balance?
a $112,000
b $115,000
c $110,000
d $108,000
24 The payables ledger list of balances is $120,000 A contra entry of $2,000 was not recorded What is the corrected balance?
a $118,000
b $122,000
c $120,000
d $116,000
25 A debit entry to the receivables ledger control account could represent
a Cash received
b Credit sales
c Discounts allowed
d Sales returns
26 The payables ledger control account shows a balance of $65,000 An invoice of $3,000 was recorded as $300 What is the corrected balance?
a $67,700
b $62,300
c $65,700
d $64,300
27 A suppliers statement shows a balance of $25,000 The companys payables ledger shows $22,000 A discount of $1,000 was disallowed by the supplier What is the remaining discrepancy?
a $2,000
b $1,000
c $3,000
d $4,000
28 The receivables ledger control account shows: Opening balance $45,000, Credit sales
$180,000, Cash received $160,000, Discounts allowed $2,500 What is the closing balance?
Trang 7b $60,000
c $65,000
d $57,500
29 The payables ledger list of balances is $150,000 A purchase return of $3,000 was undercast by $1,000 What is the corrected balance?
a $148,000
b $152,000
c $149,000
d $147,000
30 A credit entry to the payables ledger control account could represent
a Cash paid to suppliers
b Purchase returns
c Purchases on credit
d Discounts received
31 The receivables ledger control account shows a balance of $55,000 A sales invoice of
$4,000 was recorded as $400 What is the corrected balance?
a $58,600
b $51,400
c $55,600
d $59,600
32 The payables ledger control account has a balance of $80,000 A contra entry of $2,500 was not recorded in the ledger What is the corrected balance?
a $77,500
b $82,500
c $80,000
d $75,000
33 A suppliers statement shows a balance of $30,000 The companys payables ledger shows $27,500 A payment of $2,000 was not recorded by the supplier What is the remaining discrepancy?
a $500
b $2,500
c $2,000
d $1,500
34 The correct entry to record a purchase return is
a Debit: Payables, Credit: Purchase Returns
b Debit: Purchase Returns, Credit: Payables
Trang 8c Debit: Cash, Credit: Payables
d Debit: Payables, Credit: Cash
35 The receivables ledger control account shows: Opening balance $35,000, Credit sales
$150,000, Cash received $140,000, Discounts allowed $1,500, Contra $2,000 What is the closing balance?
a $41,500
b $43,500
c $39,500
d $45,500
36 The payables ledger list of balances is $200,000 An invoice of $5,000 was omitted What is the corrected balance?
a $195,000
b $205,000
c $200,000
d $210,000
37 A debit entry to the sales account could represent
a Credit sales
b Cash sales
c Sales returns
d Discounts allowed
38 The receivables ledger control account shows a balance of $70,000 A cash receipt of
$6,000 was not recorded What is the corrected balance?
a $64,000
b $76,000
c $70,000
d $66,000
39 The payables ledger control account has a balance of $95,000 A purchase return of
$1,500 was not recorded What is the corrected balance?
a $93,500
b $96,500
c $95,000
d $91,500
40 A suppliers statement shows a balance of $35,000 The companys payables ledger shows $32,000 A discount of $1,500 was disallowed by the supplier What is the remaining discrepancy?
a $1,500
Trang 9b $2,000
c $3,000
d $1,000
41 The receivables ledger control account shows: Opening balance $50,000, Credit sales
$200,000, Cash received $180,000, Discounts allowed $3,000 What is the closing balance?
a $67,000
b $70,000
c $64,000
d $73,000
42 The payables ledger list of balances is $180,000 A contra entry of $3,000 was not recorded What is the corrected balance?
a $177,000
b $183,000
c $180,000
d $174,000
43 A credit entry to the receivables ledger control account could represent
a Credit sales
b Cash received
c Sales returns
d Discounts allowed
44 The payables ledger control account shows a balance of $110,000 An invoice of $4,000 was recorded as $400 What is the corrected balance?
a $113,600
b $106,400
c $110,600
d $114,600
45 A suppliers statement shows a balance of $40,000 The companys payables ledger shows $37,000 A payment of $2,500 was not recorded by the supplier What is the remaining discrepancy?
a $500
b $1,000
c $2,500
d $1,500
46 The receivables ledger control account shows: Opening balance $60,000, Credit sales
$250,000, Cash received $220,000, Discounts allowed $4,000, Contra $3,000 What is the closing balance?
Trang 10a $83,000
b $86,000
c $80,000
d $89,000
47 The payables ledger list of balances is $250,000 A purchase return of $4,000 was undercast by $1,000 What is the corrected balance?
a $247,000
b $251,000
c $249,000
d $246,000
48 A debit entry to the payables ledger control account could represent
a Purchases on credit
b Cash paid to suppliers
c Purchase returns
d Discounts received
49 The receivables ledger control account shows a balance of $85,000 A sales invoice of
$5,000 was recorded as $500 What is the corrected balance?
a $89,500
b $80,500
c $85,500
d $90,500
50 The payables ledger control account has a balance of $120,000 A contra entry of
$3,500 was not recorded in the ledger What is the corrected balance?
a $116,500
b $123,500
c $120,000
d $113,500
51 A suppliers statement shows a balance of $45,000 The companys payables ledger shows $42,000 A discount of $2,000 was disallowed by the supplier What is the remaining discrepancy?
a $1,000
b $2,000
c $3,000
d $4,000
Trang 112 Part 2: Answers with Detailed Explanations
1 b the correction of an error or goods returned Explanation: A debit to the sales
account reduces revenue, typically due to sales returns or correcting an overstatement error
2 a $84,000 Explanation: Payables ledger: Opening $60,000 + Purchases $331,760
-Cash paid $302,800 - Discounts received $2,960 - Contra $2,000 = $84,000
3 c $436,830 Explanation: Payables ledger $438,900 - Contra $980 - Purchase returns
undercast $1,000 - Invoice error ($4,434 - $4,344 = $90) = $436,830
4 a $770 Explanation: Pauls balance: $8,950 - Cash paid $4,080 = $4,870 Peters
balance: $4,140 + Disallowed discount $40 = $4,180 Discrepancy: $4,870 - $4,180 =
$770
5 c Debit: Trade Payables, Credit: Discounts Received Explanation: A cash discount
reduces the payable (debit Trade Payables) and is recorded as income (credit Discounts Received)
6 a Cash received from customers Explanation: A credit to the receivables ledger
control account reduces receivables, typically due to cash received
7 a $51,800 Explanation: Receivables $50,000 + Invoice error ($2,000 - $200 =
$1,800) = $51,800
8 a $73,500 Explanation: Payables $75,000 - Contra $1,500 = $73,500.
9 a $300 Explanation: Supplier $12,000 - Payment $1,200 = $10,800 Company
$10,500 Discrepancy: $10,800 - $10,500 = $300
10 b Debit: Payables, Credit: Receivables Explanation: A contra reduces both
payables and receivables (debit Payables, credit Receivables)
11 a $58,000 Explanation: Opening $40,000 + Sales $200,000 Cash $180,000
-Discounts $2,000 = $58,000
12 a $95,000 Explanation: Payables $100,000 - Invoice error $5,000 = $95,000.
13 c Purchase returns Explanation: A debit to the payables ledger control account
reduces payables, typically due to purchase returns or cash paid
14 a $29,000 Explanation: Receivables $30,000 - Sales return $1,000 = $29,000.
15 a $1,000 Explanation: Supplier $15,000 - Disallowed discount $500 = $14,500.
Company $13,500 Discrepancy: $14,500 - $13,500 = $1,000
16 a $50,000 Explanation: Opening $25,000 + Purchases $150,000 Cash $120,000
-Discounts $3,000 - Contra $2,000 = $50,000
17 b $82,500 Explanation: Receivables $80,000 + Omitted invoice $2,500 = $82,500.
18 b Cash sales Explanation: A credit to the sales account records revenue from cash
or credit sales
19 b $64,500 Explanation: Receivables $60,000 + Cash receipt error ($5,000 - $500 =
$4,500) = $64,500
20 a $88,000 Explanation: Payables $90,000 - Purchase return $2,000 = $88,000.
Trang 1221 a $200 Explanation: Supplier $20,000 - Payment $1,800 = $18,200 Company
$18,000 Discrepancy: $18,200 - $18,000 = $200
22 a Debit: Discounts Allowed, Credit: Receivables Explanation: A discount allowed
reduces receivables (credit Receivables) and is recorded as an expense (debit Discounts Allowed)
23 a $112,000 Explanation: Opening $70,000 + Sales $250,000 Cash $200,000
-Discounts $5,000 - Contra $3,000 = $112,000
24 a $118,000 Explanation: Payables $120,000 - Contra $2,000 = $118,000.
25 b Credit sales Explanation: A debit to the receivables ledger control account
increases receivables, typically due to credit sales
26 a $67,700 Explanation: Payables $65,000 + Invoice error ($3,000 - $300 = $2,700)
= $67,700
27 a $2,000 Explanation: Supplier $25,000 - Disallowed discount $1,000 = $24,000.
Company $22,000 Discrepancy: $24,000 - $22,000 = $2,000
28 a $62,500 Explanation: Opening $45,000 + Sales $180,000 Cash $160,000
-Discounts $2,500 = $62,500
29 a $148,000 Explanation: Payables $150,000 - Purchase return undercast ($3,000 +
$1,000 = $4,000) = $148,000
30 c Purchases on credit Explanation: A credit to the payables ledger control account
increases payables, typically due to purchases on credit
31 a $58,600 Explanation: Receivables $55,000 + Invoice error ($4,000 - $400 =
$3,600) = $58,600
32 a $77,500 Explanation: Payables $80,000 - Contra $2,500 = $77,500.
33 a $500 Explanation: Supplier $30,000 - Payment $2,000 = $28,000 Company
$27,500 Discrepancy: $28,000 - $27,500 = $500
34 a Debit: Payables, Credit: Purchase Returns Explanation: A purchase return
reduces payables (debit Payables) and is recorded in the purchase returns account (credit Purchase Returns)
35 a $41,500 Explanation: Opening $35,000 + Sales $150,000 Cash $140,000
-Discounts $1,500 - Contra $2,000 = $41,500
36 b $205,000 Explanation: Payables $200,000 + Omitted invoice $5,000 = $205,000.
37 c Sales returns Explanation: A debit to the sales account reduces revenue, typically
due to sales returns
38 a $64,000 Explanation: Receivables $70,000 - Cash receipt $6,000 = $64,000.
39 a $93,500 Explanation: Payables $95,000 - Purchase return $1,500 = $93,500.
40 a $1,500 Explanation: Supplier $35,000 - Disallowed discount $1,500 = $33,500.
Company $32,000 Discrepancy: $33,500 - $32,000 = $1,500
41 a $67,000 Explanation: Opening $50,000 + Sales $200,000 Cash $180,000
-Discounts $3,000 = $67,000