WorksheetsUnit 4 Topic 2 What do you know?
Total questions: 18
Worksheet time: 14mins
Which of the following is NOT an example of a source document?
bank statement
business card
tax invoice
adjustment note
What is the final step in the accounting process?
reversing entries
balance day adjustments
end of period reports
closing entries
Identify the accounts in the following transaction:
Sold goods on credit $770 (GST inclusive) with a cost price of $500.
Sales, GST Collected, Accounts Receivable
Sales, Accounts Receivable, GST Collected, Inventories, COGS
Sales, Inventories, Accounts Receivable, GST Credits Received, COGS
Accounts Payable, GST Collected, Sales, Inventories, COGS
List 3 types of balance day adjustments
(a)
Identify the DEBIT accounts in the following transaction:
Paid electricity $66
Electricity, GST Collected
Electricity
Electricity, GST Credits Received
Electricity, GST Credits Received, Cash
Which of the following is not a form of a ledger?
general ledger
accounts receivable ledger
stock ledger card
control ledger
Which is the most common inventory costing method?
FIFO
LIFO
Weighted Average
Standard Cost
What is the correct entry for recording an inventory adjustment (surplus)?
Inventory Adjustment DR, Inventories CR
Inventories DR, Inventory Adjustment CR
Inventories Expense DR, COGS
Which of the following is not included when calculating straight line depreciation?
original cost
residual value
other expenditure
capital expenditure
estimated life
If a business has a CR balance as per bank statement, which of the following is accurate for preparing the bank reconciliation statement?
add outstanding deposits, less outstanding payments
less outstanding deposits, less outstanding payments
less outstanding deposits, add outstanding payments
add revenues, less expenses
classify advertising
(a)
classify accumulated depreciation
(a)
what is the formula for showing working capital?
(a)
bad debts is classified as a
expense
selling expense
general expense
finance expense
To close a revenue account, what do you do to the revenue account in the GJ?
debit
credit
nothing
To record the reversing entry for prepaid expense of rent, the entry in the GJ is:
Accrued Expense DR, Rent Expense CR
Prepaid Expense DR, Rent Expense CR
Rent Expense DR, Prepaid Expense CR
Rent Expense DR, Accrued Expense CR
Calculate the GP from the following:
Sales $200 000, COGS $50 000, Rent Revenue $ 2 000 Sales Returns $1 000
199 000
160 000
151 000
149 000
What is the carrying amount from the following:
Equipment $50 000 Accumulated Depreciation on Equipment $10 000, Accumulated Depreciation on Buildings $20 000
30 000
20 000
50 000
40 000
