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5 Written Questions

5 Matching Questions

  1. Incorporated
  2. Drawings
  3. Cash sale
  4. Fixed asset sub-system
  5. Monetary principle
  1. a Accounting sub-system that involves the recording and control of fixed assets such as motor vehicles, plant and machinery.
  2. b Accounting concept that inputs into the accounting system must be capable of being measured in terms of money.
  3. c An entity that has been formed into a company.
  4. d the withdrawal of cash or other assets, e.g. stock, from a sole proprietorship or partnership by owner(s) for their personal use.
  5. e Sale where the customer pays for the goods or services at the same time that the benefit is received.

5 Multiple Choice Questions

  1. The process of comparing a business's cash records with its bank statement and preparing a statement listing the reasons for the differences.
  2. The capturing and recording stage of the accounting process. Can also include report preparation. Generally refers to the more routine and predictable accounting related activities.
  3. A situation where a person's affairs are subject to legal processes because of insolvency.
  4. The process of preparing a financial plan .
  5. An obligation that is due for payment within one year of the balance date.

5 True/False Questions

  1. Internal auditReporting to management within an organisation

          

  2. Credit saleDocument prepared as evidence of the return of goods or the adjustment of the price of goods or services.

          

  3. Special purpose financial reportsFinancial reports prepared for users who have the authority to obtain the information they need to meet their needs. SAC 2.

          

  4. ReceivershipThe process where a receiver is appointed to protect and collect the assets of a company which is, or is close to being, insolvent.

          

  5. Reporting periodExcess of current assets over current liabilities.

          

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