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AAT Level 2 - Bookkeeping Controls Questions with correct Answers 100% Solved
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AAT Level 2 - Bookkeeping Controls
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AAT Level 2 - Bookkeeping ControlsWhat payment methods have no effect on the bank balance? - answer Cash withdrawn
from till
What 2 payment methods reduce the bank balance at a later date? – answer Cheque
and Credit Card
What are the other 8 payment methods which reduce the bank balance on the date of
withdrawal? - answer 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? - answer Because it's a debit
from the banks perspective
How does cash as a payment method work? - answerYou 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? - answerPaying in
slip
What is counter credit? - answerA 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? - answerDrawee - 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? - answerA 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? - answerAll of the purchases on the card since the
previous statement
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