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5 Written questions

5 Matching questions

  1. Accounting equation
  2. Inventory
  3. CA
  4. Bank statement
  5. Ledger
  1. a Goods acquired for resale.
  2. b The name given to all the individual ledger accounts that an entity keeps.
  3. c assets = liabilities + equity
    This equation is sometimes expressed as equity = assets - liabilities. The extended form of the accounting equation is assets = liabilities + equity + (revenue - expenses).
  4. d Chartered Accountant. Accountant who is a member of the Institute of Chartered Accountants in Australia (ICAA).
  5. e A copy of the client's account with the bank for a given period supplied by the bank to the client.

5 Multiple choice questions

  1. Documents that provide details of transactions, e.g., cheque butts, credit notes, invoices, cash register tapes, credit card vouchers.
  2. The excess of net sales over cost of goods sold.
  3. One method of calculating depreciation; this method results in a decreasing depreciation charge over the life of the asset.
  4. A financial plan.
  5. Enter a transaction in the accounting records.

5 True/False questions

  1. BankruptcyResidual interest in the assets of the entity after deducting liabilities (SAC 4 definition) Equity is the owners' stake in the business. It consists of owners' contribution, plus accumulated profits, less accumulated losses, less withdrawals.


  2. DrawingsFinancial Reporting Council.


  3. Accounts payable sub-systemAccounting sub-system that deals with recording the amounts owed by customers and ensuring that they pay their accounts in a timely manner.


  4. DirectorEnter a transaction in the accounting records.


  5. Net lossAustralian Accounting Standards Board.


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