5 Written questions
5 Matching questions
- Not-for-profit organisation
- Accounting reports
- Statement of cash flows
- Annual leave
- a A financial statement that summarises cash flows into and out of an organisation over a given period of time.
- b Leave paid by employers to employees for each year of employment, commonly four weeks per year.
- c Finding the balance of a T-form ledger account.
- d Organisation whose primary objective is not necessarily to make a profit. Examples of not-for profit entities are charities, sporting clubs, religious organisations, public schools and public hospitals.
- e The three general purpose financial reports are the Statement of Financial Position, the Statement of Financial Performance and the Statement of Cash Flows.
5 Multiple choice questions
- Assets that do not have a physical form, e.g. patents, goodwill, copyrights, brand names.
- Document prepared as evidence of the return of goods or the adjustment of the price of goods or services.
- The alignment of Australian accounting standards with international standards issued by the International Accounting Standards Committee.
- A method of calculating depreciation which spreads the cost of the asset evenly over its useful life.
- the part of a cheque that remains with the preparer and is used as the source document for transactions involving payment by cheque. The cheque butt will contain details of the information on the cheque, e.g., date, drawee, amount.
5 True/False questions
Partnership act → An act of parliament that sets out legal provisions which may affect the operations of a partnership.
Inventory sub-system → An entity that has been formed into a company.
Recognised → Enter a transaction in the accounting records.
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.
General purpose financial reports → A financial report intended to meet the information needs common to users who are unable to command the preparation of reports tailored so as to satisfy, specifically all of their information needs (SAC 1).