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5 Written questions

5 Matching questions

  1. Relevance
  2. Sales returns journal
  3. TAFE
  4. Accounts receivable sub-system
  5. CPA
  1. a A special journal used to record the return by customers of goods acquired on credit.
  2. b Technical and further education.
  3. c Certified Practising Accountant. Accountant who is a member of the Australian Society of Certified Practising Accountants (ASCPA).
  4. d That quality of financial information that exists when information influences decisions by users about the allocation of scarce resources. (SAC 3).
  5. 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

  1. Reporting to management within an organisation
  2. 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.
  3. Revenue and expense accounts.
  4. The process of choosing between alternative courses of action in order to achieve an objective.
  5. An amount owing to an entity that is written off as not being able to be collected.

5 True/False questions

  1. Partnership actAn 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.

          

  2. Corporations' legislationThe alignment of Australian accounting standards with international standards issued by the International Accounting Standards Committee.

          

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

          

  4. Transaction analysis chartA method of calculating depreciation which is based on asset usage.

          

  5. Inventorythe unit for which accounting records are kept and accounting reports prepared, e.g. a sole trader, a partnership, a department, a company.