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Hello. I am looking for the answers to this mock paper, it is a specimen exam from Sept 2019. I am not able to get the answers from anywhere:
DELETEDPlease assist me it is urgent. I would really appreciate if you can attach a link to the answers or type down the answers if you have them. Thank you
You appear to have downloaded copyrighted material from a “torrent” – copyright piracy is theft.
You will find the Specimen here https://specimen.accaglobal.com/Assignments/FA1/ACCA.html and you can buy Practice Tests for a modest price from ACCA here https://www.accaglobal.com/gb/en/student/exam-support-resources/practice-tests.html
For full question practice, as we recommend here https://opentuition.com/fia/fa1, you should buy a revision kit from an approved publisher.
Ok. I apologize. Thank you for sharing the resources. Currently, I am not able to purchase a practice test. Every time I try to purchase it I get a message at the top of my screen: “not all users are added”. Do you know what that means??
Hello. Can you please help me with the following question?
The balance on the receivables ledger control account is $126 more than the list of customer balances. This could be caused by which one of the following?
A An invoice for $126 omitted from the sales day book
B A credit note for $126 omitted from the sales returns day book
C A customer refund of $126 posted twice to the receivables ledger
D A credit note for $63 entered twice into the receivables ledgerThe answer is C. But what I am not able to understand is that they wrote “receivables ledger” in option C. Isn’t it supposed to be the receivables ledger control account? Please help clarify..
Re the message I don’t know what that means. You could ask ACCA directly here https://forms.accaglobal.com/contact-us
A control a/c is made up of postings of TOTALS. A ledger is made up of postings of INDIVIDUAL amounts.
C describes a posting of a transaction ie an individual amount, which must be to a ledger (not a control a/c).
Thank you. But how is C the answer to the question?
Because if a refund has been posted twice to the individual customer’s ledger account, won’t it mean that the list of customer balances are $126 more than the control account? Or perhaps there was a typing mistake in the option..
Yes. First of all, is a cash refund debited or credited in the RLCA/the individual customer’s account?
I think it is debited and if it is, then posting a refund twice to the receivables ledger would only make the list of customer balances $126 more (and not less as stated in the question)
I’m really confused, please explain me clearly
Is the option itself wrong or have I made a mistake somewhere??
It is always helpful if you state the SOURCE of a question – then it is easier to check whether there is a mistake in it (there shouldn’t usually be in BPP/Kaplan/ACCA published resources).
I suggest C should be:
A customer refund of $126 posted twice to the general ledger
i.e. a typing mistake in the option
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