Question 1

A column for discount received could be found in which journal?

Accepted Answer

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

Question 2

A system of computer processing where transactions are processed as they occur is called:

Accepted Answer

A)  group processing. 
B)  batch processing. 
C)  online processing. 
D)  integrated processing. 
A)  group processing. 
B)  batch processing. 
C)  online processing. 
D)  integrated processing. C

Question 3

_________________are internal controls established to provide general operational efficiency and adherence to prescribed policies,e.g. procedure manuals.

Accepted Answer

A)  Division of responsibility 
B)  Accounting controls 
C)  Administrative controls 
D)  Programming controls 
A)  Division of responsibility 
B)  Accounting controls 
C)  Administrative controls 
D)  Programming controls C

Question 4

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 5

Columns for GST collections could be found in which two special journals?

Accepted Answer

A)  Cash receipts and cash payments 
B)  Cash receipts and purchases 
C)  Sales and purchases 
D)  Cash receipts and sales 
A)  Cash receipts and cash payments 
B)  Cash receipts and purchases 
C)  Sales and purchases 
D)  Cash receipts and sales

Question 6

Which transaction would be recorded in the cash payments journal?

Accepted Answer

A)  Payment of wages 
B)  Purchase of inventory on credit 
C)  The accrual of rent at the end of the accounting period 
D)  A payment by the owner of his personal expenses from his private cheque book 
A)  Payment of wages 
B)  Purchase of inventory on credit 
C)  The accrual of rent at the end of the accounting period 
D)  A payment by the owner of his personal expenses from his private cheque book

Question 7

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

Accepted Answer

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

Question 8

In comparing computerised and manual accounting systems, which of the following statements is correct?

Accepted Answer

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

Question 9

Bruce is both a debtor and a creditor of Mayo Ltd. At the end of the period she owes Mayo Ltd $400 while Mayo Ltd owes her $1500. What is the correct journal entry to offset the amounts against each other?

Accepted Answer

A)  Debit debtors $400; credit creditors $400 
B)  Debit debtors $1500; credit creditors $1500 
C)  Debit creditors $400; credit debtors $400 
D)  Debit creditors $1500; credit debtors $1500 
A)  Debit debtors $400; credit creditors $400 
B)  Debit debtors $1500; credit creditors $1500 
C)  Debit creditors $400; credit debtors $400 
D)  Debit creditors $1500; credit debtors $1500

Question 10

What are the listings of the MYOB AccountRight Plus command centres?

Accepted Answer

A)  Page Layout, Master Document, Outline 
B)  Accounts, Banking, Sales, Time Billing, Purchases, Payroll, Inventory, Card File 
C)  Journal, ledger, Trial balance, Income statement, Balance sheet 
D)  Invoices, Cheques, Orders, Deposits, Credit Notes 
A)  Page Layout, Master Document, Outline 
B)  Accounts, Banking, Sales, Time Billing, Purchases, Payroll, Inventory, Card File 
C)  Journal, ledger, Trial balance, Income statement, Balance sheet 
D)  Invoices, Cheques, Orders, Deposits, Credit Notes

Question 11

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

Accepted Answer

A)  Bank deposit slip 
B)  Sales invoice 
C)  Invoice 
D)  Managerial report 
A)  Bank deposit slip 
B)  Sales invoice 
C)  Invoice 
D)  Managerial report

Question 12

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 13

A general ledger account that summarises the detail maintained in subsidiary records is called a:

Accepted Answer

A)  master account. 
B)  special account. 
C)  key account. 
D)  control account. 
A)  master account. 
B)  special account. 
C)  key account. 
D)  control account.

Question 14

With MYOB AccountRight Plus cash sales are recorded through which module?

Accepted Answer

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

Question 15

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 16

Columns for GST collections could be found in which two special journals?

Accepted Answer

A)  Cash receipts and cash payments 
B)  Cash receipts and sales 
C)  Cash payments and purchases 
D)  Sales and purchases 
A)  Cash receipts and cash payments 
B)  Cash receipts and sales 
C)  Cash payments and purchases 
D)  Sales and purchases

Question 17

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

Accepted Answer

A)  Plant and equipment 
B)  Bank loan 
C)  Inventory 
D)  Accounts receivable 
A)  Plant and equipment 
B)  Bank loan 
C)  Inventory 
D)  Accounts receivable

Question 18

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 19

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 20

Which step is not performed automatically in a computerised accounting system?

Accepted Answer

A)  The initial inputting of transactions 
B)  Posting to the ledger 
C)  Preparing a trial balance 
D)  Recording closing entries 
A)  The initial inputting of transactions 
B)  Posting to the ledger 
C)  Preparing a trial balance 
D)  Recording closing entries

Exam 7: Accounting for Systems

A column for discount received could be found in which journal?

A system of computer processing where transactions are processed as they occur is called:

_________________are internal controls established to provide general operational efficiency and adherence to prescribed policies,e.g. procedure manuals.

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

Columns for GST collections could be found in which two special journals?

Which transaction would be recorded in the cash payments journal?

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

In comparing computerised and manual accounting systems, which of the following statements is correct?

Bruce is both a debtor and a creditor of Mayo Ltd. At the end of the period she owes Mayo Ltd $400 while Mayo Ltd owes her $1500. What is the correct journal entry to offset the amounts against each other?

What are the listings of the MYOB AccountRight Plus command centres?

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

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

A general ledger account that summarises the detail maintained in subsidiary records is called a:

With MYOB AccountRight Plus cash sales are recorded through which module?

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

Columns for GST collections could be found in which two special journals?

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

The statement about control accounts that is not correct is:

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?

Which step is not performed automatically in a computerised accounting system?

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 Closing and Reversing Entries

Accounting for Retailing

Accounting for Manufacturing

Cost Accounting Systems

Cash Management and 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

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

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