QCAA Yr 12 EA Accounting Quiz

Name in correct order the most important components or steps in the accounting process.

• Journalizing, bank reconciliation, Posting, creating trial balance, Adjusting Entries, Preparing Financial Statements, Closing Entries, Reversing entries

• Posting, Journalizing, Preparing Financial Statements, Adjusting Entries, Reversing entries, Closing Entries

• Reversing entries, Adjusting Entries, Journalizing, Posting, Closing Entries, Preparing Financial Statements

• Preparing Financial Statements, bank reconciliation, Journalizing, Posting, Adjusting Entries, Closing Entries

Name the main categories of transactions and the source documents from which they are prepared.

• Sales, Purchases, Receipts, Payments

• Sales, Purchases, Receipts, Payments, Adjustments

• Sales, Purchases, Receipts, Payments, Returns

• Sales, Purchases, Receipts, Payments, Transfers

List the steps in the bank reconciliation procedure.

• Compare bank statement with cash book, Adjust cash book through general journal, Reconcile balances by posting journal to ledger.

• Compare bank statement with cash book, Adjust bank statement, Adjust cash book, Reconcile balances

• Compare bank statement with cash book, Reconcile balances, Adjust cash book, Adjust bank statement

• Compare bank statement with cash book, Adjust cash book, Reconcile balances, Adjust bank statement

Why is the bank reconciliation prepared?

• To ensure the accuracy of the cash book and bank statement

• To ensure the accuracy of the cash book only

• To ensure the accuracy of the bank statement only

• To ensure the accuracy of the financial statements

Name four important types of ledgers that a business uses.

• Accounts Payable Ledger, Accounts receivable Ledger, General Ledger, Inventory Ledger

• Sales Ledger, Purchase Ledger, General Ledger, Inventory Ledger

• Sales Ledger, Purchase Ledger, General Ledger, Expense Ledger

• Sales Ledger, Purchase Ledger, General Ledger, Revenue Ledger

List the errors that are not disclosed by a trial balance.

• Errors of omission, incorrect amounts of the same value that have been entered on both sides of the ledger, entries of an equal amount made to the wrong side of each account, entries of an equal amount made in the wrong accounts, but on the correct sides

• Errors of omission, Errors of commission, Errors of principle, Transposition errors

• Errors of omission, Errors of commission, Errors of principle, Single entry errors

• Errors of omission, Errors of commission, Errors of principle, Addition errors

How is the value of inventories (stock) obtained at the end of a period?

• By physical count and valuation

• By estimation

• By last purchase price

• By average cost

What is the general journal entry to adjust for an accrued expense?

• Debit Expense, Credit Accrued Expense

• Debit Accrued Expense, Credit Expense

• Debit Expense, Credit Cash

• Debit Cash, Credit Expense

What effect does the general journal entry for accrued revenues have on the ledger?

• Increases both assets and revenues

• Increases both liabilities and revenues

• Decreases both assets and revenues

• Decreases both liabilities and revenues

What is the general journal entry to adjust for a prepaid expense?

• Debit expense & credit Prepaid expense

• Credit expense & debit Prepaid Expense

• Debit expenses & debit prepaid expense

• Credit expense & credit prepaid expense