5 Written questions
5 Matching questions
- Transaction analysis chart
- Cost of goods sold
- Accounting system
- a The records and procedures adopted to capture, record and report financial transactions.
- b A useful learning device as a preliminary to recording transactions in ledger accounts. Columns are provided to record, for each transaction, the accounts effected, type of account, increase or decrease in account type, debit or credit, and amount.
- c The process of preparing a financial plan .
- d 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.
- e Total expenses incurred in acquiring and getting ready for sale the inventory that has been sold during the accounting period. Cost of goods sold is deducted from sales revenue in the Statement of Financial Performance.
5 Multiple choice questions
- Australian Accounting Standards Board.
- Federal legislation regulating the operation of companies.
- Owners of a company.
- Document prepared as evidence of the return of goods or the adjustment of the price of goods or services.
- Current assets divided by current liabilities.
5 True/False questions
Sales returns journal → A special journal used to record the return by customers of goods acquired on credit.
Account type → Asset, liability, equity, revenue, expense.
Reliability → Future sacrifices of economic benefits that the entity is presently obliged to make to other parties.
Accounting period concept → Entries made at the end of the longest time period for which revenue and expenses information needs to be kept (usually a year) to set the revenue and expense accounts back to zero and transfer net profit and drawings to the owner's capital account.
Incorporated → Become liable for.