NAME: ________________________

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5 Written Questions

5 Matching Questions

  1. Time card
  2. TAFE
  3. Special purpose financial reports
  4. Budgeted statement of financial performance
  5. Internal control
  1. a Financial reports prepared for users who have the authority to obtain the information they need to meet their needs. SAC 2.
  2. b An estimated statement of financial performance showing projections for future periods.
  3. c A document that is used to record the number of hours an employee has worked.
  4. d Policies and procedures designed to safeguard assets and ensure the accurate and reliable functioning of the accounting system.
  5. e Technical and further education.

5 Multiple Choice Questions

  1. Period of time a non-current asset is expected to be used by an entity.
  2. The Institute of Chartered Accountants in Australia.
  3. An underlying accounting concept whereby, in the absence of evidence to the contrary, the life of a business is assumed to be continuous and indefinite.
  4. The process where a receiver is appointed to protect and collect the assets of a company which is, or is close to being, insolvent.
  5. An act of parliament that sets out legal provisions which may affect the operations of a partnership.

5 True/False Questions

  1. Net profitResidual interest in the assets of the business after deducting its liabilities; the equity in the business.

          

  2. Double entry accountingThe provision of accounting information to external decision makers.

          

  3. IncorporatedAn entity that has been formed into a company.

          

  4. Accrued revenueMeets the definition of an asset under SAC 4. It is revenue earned but not received at balance date).

          

  5. Chart of accountsAn index to the ledger which names and classifies, by account type, all the ledger accounts expected to be required by an entity and assigns them appropriate identifying numbers.

          

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