Aat Level 2 - Bookkeeping Controls Study Guide Graded A+

What are the 7 errors that lead to an imbalance in the ETB? {Ans: Single Entry Two Debits/Credits Unequal Amounts Calculation Error Balance Transfer Error Balance Omission Transposition Error - Numbers Swapped What}What is an unpresented cheque? {Ans: Cheques paid out by the business which haven't yet appeared on the bank statement for purchases}What is a bank draft? {Ans: A non-cancellable cheque drawn on the bank rather than the customers account and the money is taken out of the businesses bank account plus a fee}What is an outstanding lodgement? {Ans: Receipts not appearing on the bank statement for sales}What payment methods have no effect on the bank balance? {Ans: Cash withdrawn from till}Give examples of common journals: {Ans: Irrecoverable Debt W/O Opening Balances Payroll Correcting Errors}