Question 1

Which of the following accounts does NOT appear on a post-closing trial balance?

Accepted Answer

A)  Insurance expense 
B)  Prepaid rent 
C)  Accumulated depreciation 
D)  Retained profits 
A)  Insurance expense 
B)  Prepaid rent 
C)  Accumulated depreciation 
D)  Retained profits A

Question 2

Merchandise purchased by Dawes Pty Ltd on credit for $1500 was returned,as it had been damaged in transit.The transaction would be recorded by Dawes Pty Ltd as:

Accepted Answer

B

Question 3

An account from a painter for work completed on the office was received.The payment is due next month.The journal entry is:

Accepted Answer

C

Question 4

The following accounts were taken from the trial balance:   Net profit for the period is:

Accepted Answer

A)  $10 000. 
B)  $11 000. 
C)  $12 000. 
D)  $12 500. 
A)  $10 000. 
B)  $11 000. 
C)  $12 000. 
D)  $12 500.

Question 5

When a company orders goods for resale,what is the accounting entry?

Accepted Answer

The answer of When a company orders goods for resale,what...

Question 6

If the two totals of a trial balance are not equal,it could be due to:

Accepted Answer

A)  failure to record a transaction. 
B)  recording the same erroneous amount for both the debit and the credit parts of a transaction. 
C)  an error in determining the account balances,such as an incorrectly computed balance. 
D)  recording the same transaction more than once. 
A)  failure to record a transaction. 
B)  recording the same erroneous amount for both the debit and the credit parts of a transaction. 
C)  an error in determining the account balances,such as an incorrectly computed balance. 
D)  recording the same transaction more than once.

Question 7

Brownlee Ltd is a newly established retail store selling plumbing hardware.Shown below are ledger accounts in T-account form,with entries made for the first three months of business.  
- What is the closing balance of the bank account?

Accepted Answer

A)  $100 000 
B)  $131 500 
C)  $170 000 
D)  $208 500 
A)  $100 000 
B)  $131 500 
C)  $170 000 
D)  $208 500

Question 8

Brownlee Ltd is a newly established retail store selling plumbing hardware.Shown below are ledger accounts in T-account form,with entries made for the first three months of business.  
-  What do transactions (6A)and (6B)represent?

Accepted Answer

A)  Sale of goods on credit and later collection of cash 
B)  Sale of goods on credit and for cash 
C)  Receipt of cash and purchase of inventory 
D)  Sale of goods for cash 
A)  Sale of goods on credit and later collection of cash 
B)  Sale of goods on credit and for cash 
C)  Receipt of cash and purchase of inventory 
D)  Sale of goods for cash

Question 9

The bank notifies the company of fees for the month already taken out of the company's bank account.The transaction should be recorded as:

Accepted Answer

The answer of The bank notifies the company of fees...

Question 10

Which of the following is an internal transaction?

Accepted Answer

A)  Payment of dividends to shareholders 
B)  Loan to a director 
C)  Depreciation of equipment 
D)  Purchase of machinery on credit 
A)  Payment of dividends to shareholders 
B)  Loan to a director 
C)  Depreciation of equipment 
D)  Purchase of machinery on credit

Question 11

Identify the correct classification for the following five ledger accounts:

Accepted Answer

A)  1 asset,2 expense,3 expense,4 asset,5 expense. 
B)  1 asset,2 expense,3 asset,4 expense,5 liability. 
C)  1 asset,2 expense,3 expense,4 asset,5 liability. 
D)  1 expense,2 expense,3 expense,4 expense,5 expense. 
A)  1 asset,2 expense,3 expense,4 asset,5 expense. 
B)  1 asset,2 expense,3 asset,4 expense,5 liability. 
C)  1 asset,2 expense,3 expense,4 asset,5 liability. 
D)  1 expense,2 expense,3 expense,4 expense,5 expense.

Question 12

A chart of accounts is:

Accepted Answer

A)  a means of ensuring that the debits equal the credits. 
B)  a chronological record of all transactions. 
C)  a list of the titles of all accounts in the ledger,together with an appropriate numbering system for the accounts. 
D)  a trial balance. 
A)  a means of ensuring that the debits equal the credits. 
B)  a chronological record of all transactions. 
C)  a list of the titles of all accounts in the ledger,together with an appropriate numbering system for the accounts. 
D)  a trial balance.

Question 13

What source document supports the provision of services on credit?

Accepted Answer

A)  Supplier's invoice received by the business 
B)  A copy of a credit note issued by the vendor 
C)  Cash receipt 
D)  Invoice sent by the business to a customer 
A)  Supplier's invoice received by the business 
B)  A copy of a credit note issued by the vendor 
C)  Cash receipt 
D)  Invoice sent by the business to a customer

Question 14

Which of the following is an accounting transaction?

Accepted Answer

A)  Make a purchase order. 
B)  Establish a bank overdraft. 
C)  Hire a new staff member. 
D)  Sign a new contract. 
A)  Make a purchase order. 
B)  Establish a bank overdraft. 
C)  Hire a new staff member. 
D)  Sign a new contract.

Question 15

Which of the following errors,each considered individually,would cause the trial balance totals to be unequal?

Accepted Answer

A)  A transaction was not posted. 
B)  A payment of $64 for supplies was posted as a debit of $46 to Supplies and a credit of $46 to cash. 
C)  A payment of $131 to a creditor was posted as a debit of $131 to accounts payable and a debit of $131 to accounts receivable. 
D)  Cash received from customers on account was posted as a debit of $240 to cash and a credit of $240 to accounts payable. 
A)  A transaction was not posted. 
B)  A payment of $64 for supplies was posted as a debit of $46 to Supplies and a credit of $46 to cash. 
C)  A payment of $131 to a creditor was posted as a debit of $131 to accounts payable and a debit of $131 to accounts receivable. 
D)  Cash received from customers on account was posted as a debit of $240 to cash and a credit of $240 to accounts payable.

Question 16

Which of the following is NOT a source document of a business enterprise?

Accepted Answer

A)  Trial balance 
B)  Purchase order 
C)  List of the day's collections 
D)  An invoice 
A)  Trial balance 
B)  Purchase order 
C)  List of the day's collections 
D)  An invoice

Question 17

Which of the following accounts is not closed off at year-end?

Accepted Answer

A)  Cost of goods sold 
B)  Amortisation expense 
C)  Interest revenue 
D)  Accounts receivable 
A)  Cost of goods sold 
B)  Amortisation expense 
C)  Interest revenue 
D)  Accounts receivable

Question 18

Dawes Pty Ltd received its monthly bank statement showing bank charges of $20.The transaction should be recorded as:

Accepted Answer

The answer of Dawes Pty Ltd received its monthly bank...

Question 19

Which of the following statements about closing the accounts is NOT true?

Accepted Answer

A)  Sales revenue account is debited. 
B)  Depreciation account is credited. 
C)  Share capital is debited. 
D)  A net loss is debited to the retained profits account. 
A)  Sales revenue account is debited. 
B)  Depreciation account is credited. 
C)  Share capital is debited. 
D)  A net loss is debited to the retained profits account.

Question 20

Which of the following is NOT an example of an accounting transaction?

Accepted Answer

A)  A salesman disappears with a company vehicle and merchandise. 
B)  The bank charges interest on a loan. 
C)  A customer settles an account by undertaking delivery work for the business. 
D)  A purchase order for inventory is sent to a supplier. 
A)  A salesman disappears with a company vehicle and merchandise. 
B)  The bank charges interest on a loan. 
C)  A customer settles an account by undertaking delivery work for the business. 
D)  A purchase order for inventory is sent to a supplier.

Which of the following accounts does NOT appear on a post-closing trial balance?

Merchandise purchased by Dawes Pty Ltd on credit for $1500 was returned,as it had been damaged in transit.The transaction would be recorded by Dawes Pty Ltd as:

An account from a painter for work completed on the office was received.The payment is due next month.The journal entry is:

The following accounts were taken from the trial balance: Net profit for the period is:

When a company orders goods for resale,what is the accounting entry?

If the two totals of a trial balance are not equal,it could be due to:

Brownlee Ltd is a newly established retail store selling plumbing hardware.Shown below are ledger accounts in T-account form,with entries made for the first three months of business. - What is the closing balance of the bank account?

Brownlee Ltd is a newly established retail store selling plumbing hardware.Shown below are ledger accounts in T-account form,with entries made for the first three months of business. - What do transactions (6A)and (6B)represent?

The bank notifies the company of fees for the month already taken out of the company's bank account.The transaction should be recorded as:

Which of the following is an internal transaction?

Identify the correct classification for the following five ledger accounts:

A chart of accounts is:

What source document supports the provision of services on credit?

Which of the following is an accounting transaction?

Which of the following errors,each considered individually,would cause the trial balance totals to be unequal?

Which of the following is NOT a source document of a business enterprise?

Which of the following accounts is not closed off at year-end?

Dawes Pty Ltd received its monthly bank statement showing bank charges of $20.The transaction should be recorded as:

Which of the following statements about closing the accounts is NOT true?

Which of the following is NOT an example of an accounting transaction?

Introduction to Financial Accounting

Measuring and Evaluating Financial Position and Financial Performance

The Double-Entry System

Accrual Accounting Adjustments

Financial Reporting Principles, accounting Standards and Auditing

Internal Control and Cash

Accounts Receivable and Further Record-Keeping

Inventory

Noncurrent Assets

Liabilities

Completing the Balance Sheet

Revenue and Expense Recognition: Additional Concepts

The Statement of Cash Flows

Financial Statement Analysis

Accounting Policy Choices

Sustainability Reporting

Filters

Exam 4: Record-Keeping

Which of the following accounts does NOT appear on a post-closing trial balance?

Merchandise purchased by Dawes Pty Ltd on credit for $1500 was returned,as it had been damaged in transit.The transaction would be recorded by Dawes Pty Ltd as:

An account from a painter for work completed on the office was received.The payment is due next month.The journal entry is:

The following accounts were taken from the trial balance: Net profit for the period is:

When a company orders goods for resale,what is the accounting entry?

If the two totals of a trial balance are not equal,it could be due to:

Brownlee Ltd is a newly established retail store selling plumbing hardware.Shown below are ledger accounts in T-account form,with entries made for the first three months of business. - What is the closing balance of the bank account?

Brownlee Ltd is a newly established retail store selling plumbing hardware.Shown below are ledger accounts in T-account form,with entries made for the first three months of business. - What do transactions (6A)and (6B)represent?

The bank notifies the company of fees for the month already taken out of the company's bank account.The transaction should be recorded as:

Which of the following is an internal transaction?

Identify the correct classification for the following five ledger accounts:

A chart of accounts is:

What source document supports the provision of services on credit?

Which of the following is an accounting transaction?

Which of the following errors,each considered individually,would cause the trial balance totals to be unequal?

Which of the following is NOT a source document of a business enterprise?

Which of the following accounts is not closed off at year-end?

Dawes Pty Ltd received its monthly bank statement showing bank charges of $20.The transaction should be recorded as:

Which of the following statements about closing the accounts is NOT true?

Which of the following is NOT an example of an accounting transaction?

Introduction to Financial Accounting

Measuring and Evaluating Financial Position and Financial Performance

The Double-Entry System

Accrual Accounting Adjustments

Financial Reporting Principles, accounting Standards and Auditing

Internal Control and Cash

Accounts Receivable and Further Record-Keeping

Inventory

Noncurrent Assets

Liabilities

Completing the Balance Sheet

Revenue and Expense Recognition: Additional Concepts

The Statement of Cash Flows

Financial Statement Analysis

Accounting Policy Choices

Sustainability Reporting

Filters