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5 Written questions

5 Matching questions

  1. Patent
  2. Cash payments journal
  3. Personal loan
  4. Discount allowed
  5. Accumulated depreciation
  1. a 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. b A loan extended to individuals on a personal basis.
  3. c A multi-column, special journal where all cash payments are recorded.
  4. d The cumulative amount of depreciation that has been charged as an expense since the asset was acquired.
  5. e An exclusive right to produce and sell a particular product or process for a number of years.

5 Multiple choice questions

  1. A multi-column, special journal where all cash receipts are recorded.
  2. The truth is rarely pure and never simple.
  3. urgent issues consensus group.
  4. Characteristic of a partnership whereby each partner is an agent for the partnership and can bind the other partners to a contract if acting within the normal scope of the business.
  5. Transaction where cash is received or paid after the benefit is received or consumed.

5 True/False questions

  1. RelevanceThat quality of financial information that exists when information influences decisions by users about the allocation of scarce resources. (SAC 3).


  2. External decision makersUsers of accounting information who operate from within an organisation e.g. owner/manager, manager.


  3. ASICAustralian Securities and Investment Commission.


  4. Financing activitiesActivities which relate to the raising of funds by an entity; activities that affect equity and non-current liabilities.


  5. Residual valueEstimated net amount to be recovered on the disposal of an asset at the end of its useful life.