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5 Written questions

5 Matching questions

  1. Current asset
  2. Reducing balance depreciation
  3. Bank deposit slip
  4. Interest
  5. General purpose financial reports
  1. a Asset that is cash or expected to be converted into cash or consumed (used up) within one year of the balance date.
  2. b A financial report intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy, specifically all of their information needs (SAC 1).
  3. c A summary of the daily banking, prepared by the entity. The bank keeps the original, the copy is the source document for the entry into the accounting records of transactions involving cash receipts.
  4. d One method of calculating depreciation; this method results in a decreasing depreciation charge over the life of the asset.
  5. e Charge made or received for the use of money.

5 Multiple choice questions

  1. Record in which transactions may be recorded if not recorded in specialised journals.
  2. The quality of financial information which exists when users are able to discern and evaluate similarities in, and differences between, the nature and effects of transactions and events, at one time and over time.
  3. Assets, liabilities, revenue, expenses and equity incorporated into the accounting records.
  4. Future sacrifices of economic benefits that the entity is presently obliged to make to other parties.
  5. The excess of expenses over revenue.

5 True/False questions

  1. BookkeepingThe capturing and recording stage of the accounting process. Can also include report preparation. Generally refers to the more routine and predictable accounting related activities.


  2. Perpetual inventory methodTo minimise the possibility of errors or fraud the various parts of a transaction should be divided between two or more persons so that the work of one checks the work of another. For example, one person should order goods and another should pay for them.


  3. MaterialityFuture sacrifices of economic benefits that the entity is presently obliged to make to other parties.


  4. OverdraftA loan extended to an organisation by a bank.


  5. UIGAn accountant who undertakes an audit.


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