2017 2

Which statement about the computerised accounting system is correct?

• anyone with a computer can gain access to the accounting records.

• data input can only be used for one specific purpose.

• data output can only be understood by computer programmers.

• operator error may result inn inaccurate information

What increase owner's capital?

• bank loan extended from five to ten years.

• purchase of inventory on credit

• purchase of machinery by cheque.

• transfer of vehicle to business from private use.

A trader provided the following extract from his journal.

Which entry was made in the account of J Sango in the sales ledger?

• credit $80

• credit $100

• debit $80

• debit $100

What is correct about a bank reconciliation statement?

• A

• B

• C

• D

Which transaction is recorded in the general journal?

• payment of cash into a business bank account

• purchases of a motor vehicle on credit

• receipt of a cheque from a customer

• sale of goods on credit

The following account in Sue's ledger.

Which statement is correct?

• On 12 May Tony sold goods, $590, to Sue

• On 16 May Sue returned goods, $21, to Tony

• On 28 May Tony received discount, $6, from Sue

• On 31 May Sue owed $679 to Tony

Mark sold goods on credit to Paul for $5,000. Paul returned goods costing $200 to Mark.

What were the balances in Paul's ledger accounts after these transactions?

• A

• B

• C

• D

The totals of a trial balance agreed.

What does this mean?

• All the arithmetic in the ledger is correct

• All transactions have been entered in the correct ledger accounts

• All transactions have been entered on the correct sides of the ledger

• Total debit balances equal total credit balances in the ledger

Gary rents his business premises.

His financial year ends on 30 September.

On 1 October 2016 rent prepaid amounted to $3,000.

During the year ended 30 September 2017 a total of $7,000 rent was paid.

On 30 September 2017 rent outstanding amounted to $2,000.

Which journal entry shows the transfer of the rent to the income statement on 30 September 2017?

• A

• B

• C

• D

Elizabeth issued an invoice to Jane for $500 on 1 February. On 30 April Elizabeth received $300 from Jane. She wrote off the remaining balance on 28 October.

Which entries did Elizabeth make on 28 October?

• A

• B

• C

• D