Font size
WorksheetsBUS245 Task Sheet 5 & 6 Assignment
Total questions: 40
Worksheet time: 28mins
The Trading and Profit/Loss Account lists a business':
Revenue, cost of goods, expenses, and Profit
current assets ÷ quick liabilities
What does a current ratio tell us?
A higher current ratio indicates better liquidity.
A lower current ratio indicates better liquidity
A higher current ratio indicates what portion of assets are tied up in slow moving inventory
A lowercurrent ratio indicates what portion of assets are tied up in slow moving inventory
Which is not a liquid asset?
Cash equivalents
Notes receivable
Inventories
Cash substitutes
NOT IN THE CHOICES
Cost of goods sold divided by average inventory
Inventory turnover
Cost of goods sold margin
Inventory margin
Days sales in receivables
NOT IN THE CHOICES
What is balance sheet?
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.
A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss
Debts and financial obligations (responsibilities).
Liabilities
Assets
Negative Net Worth
Property
Which one is right?
Asset = Owner's equity + Liability
Asset = Owner's equity - Liability
Asset + Owner's equity = Liability
Asset + Owner's equity = expense
The payroll responsibility of the Accounting Department included:
[select all that are CORRECT]
Paying salaries and wages
Completing statutory deduction forms
Withholding statutory contributions from employee's Gross Pay
Remitting statutory contributions to the relevant entities
Issuing employees their Net Pay and Pay Slips
If the company is late in submitting Statutory contributions and ABST payments, penalties will be applied
True
False
Not sure
The ABST which is due and payable was originally __________ to customer invoices in previous transactions
Why are accurate accounting records important to a business?
They prevent any financial losses.
They show the business how it is doing.
They increase the return on investments.
They give the business an image of success.
For an accounting system to be useful to the business, the accounting information it contains must be
accurate and up to date.
approved by the chief executive officer.
posted by an accountant.
recorded using the accrual method.
Cheques, receipts, invoices, and purchase orders are examples of
financial statements.
department ledgers.
source documents.
accounting standards.
When entering a journal entry, what happens if the debits don't equal the credits?
QuickBooks sends the difference to an adjustment account.
QuickBooks will not allow you to record the transaction.
QuickBooks asks you what to do with the "unequal" amount.
Nothing. QuickBooks records the transaction as is.
What is the purpose of the Chart of Accounts?
It allows accountants to view accounting records remotely.
It is how you categorize financial transactions.
To see a graphical chart of income and expenses.
To categorize items.
Which best defines a vendor?
Any company to which one pays money
Any entity from which one purchases goods
Any entity to which one pays money
Any individual to which one pays money
What does Accounts Receivable keep track of?
What you owe vendors
How much is in your bank accounts
What customers owe you
Your purchase orders
Which report shows how much you owe for sales tax?
Sales Tax Revenue Summary
1099 Detail
Sales Tax Liability
AP Aging
What can you do in the report center?
Start the client data review.
Add reports to QuickBooks
Run most reports in QuickBooks
Delete reports in QuickBooks Multiple Reports
............................ provides coverage against damage caused by fire, lightning and explosion that occur at the business premises.
Life Insurance
Fire insurance
Medical Insurance
Motor insurance
What is the deadline for payment of the Statutory contributions Golden Enterprises calculated for February 2022?
March 14th 2022
February 14th 2022
April 14th 2022
There is no deadline
You must back up your QuickBooks company to your flash drive file every session
Yes
No
What part of a cover letter contains Golden Enterprises' contact information?
Header
Introduction
Body
Closing
Dear Mrs. Collins, (comma)
is a proper Salutation for an open punctuation, business letter.
TRUE
FALSE
is an example of a...
Why are there 4 spaces after a letter's complimentary closing?
4/5/2022 is an appropriate date to use in a business letter.
How can Golden Enterprises increase its Net Profit % without increasing sales?
(a)
All of Golden Enterprises' debtors have paid their outstanding amounts
Yes
No
Golden Enterprises still has outstanding payments due to at least one creditor.
Yes
No
The company's Statutory contribution cheques include:
[select all that apply]
Amounts deducted from employee gross pay
Amounts contributed from Golden Enterprises' funds
ABST
Contributions from Mr and Mrs Gold, because they are the employers
