Double Entries (ACA Accounting) Exam Questions and Answers 100% Pass

Double Entries (ACA Accounting) Exam Questions and Answers 100% Pass Purchases - Answer- Dr expenses Cr cash/payables Sales - Answer- Dr receivables Cr sales = income Sales return - Answer- Dr sales Cr receivables/cash Purchases return - Answer- Cr payables/cash Dr purchases Purchase expect discount -> not taken - Answer- 1. Dr purchases (% off) Cr payables (% off) 2. Dr payables (% off) Cr cash (total) Dr purchases (difference) Purchase no discounted expected -> discount taken - Answer- 1. Dr purchases (total) Cr payables (total) 2. Dr payables (total) Cr cash (% off) Cr purchases (difference) Sale expect discount -> not taken - Answer- 1. Dr receivables (% off) Cr sales (% off) 2. Dr cash (total) Cr receivables (% off) Cr revenue (difference) Sale no discount expected -> discount taken - Answer- 1. Dr receivables (total) Cr sales (total) 2. Dr cash (% off) Cr receivables (total) Dr revenue (difference) Payroll - Answer- Dr wages & salaries (total staff costs) Cr cash (net salary) Cr income tax (government tax total) Accruals - Answer- CL Dr expense (SPL) Cr accruals (SFP) Prepayments - Answer- CA Dr Prepayments (SFP) Cr Expense (SPL) Accrued income - Answer- CA Dr accrued income (SFP) Cr income (SPL) Deferred income - Answer- CL Dr income (SPL) Cr deferred income (SFP) Destroyed / stolen goods -> insurance coverage - Answer- Dr expenses Cr purchases -> Dr accrued income / receivables Cr other income Inventory drawings - Answer- Dr drawings (@ cost/NRV) Cr purchases (@ cost/NRV) Cost of a NCA - Answer- all costs incurred in order to bring the asset into a location and condition ready for use, which will provide a b