Question 1

A chart of accounts is a:

Accepted Answer

A)  planning device used by management to anticipate information flows through the accounting system. 
B)  list of accounts receivable. 
C)  chart showing the organisational structure of the firm. 
D)  plan of the ledger listing account titles and their related numbers. 
A)  planning device used by management to anticipate information flows through the accounting system. 
B)  list of accounts receivable. 
C)  chart showing the organisational structure of the firm. 
D)  plan of the ledger listing account titles and their related numbers.

Question 2

A collection of all the individual accounts for a particular business is referred to as:

Accepted Answer

A)  the general ledger. 
B)  the master file. 
C)  MYOB. 
D)  the chart of accounts. 
A)  the general ledger. 
B)  the master file. 
C)  MYOB. 
D)  the chart of accounts.

Question 3

What is the correct order of the steps in the accounting cycle?
1) Entries are made in the journal
2) A business transaction occurs
3) A trial balance is prepared
4) Entries are made in the ledger

Accepted Answer

A)  2, 4, 1, 3 
B)  2, 1, 4, 3 
C)  3, 2, 1, 4 
D)  2, 4, 3, 1. 
A)  2, 4, 1, 3 
B)  2, 1, 4, 3 
C)  3, 2, 1, 4 
D)  2, 4, 3, 1.

Question 4

Select the account types for these items:
F1S1S1W1F1F1F10F1S1S1W1F1F1F10Repairs and maintenance
F1S1S1W1F1F1F10F1S1S1W1F1F1F10Accounts receivable
F1S1S1W1F1F1F10F1S1S1W1F1F1F10Drawings
F1S1S1W1F1F1F10F1S1S1W1F1F1F10Wages

Accepted Answer

A)  Expense, asset, equity, equity 
B)  Asset, liability, equity, equity 
C)  Expense, asset, equity, expense 
D)  Expense, liability, asset, expense 
A)  Expense, asset, equity, equity 
B)  Asset, liability, equity, equity 
C)  Expense, asset, equity, expense 
D)  Expense, liability, asset, expense

A chart of accounts is a:

A collection of all the individual accounts for a particular business is referred to as:

What is the correct order of the steps in the accounting cycle? 1) Entries are made in the journal 2) A business transaction occurs 3) A trial balance is prepared 4) Entries are made in the ledger

Select the account types for these items: Repairs and maintenance Accounts receivable Drawings Wages

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle Closing and Reversing Entries

Accounting for Retailing

Accounting for Systems

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

Filters

Exam 3: Recording Transactions

A chart of accounts is a:

A collection of all the individual accounts for a particular business is referred to as:

What is the correct order of the steps in the accounting cycle? 1) Entries are made in the journal 2) A business transaction occurs 3) A trial balance is prepared 4) Entries are made in the ledger

Select the account types for these items: Repairs and maintenance Accounts receivable Drawings Wages

Decision Making and the Role of Accounting

Financial Statements for Decision Making

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle Closing and Reversing Entries

Accounting for Retailing

Accounting for Systems

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

Filters