Exam 3: Recording Transactions

Explore all topics

Select the entry that correctly records the receipt by Speedy Window Cleaning of $770 (including GST)collected from its customer Alan Lim for goods previously sold to him on credit.

(Multiple Choice)

4.9/5

(29)

Question 21

The accounting entry to record the payment of a liability is which of the following?

(Multiple Choice)

4.9/5

(42)

Question 22

Balance sheet accounts are of three basic types,asset,liability and:

(Multiple Choice)

4.8/5

(37)

Question 23

A collection of all the individual accounts for a particular business is referred to as:

(Multiple Choice)

4.8/5

(31)

Question 24

What are the two basic types of income statement accounts?

(Multiple Choice)

4.8/5

(36)

Question 25

Select the account types for these items: -Prepaid insurance -Mortgage -GST Collected -Light and power

(Multiple Choice)

4.9/5

(50)

Question 26

A trial balance is prepared to:

(Multiple Choice)

4.9/5

(40)

Question 27

The source document for a cash sale could be a:

(Multiple Choice)

4.8/5

(37)

Question 28

A trial balance will disclose which of these errors?

(Multiple Choice)

4.9/5

(38)

Question 29

What is the source document for a credit sale?

(Multiple Choice)

4.8/5

(36)

Question 30

A separate ledger account is maintained for each:

(Multiple Choice)

4.7/5

(38)

Question 31

Which of these events would be recorded by accountants?

(Multiple Choice)

4.8/5

(35)

Question 32

Which of these is incorrect?

(Multiple Choice)

4.7/5

(42)

Question 33

The GST is a tax that is levied at the rate of ______ on the sale of most goods and services.It was introduced in Australia on July 1 2000.

(Multiple Choice)

4.8/5

(33)

Question 34

On 15 May Osaka paid $715 cash for an 18-month insurance policy including 10% GST.Which of the following is the general journal entry to record the payment? $ $

(Multiple Choice)

4.8/5

(32)

Question 35

Which is the correct statement concerning a chart of accounts?

(Multiple Choice)

4.7/5

(41)

Question 36

A credit entry is made to:

(Multiple Choice)

4.7/5

(39)

Question 37

Speedy Window Cleaning paid $120 of advertising for the month with Cheque No.000221.Ignore GST.Which of the following reflects the effect on the accounting equation?

(Multiple Choice)

4.8/5

(42)

Question 38

A firm repays $4000 of an existing bank loan.The transaction is recorded as which of the following entries?

(Multiple Choice)

4.7/5

(37)

Question 39

Which of the following statements is true?

(Multiple Choice)

4.7/5

(38)

Question 40

Showing 21 - 40 of 64

Select the entry that correctly records the receipt by Speedy Window Cleaning of $770 (including GST)collected from its customer Alan Lim for goods previously sold to him on credit.

The accounting entry to record the payment of a liability is which of the following?

Balance sheet accounts are of three basic types,asset,liability and:

A collection of all the individual accounts for a particular business is referred to as:

What are the two basic types of income statement accounts?

Select the account types for these items: -Prepaid insurance -Mortgage -GST Collected -Light and power

A trial balance is prepared to:

The source document for a cash sale could be a:

A trial balance will disclose which of these errors?

What is the source document for a credit sale?

A separate ledger account is maintained for each:

Which of these events would be recorded by accountants?

Which of these is incorrect?

The GST is a tax that is levied at the rate of ______ on the sale of most goods and services.It was introduced in Australia on July 1 2000.

On 15 May Osaka paid $715 cash for an 18-month insurance policy including 10% GST.Which of the following is the general journal entry to record the payment? $ $

Which is the correct statement concerning a chart of accounts?

A credit entry is made to:

Speedy Window Cleaning paid $120 of advertising for the month with Cheque No.000221.Ignore GST.Which of the following reflects the effect on the accounting equation?

A firm repays $4000 of an existing bank loan.The transaction is recorded as which of the following entries?

Which of the following statements is true?

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle Closing and Reversing Entries

Accounting for Retailing

Accounting for Systems

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Cash Management and Control

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Filters