ICAEW – ACA Fundamental Dr/Cr Accounting Exam Review Questions and Answers 2023/2024

ICAEW – ACA Fundamental Dr/Cr Accounting Exam Review Questions and Answers 2023/2024 (generic) cash paid during the year in expense ledger - correct answer "dr expense Cr cash " (generic) cash paid received the year in income ledger - correct answer "dr cash Cr income " Calculate whether a closing accrual is required - correct answer "dr expense Cr accruals " Calculate whether a closing accrued income adjustment is required - correct answer "dr accrued income Cr income " Calculate whether a closing prepayment is required - correct answer "dr prepayments Cr expense " Calculate whether a closing deferred income adjustment is required - correct answer "dr income Cr deferred income " Purchases of inventory - correct answer "dr purchases (expenses) Cr cash Trade payables - correct answer " Sales of inventory - correct answer "dr cash Trade receivables Cr sales income - correct answer " Sales returns (from customers) - correct answer "dr sales Cr trade receivables or cash " Purchase returns (to suppliers) - correct answer "dr trade payables or cash Cr purchases " Create accrual expense - correct answer "dr expense Cr accruals " Record accrued income in the p&l - correct answer "dr accrued income Cr income " Record deferred income in the p&l - correct answer "dr income Cr deferred income " Reverse out opening prepayment - correct answer "dr expense Cr prepayments " Reverse out opening deferred income - correct answer "dr deferred income Cr income