Question 1

Which of these events would not be recorded by accountants?

Accepted Answer

A) Received an order from a customer 
B) The owner paid his daughter's school fees from the business bank account 
C) Credit sale 
D) Depreciation on motor vehicles calculated at the end of the firm's financial year.

Question 2

A chronological record of all the transactions of an entity is provided in the:

Accepted Answer

A) Ledger 
B) Journal 
C) Balance sheet 
D) Trial balance

Question 3

Which statement relating to the general journal is incorrect?

Accepted Answer

A) The debit and credit effects of each transaction are shown together 
B) It is referred to as a book of original entry 
C) It provides a record of transactions in date order 
D) It can use the running balance format or the 'T' format

Question 4

The liability account recording GST collected by an entity from its customers is titled GST ______________.

Accepted Answer

The answer of The liability account recording GST collected by...

Question 5

Select the account types for these items:
?	Prepaid insurance
?	Mortgage
?	GST Collected
?	Light and power

Accepted Answer

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

Exam 3: Recording Transactions

Which of these events would not be recorded by accountants?

A chronological record of all the transactions of an entity is provided in the:

Which statement relating to the general journal is incorrect?

The liability account recording GST collected by an entity from its customers is titled GST ______________.

Select the account types for these items: ? Prepaid insurance ? Mortgage ? GST Collected ? Light and power