Question 1

Within the MYOB Banking module,the __________________ command allows the balance in the bank account to be verified with the bank statement:

Accepted Answer

A) Receive Money 
B) Reconcile Accounts 
C) Spend Money 
D) Transaction Journal 
A) Receive Money 
B) Reconcile Accounts 
C) Spend Money 
D) Transaction Journal

Question 2

The special journal used to record all cash receipts is the c__________ r___________ journal.

Accepted Answer

The answer of The special journal used to record all...

Question 3

Which of these is not a common problem of a computerised accounting system?

Accepted Answer

A) Computer fraud 
B) Power failure 
C) Computer viruses 
D) Lack of keyboard skills 
A) Computer fraud 
B) Power failure 
C) Computer viruses 
D) Lack of keyboard skills

Question 4

The assignment of tasks so that the work of one employee acts as a check on the work of another is known as:

Accepted Answer

A) Division of responsibility 
B) Safekeeping 
C) Administrative control 
D) Collusion 
A) Division of responsibility 
B) Safekeeping 
C) Administrative control 
D) Collusion

Question 5

Internal control is defined to include which of the following?

Accepted Answer

A) Preparation of accounting reports 
B) Measures to encourage compliance with business policies 
C) Use of the double entry accounting system 
D) The elimination of cash deficiencies 
A) Preparation of accounting reports 
B) Measures to encourage compliance with business policies 
C) Use of the double entry accounting system 
D) The elimination of cash deficiencies

Question 6

In an i_______________ accounting package when transactions are entered into one module the computer automatically updates the other modules.

Accepted Answer

The answer of In an i_______________ accounting package when transactions...

Question 7

With QuickBooks __________ are the equivalent to MYOB's command centres.

Accepted Answer

A) Hubs 
B) Centres 
C) Icons 
D) Sections 
A) Hubs 
B) Centres 
C) Icons 
D) Sections

Question 8

The Find Transaction button,which appears in all MYOB command centres,shows:

Accepted Answer

A) The income statement 
B) The balance sheet 
C) A record of all the transactions entered in that module in a particular time period 
D) The general ledger 
A) The income statement 
B) The balance sheet 
C) A record of all the transactions entered in that module in a particular time period 
D) The general ledger

Question 9

Which of these is the main advantage of setting up special journals:

Accepted Answer

A) They can be used with a cash accounting system 
B) They remove the requirement for double entry recording 
C) They reduce the time taken to post to the general ledger 
D) They make taking out a trial balance easier 
A) They can be used with a cash accounting system 
B) They remove the requirement for double entry recording 
C) They reduce the time taken to post to the general ledger 
D) They make taking out a trial balance easier

Question 10

All cash receipts,other than receipts from debtors,are processed through the b_______________ command centre of MYOB AccountRight Plus.

Accepted Answer

The answer of All cash receipts,other than receipts from debtors,are...

Question 11

A general ledger account supported by the detail of a subsidiary ledger is known as a c__________ account.

Accepted Answer

The answer of A general ledger account supported by the...

Question 12

In QuickBooks a sales invoice can be created by clicking on the ________ icon in the customers section of the home page.

Accepted Answer

A) invoices 
B) sales 
C) credit transaction 
D) customer 
A) invoices 
B) sales 
C) credit transaction 
D) customer

Question 13

A column for Discount Received could be found in which journal?

Accepted Answer

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

Question 14

For which of the following would a subsidiary ledger and control account system not normally be used?

Accepted Answer

A) Plant and equipment 
B) Accounts receivable 
C) Inventory 
D) Recording cash 
A) Plant and equipment 
B) Accounts receivable 
C) Inventory 
D) Recording cash

Question 15

How many of these are advantages of using a subsidiary ledger and control account system?
?	Removal of a mass of detail from the general ledger
?	Division of labour between the general and subsidiary ledgers
?	Improved internal control

Accepted Answer

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

Question 16

The transaction that could not result in a credit balance in a debtor's account is:

Accepted Answer

A) Receipt of a deposit for work ordered 
B) Return of faulty goods by a customer after payment had been made 
C) Payment by a customer after the debt had been written off as irrecoverable 
D) Sale of goods on credit that will be paid for in the next accounting period 
A) Receipt of a deposit for work ordered 
B) Return of faulty goods by a customer after payment had been made 
C) Payment by a customer after the debt had been written off as irrecoverable 
D) Sale of goods on credit that will be paid for in the next accounting period

Question 17

Z Company uses a subsidiary ledger and control account system for its accounts receivable.At the end of the accounting period a listing of customers' accounts is prepared from the subsidiary ledger.The purpose of this listing is to:

Accepted Answer

A) Furnish the amount that should be posted to the accounts receivable control account 
B) Determine whether the debits equal the credits in the subsidiary ledger 
C) Prove that the subsidiary ledger agrees with the control account 
D) Provide information necessary for trial balance preparation 
A) Furnish the amount that should be posted to the accounts receivable control account 
B) Determine whether the debits equal the credits in the subsidiary ledger 
C) Prove that the subsidiary ledger agrees with the control account 
D) Provide information necessary for trial balance preparation

Question 18

The statement that is incorrect is: In a manual accounting system:

Accepted Answer

A) Cash sales are recorded in the cash receipts journal 
B) Credit sales are recorded in the sales journal 
C) Sales of surplus office equipment for cash are recorded in the general journal 
D) Sales of non-current assets on credit are recorded in the general journal 
A) Cash sales are recorded in the cash receipts journal 
B) Credit sales are recorded in the sales journal 
C) Sales of surplus office equipment for cash are recorded in the general journal 
D) Sales of non-current assets on credit are recorded in the general journal

Question 19

The main reason for using special journals and subsidiary ledgers is:

Accepted Answer

A) to make manual accounting systems operate more efficiently 
B) to divide the accounting work up between employees 
C) to allow the manual system to be more easily computerised 
D) because fewer mistakes are likely to occur 
A) to make manual accounting systems operate more efficiently 
B) to divide the accounting work up between employees 
C) to allow the manual system to be more easily computerised 
D) because fewer mistakes are likely to occur

Exam 7: Accounting for Systems

Within the MYOB Banking module,the __________________ command allows the balance in the bank account to be verified with the bank statement:

The special journal used to record all cash receipts is the c__________ r___________ journal.

Which of these is not a common problem of a computerised accounting system?

The assignment of tasks so that the work of one employee acts as a check on the work of another is known as:

Internal control is defined to include which of the following?

In an i_______________ accounting package when transactions are entered into one module the computer automatically updates the other modules.

With QuickBooks __________ are the equivalent to MYOB's command centres.

The Find Transaction button,which appears in all MYOB command centres,shows:

Which of these is the main advantage of setting up special journals:

All cash receipts,other than receipts from debtors,are processed through the b_______________ command centre of MYOB AccountRight Plus.

A general ledger account supported by the detail of a subsidiary ledger is known as a c__________ account.

In QuickBooks a sales invoice can be created by clicking on the ________ icon in the customers section of the home page.

A column for Discount Received could be found in which journal?

For which of the following would a subsidiary ledger and control account system not normally be used?

How many of these are advantages of using a subsidiary ledger and control account system? ? Removal of a mass of detail from the general ledger ? Division of labour between the general and subsidiary ledgers ? Improved internal control

The transaction that could not result in a credit balance in a debtor's account is:

Z Company uses a subsidiary ledger and control account system for its accounts receivable.At the end of the accounting period a listing of customers' accounts is prepared from the subsidiary ledger.The purpose of this listing is to:

The statement that is incorrect is: In a manual accounting system:

The main reason for using special journals and subsidiary ledgers is:

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 special journal used to record all cash receipts is the c r_ journal.