5 Written Questions
5 Matching Questions
- Time card
- Special purpose financial reports
- Budgeted statement of financial performance
- Internal control
- a Financial reports prepared for users who have the authority to obtain the information they need to meet their needs. SAC 2.
- b An estimated statement of financial performance showing projections for future periods.
- c A document that is used to record the number of hours an employee has worked.
- d Policies and procedures designed to safeguard assets and ensure the accurate and reliable functioning of the accounting system.
- e Technical and further education.
5 Multiple Choice Questions
- Period of time a non-current asset is expected to be used by an entity.
- The Institute of Chartered Accountants in Australia.
- 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.
- The process where a receiver is appointed to protect and collect the assets of a company which is, or is close to being, insolvent.
- An act of parliament that sets out legal provisions which may affect the operations of a partnership.
5 True/False Questions
Net profit → Residual interest in the assets of the business after deducting its liabilities; the equity in the business.
Double entry accounting → The provision of accounting information to external decision makers.
Incorporated → An entity that has been formed into a company.
Accrued revenue → Meets the definition of an asset under SAC 4. It is revenue earned but not received at balance date).
Chart of accounts → An 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.