5 Written Questions
5 Matching Questions
- Cash sale
- Fixed asset sub-system
- Monetary principle
- a Accounting sub-system that involves the recording and control of fixed assets such as motor vehicles, plant and machinery.
- b Accounting concept that inputs into the accounting system must be capable of being measured in terms of money.
- c An entity that has been formed into a company.
- d the withdrawal of cash or other assets, e.g. stock, from a sole proprietorship or partnership by owner(s) for their personal use.
- e Sale where the customer pays for the goods or services at the same time that the benefit is received.
5 Multiple Choice Questions
- The process of comparing a business's cash records with its bank statement and preparing a statement listing the reasons for the differences.
- 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.
- A situation where a person's affairs are subject to legal processes because of insolvency.
- The process of preparing a financial plan .
- An obligation that is due for payment within one year of the balance date.
5 True/False Questions
Internal audit → Reporting to management within an organisation
Credit sale → Document prepared as evidence of the return of goods or the adjustment of the price of goods or services.
Special purpose financial reports → Financial reports prepared for users who have the authority to obtain the information they need to meet their needs. SAC 2.
Receivership → The process where a receiver is appointed to protect and collect the assets of a company which is, or is close to being, insolvent.
Reporting period → Excess of current assets over current liabilities.