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QUESTION: 141

Which one of the following is an example of where the accrual or matching convention should be applied?

A customer who is in financial difficulty and owes the company $8,000.
A company's machinery which is very specialized and would only have a small resale value if the company goes into liquidation.
Gas consumed last quarter and paid for this quarter.
Non-current assets originally costing $40,000, which if purchased today would cost $45,000.

Answer(s): C

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QUESTION: 142

Store Y believe customer XF will not be able to pay his $300 debt. Which ONE of the following day books should this 'bad debt' be recorded in?

Returns inwards daybook
Sales daybook
journal
Cash book
Petty cash book

Answer(s): C

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QUESTION: 143

Accounting codes are often used within a business.

Which of the following would describe the reason for this?

To ensure all transaction are listed in a logical order
To ensure transactions are recorded in date order
To group like transactions to generate useful information
To group transactions on the same date

Answer(s): C

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QUESTION: 144

Accounting codes have proven to be very useful when recording business transactions.

Which THREE of the following does a coding system help to do?

Reduce the number of transactions recorded
Improve the quality of reports
Reduce time taken to analyze transaction
Take away the need for books of prime entry
Combine roles for the receivables and payables ledger
Extract balances for suppliers and customers

Answer(s): B,C,F

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Anonymous User commented on May 05, 2024
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