AAT Level 2 - Bookkeeping Controls
Exam Questions with Solutions
What payment methods have no effect on the bank balance? - -Cash
withdrawn from till
-What 2 payment methods reduce the bank balance at a later date? - -
Cheque and Credit Card
-What are the other 8 payment methods which reduce the bank balance on
the date of withdrawal? - -Cash from bank account
Debit Card
Bank Draft
Standing Order
Direct Debit
BACS
CHAPS
Faster Payments
-Why are bank statements overdrafts shown as a debit? - -Because it's a
debit from the banks perspective
-How does cash as a payment method work? - -You count it before it can be
banked and you need to determine how many of each type of coin or note
you have and the total
-What document is used for transferring cash to the bank account? - -Paying
in slip
-What is counter credit? - -A term used on bank statements to refer to cash
and cheques paid in to the businesses bank account at the banks counter
-Who are the 3 parties involved in a cheque? - -Drawee - The bank that has
issued the cheque and will have to pay the cheque
Payee - The supplier
Drawer - The customer who signs the cheque in order to make a payment
-What is a dishonoured cheque? - -A cheque sent back to the payee so that
payment can be pursued in some other way as there are insufficient bank
funds
-What is on a credit card statement? - -All of the purchases on the card
since the previous statement
The total outstanding on the credit card
Exam Questions with Solutions
What payment methods have no effect on the bank balance? - -Cash
withdrawn from till
-What 2 payment methods reduce the bank balance at a later date? - -
Cheque and Credit Card
-What are the other 8 payment methods which reduce the bank balance on
the date of withdrawal? - -Cash from bank account
Debit Card
Bank Draft
Standing Order
Direct Debit
BACS
CHAPS
Faster Payments
-Why are bank statements overdrafts shown as a debit? - -Because it's a
debit from the banks perspective
-How does cash as a payment method work? - -You count it before it can be
banked and you need to determine how many of each type of coin or note
you have and the total
-What document is used for transferring cash to the bank account? - -Paying
in slip
-What is counter credit? - -A term used on bank statements to refer to cash
and cheques paid in to the businesses bank account at the banks counter
-Who are the 3 parties involved in a cheque? - -Drawee - The bank that has
issued the cheque and will have to pay the cheque
Payee - The supplier
Drawer - The customer who signs the cheque in order to make a payment
-What is a dishonoured cheque? - -A cheque sent back to the payee so that
payment can be pursued in some other way as there are insufficient bank
funds
-What is on a credit card statement? - -All of the purchases on the card
since the previous statement
The total outstanding on the credit card
