Question 1

In MYOB,which of these is not a function of the sales module?

Accepted Answer

A) Preparing invoices 
B) Recording sales 
C) Recording receipts from customers 
D) Recording GST outlays 
A) Preparing invoices 
B) Recording sales 
C) Recording receipts from customers 
D) Recording GST outlays D

Question 2

If the accounts payable subsidiary ledger shows the following balances on 31 July 2011,what is the balance in the accounts payable control account on the same date? Assuming recording and balancing of accounts payable records are up to date.
$\begin{array} { l l r } 
\text { - } & \text { Wilson } & \$ 4000 \
\text { - } & \text { Watson } & \$ 15250 \
\text { - } & \text { Zhang } & \$ 8750
\end{array}$

Accepted Answer

A) $0 
B) $28 000 Cr 
C) $28 000 Dr 
D) Cannot be calculated 
A) $0 
B) $28 000 Cr 
C) $28 000 Dr 
D) Cannot be calculated B

Question 3

The procedures adopted by an entity to control its activities and protect its assets are known as its system of i__________ c__________.

Accepted Answer

internal control

Question 4

Sales of inventory on credit are recorded in the s__________ special journal.

Accepted Answer

The answer of Sales of inventory on credit are recorded...

Question 5

The major accounting functions available with QuickBooks Premier are Suppliers,Customers,E___________ and Banking.

Accepted Answer

The answer of The major accounting functions available with QuickBooks...

Question 6

Groups of individual accounts whose total should equal the balance of a related control account are known as a s____________ ledger.

Accepted Answer

The answer of Groups of individual accounts whose total should...

Question 7

Credit sales are processed through the s__________ command centre of MYOB AccountRight Plus.

Accepted Answer

The answer of Credit sales are processed through the s__________...

Question 8

Data are recorded facts; i_____________ is data that have been processed so as to be more useful to potential users.

Accepted Answer

The answer of Data are recorded facts; i_____________ is data...

Question 9

Which of these does not normally provide an input into an accounting system?

Accepted Answer

A) Bank statement 
B) Bar code reader 
C) Managerial report 
D) Invoice 
A) Bank statement 
B) Bar code reader 
C) Managerial report 
D) Invoice

Question 10

A credit of $540 000,including 10% GST,was posted to the Accounts Payable Control account on the last day of the month.From which special journal would this posting most likely have come?

Accepted Answer

A) Cash receipts 
B) Cash payments 
C) Purchases 
D) Sales 
A) Cash receipts 
B) Cash payments 
C) Purchases 
D) Sales

Question 11

How many of these are important considerations when developing a new accounting system or expanding an existing system?
i.Compatibility with the type of business
ii.Flexibility/adaptability
iii.Adequacy of built-in controls

Accepted Answer

A) 0 
B) 1 
C) 2 
D) 3 
A) 0 
B) 1 
C) 2 
D) 3

Question 12

How many of these are advantages offered by the use of computers in accounting?
?	Faster response time
?	Error reduction
?	A greater range of reports
?	A lower capital outlay

Accepted Answer

A) One 
B) Two 
C) Three 
D) Four 
A) One 
B) Two 
C) Three 
D) Four

Question 13

The statement about control accounts that is not correct is:

Accepted Answer

A) They provide summarised data 
B) They follow the normal rules of debit and credit 
C) They appear in the subsidiary ledger 
D) They appear in the trial balance 
A) They provide summarised data 
B) They follow the normal rules of debit and credit 
C) They appear in the subsidiary ledger 
D) They appear in the trial balance

Question 14

Which of these is not one of the three phases in the development of an accounting system?

Accepted Answer

A) systems analysis, 
B) systems design 
C) systems implementation and review 
D) systems plan 
A) systems analysis, 
B) systems design 
C) systems implementation and review 
D) systems plan

Question 15

Kylie is both a debtor and a creditor of Tiger Balm.At the end of the period she owes Tiger Balm $200 while Tiger Balm owes her $1,500.The correct journal entry to offset the amounts against each other is:

Accepted Answer

A) Debit debtors $200; credit creditors $200 
B) Debit creditors $200; credit debtors $200 
C) Debit debtors $1,500; credit creditors $1,500 
D) Debit creditors $1,500; credit debtors $1,500 
A) Debit debtors $200; credit creditors $200 
B) Debit creditors $200; credit debtors $200 
C) Debit debtors $1,500; credit creditors $1,500 
D) Debit creditors $1,500; credit debtors $1,500

Question 16

In comparing computerised and manual accounting systems the correct statement is:

Accepted Answer

A) A computerised system does not require any reversing entries 
B) In computerised systems the use of journals is less important than in a manual system 
C) Errors are easier to find in a computerised accounting system 
D) A worksheet for adjustments is still often prepared when a computerised system is used 
A) A computerised system does not require any reversing entries 
B) In computerised systems the use of journals is less important than in a manual system 
C) Errors are easier to find in a computerised accounting system 
D) A worksheet for adjustments is still often prepared when a computerised system is used

Question 17

The general ledger posting from the credit sales journal is:

Accepted Answer

A) Debit to Accounts Receivable,credit to Sales,credit to GST collections 
B) Debit to Sales,credit to GST Collections,credit to Cash 
C) Debit to Sales,credit to Accounts Receivable 
D) Debit to Cash,debit to GST Collections,credit to Accounts Receivable 
A) Debit to Accounts Receivable,credit to Sales,credit to GST collections 
B) Debit to Sales,credit to GST Collections,credit to Cash 
C) Debit to Sales,credit to Accounts Receivable 
D) Debit to Cash,debit to GST Collections,credit to Accounts Receivable

Question 18

Details of amounts owed to individual suppliers are found in the:

Accepted Answer

A) Accounts payable subsidiary ledger 
B) Accounts payable control account 
C) Accounts receivable subsidiary ledger 
D) General ledger 
A) Accounts payable subsidiary ledger 
B) Accounts payable control account 
C) Accounts receivable subsidiary ledger 
D) General ledger

Question 19

Which of these is not an advantage of using special journals compared to recording all transactions in a general journal?

Accepted Answer

A) Journalising time is reduced 
B) Taking out a trial balance is easier 
C) Posting to the ledger is quicker 
D) Similar transactions are grouped 
A) Journalising time is reduced 
B) Taking out a trial balance is easier 
C) Posting to the ledger is quicker 
D) Similar transactions are grouped

Question 20

With MYOB,the chart of accounts is accessed through which module?

Accepted Answer

A) Banking 
B) Payroll 
C) Accounts 
D) Inventory 
A) Banking 
B) Payroll 
C) Accounts 
D) Inventory

Exam 7: Accounting for Systems

In MYOB,which of these is not a function of the sales module?

If the accounts payable subsidiary ledger shows the following balances on 31 July 2011,what is the balance in the accounts payable control account on the same date? Assuming recording and balancing of accounts payable records are up to date. - Wilson \ 4000 - Watson \ 15250 - Zhang \ 8750

The procedures adopted by an entity to control its activities and protect its assets are known as its system of i__________ c__________.

Sales of inventory on credit are recorded in the s__________ special journal.

The major accounting functions available with QuickBooks Premier are Suppliers,Customers,E___________ and Banking.

Groups of individual accounts whose total should equal the balance of a related control account are known as a s____________ ledger.

Credit sales are processed through the s__________ command centre of MYOB AccountRight Plus.

Data are recorded facts; i_____________ is data that have been processed so as to be more useful to potential users.

Which of these does not normally provide an input into an accounting system?

A credit of $540 000,including 10% GST,was posted to the Accounts Payable Control account on the last day of the month.From which special journal would this posting most likely have come?

How many of these are important considerations when developing a new accounting system or expanding an existing system? i.Compatibility with the type of business ii.Flexibility/adaptability iii.Adequacy of built-in controls

How many of these are advantages offered by the use of computers in accounting? ? Faster response time ? Error reduction ? A greater range of reports ? A lower capital outlay

The statement about control accounts that is not correct is:

Which of these is not one of the three phases in the development of an accounting system?

Kylie is both a debtor and a creditor of Tiger Balm.At the end of the period she owes Tiger Balm $200 while Tiger Balm owes her $1,500.The correct journal entry to offset the amounts against each other is:

In comparing computerised and manual accounting systems the correct statement is:

The general ledger posting from the credit sales journal is:

Details of amounts owed to individual suppliers are found in the:

Which of these is not an advantage of using special journals compared to recording all transactions in a general journal?

With MYOB,the chart of accounts is accessed through which module?

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Retailing

Accounting for Manufacturing

Cost Accounting Systems

Cash Management and Internal Control

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Performance Evaluation for Managers

Differential Analysis,profitability Analysis and Capital Budgeting

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Liabilities

Analysis and Interpretation of Financial Statements

Filters

The procedures adopted by an entity to control its activities and protect its assets are known as its system of i c.