AAT skillcheck question HELP
KTAAT82
Registered Posts: 7
Just completed the AAT skillcheck test and confused on one question, could someone please explain?
Select the correct closing balance of the account
An expense account has the following transactions recorded in it: Opening debit balance of £100, Debit transaction of £500, Credit transaction of £150.
£350 debit
£450 credit -CORRECT ANSWER
£450 debit - MY ANSWER
£600 debit
Can someone please explain how it gets to that correct answer?
Select the correct closing balance of the account
An expense account has the following transactions recorded in it: Opening debit balance of £100, Debit transaction of £500, Credit transaction of £150.
£350 debit
£450 credit -CORRECT ANSWER
£450 debit - MY ANSWER
£600 debit
Can someone please explain how it gets to that correct answer?
1
Comments
-
might look something like
DR ____________|___________CR
£100 Op Bal....................Trans £150
£500 Trans................**CL BAL £450**
£600 total..........................total £6000 -
it's only a balancing figure to close that period.
when opening the next period for this Account you would have OP BAL £450 DR0 -
It's a bit of a sly question that.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 18.9K For AAT students
- 259 NEW! Qualifications 2022
- 146 General Qualifications 2022 discussion
- 9 AAT Level 2 Certificate in Accounting
- 37 AAT Level 3 Diploma in Accounting
- 64 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 274 VAT
- 92 Software
- 274 Tax
- 137 Bookkeeping
- 7.3K General accounting discussion
- 193 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 352 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 590 Job postings
- 17 Who can benefit from AAT?
- 36 Where can AAT take me?
- 44 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 65 AAT membership