Exam 3: Recording Transactions

A chart of accounts is:

The ______________ ___________ assumption involves the division of the operating life of a firm into equal time intervals.

A trial balance will disclose which of these errors?

On 15 May Osaka paid $715 cash for an 18-month insurance policy including 10% GST.The general journal entry to record the payment is: a. Insurance Expense 650 GST Outlays 65 Equity 751 b. Insurance Expense 585 GST Collected 65 Prepaid Insurance 650 c. Prepaid Insurance 650 GST Outlays 65 Cash 715 d. Cash 650 Prepaid Insurance 650

In the accounting equation income and expenses can be thought of as sub-classifications of e__________.

GST paid by a business on the purchase of its goods and services,and for which a reduction of GST collected will be claimed from the tax department,is stored in an account called:

On 20 June Yin repaired Yan's computer and charged her $660 cash including GST.The general journal entry to record the transaction is: a. \ \ Cash at bank 660 GST Collections 60 Income from repairs 600 b. Cash at bank 600 GST Collections 60 Income from repairs 660 c. Cash at bank 660 GST Outlays 60 Income from repairs 600 d. $\text { None of the above }$

If a sole proprietor who owns an electrical store takes home a DVD player for his own personal use it would be considered to be:

If a transaction causes an equity account to decrease,which of these related effects may also occur?

T____________________ are events that are given accounting recognition and are the first stage in the accounting cycle.

The accounting system where recording is a dual process and every transaction has two or more effects on the accounting equation is known as the _______________-_____________ accounting system.

The accounting entry to record the payment of a liability is

The source document for a cash sale could be a:

In order to provide timely information for decision-making the life of the business is divided into arbitrary time periods of equal length called:

The correct classification for these ledger accounts is: a.Land b.Accounts Receivable c.Interest Received d.Mortgage Payable a. $\text { 1 Asset } 2 \text { Liability }\quad 3 \text { Income } \quad 4 \text { Asset }$ b. $\text { 1 Asset } \quad 2 \text { Asset } \quad 3 \text { Liability } \quad 4 \text { Liability }$ c. $\text { 1 Asset } \quad 2 \text { Liability } \quad 3 \text { Liability }\quad 4 \text { Liability }$ d. $\text { 1 Asset } \quad 2 \text { Asset } \quad 3 \text { Income } \quad 4 \text { Liability }$

P___________________ is the process of transferring entries in the journal to the appropriate ledger accounts.

Accounts in the general _____________ are organised in the order that they appear in the accounting reports.

Select the account types for these items: ? Repairs and maintenance ? Repairs and maintenance payable ? Accounts receivable ? Drawings

The event that may be recorded in a firm's sustainability report but not in their financial report is:

The double-entry system requires how many of the following to be true? i.At least one account should be debited and one account credited ii.Total debits should equal total credits iii.The accounting equation should stay in balance