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5 Written questions

5 Matching questions

  1. Current liability
  2. ICAA
  3. Inventory sub-system
  4. Trial balance
  5. Liquidity
  1. a An obligation that is due for payment within one year of the balance date.
  2. b Accounting sub-system involving the recording and control of goods for resale.
  3. c List of ledger accounts and their balances at a given date.
  4. d The ability of an entity to meet its debts as they fall due. Also refers to the ability of an asset to be converted into cash.
  5. e The Institute of Chartered Accountants in Australia.

5 Multiple choice questions

  1. An expense that arises when a credit customer is permitted to settle his/her account for less than the amount owning in return for prompt payment.
  2. The units into which a company's capital is divided.
  3. Parts of the accounting system that deal with specific functions, e.g., payroll, accounts receivable, fixed assets.
  4. Owners of a company.
  5. An exclusive right to produce and sell a particular product or process for a number of years.

5 True/False questions

  1. Net profitThe excess of revenue over expenses.


  2. DrawingsStatements of accounting concepts. Statements issued as part of the conceptual framework:
    SAC 1 — Definition of the Reporting Entity.
    SAC 2 — Objective of General Purpose Financial Reporting.
    SAC 3 — Qualitative Characteristics of Financial Information.
    SAC 4 — Definition and Recognition of the Elements of Financial Statements.


  3. Internal reportingReporting to management within an organisation


  4. Production unitsA method of calculating depreciation which is based on asset usage.


  5. Current assetA professional person involved in the accounting functions, both for individuals and organisations.


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