5 Written questions
5 Matching questions
- Sales returns journal
- Accounts receivable sub-system
- a A special journal used to record the return by customers of goods acquired on credit.
- b Technical and further education.
- c Certified Practising Accountant. Accountant who is a member of the Australian Society of Certified Practising Accountants (ASCPA).
- d That quality of financial information that exists when information influences decisions by users about the allocation of scarce resources. (SAC 3).
- e Accounting sub-system that deals with recording the amounts owed by customers and ensuring that they pay their accounts in a timely manner.
5 Multiple choice questions
- Reporting to management within an organisation
- The accounting sub-system that deals with recording the amounts owing to creditors and ensuring that all payments are authorised and that they are made in a timely manner.
- Revenue and expense accounts.
- The process of choosing between alternative courses of action in order to achieve an objective.
- An amount owing to an entity that is written off as not being able to be collected.
5 True/False questions
Partnership act → An underlying accounting concept concerned with the extent to which information can be omitted, misstated or combined with other information without adversely affecting users in their decision making.
Corporations' legislation → The alignment of Australian accounting standards with international standards issued by the International Accounting Standards Committee.
Accrued expense → That quality of financial information that exists when information influences decisions by users about the allocation of scarce resources. (SAC 3).
Transaction analysis chart → A method of calculating depreciation which is based on asset usage.
Inventory → the unit for which accounting records are kept and accounting reports prepared, e.g. a sole trader, a partnership, a department, a company.