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1.1 Indicate whether the following statements are TRUE or FALSE - NSC Accounting - Question 1 - 2017 - Paper 1
Question 1
1.1 Indicate whether the following statements are TRUE or FALSE. Choose the answer and write 'true' or 'false' next to the question number (1.1.1–1.1.3) in the ANSWE... show full transcript
Worked Solution & Example Answer:1.1 Indicate whether the following statements are TRUE or FALSE - NSC Accounting - Question 1 - 2017 - Paper 1
Step 1
1.1.1 The balance in the Debtors' Control Account should equal the total of the debtors' list.
Answer
This statement is TRUE. The balance in the Debtors' Control Account should match the combined total of the individual debtors listed, as this account reflects all outstanding amounts owed by the debtors.
Step 2
Step 3
1.1.3 A post-dated cheque received from a debtor must be recorded in the CRJ on the date received.
Answer
This statement is FALSE. A post-dated cheque should not be recorded in the Cash Receipts Journal (CRJ) on the date received; instead, it should be recorded on the date when it is actually due for deposit.