1. The most appropriate series of actions in MYOB to record accrued expenses would be:

a. Purchases Enter Purchases

b. Purchases Pay Bills

c. Banking Spend Money

2.

LMN Ltd declared an final dividend on 30th June 2020 of 5 cents per share and paid it on 10th July 2020. The company has 500,000 issued shares. The journal entry on 10th July 2020 would include:

a.

DR to retained earnings $25,000

b.

CR to dividends payable $25,000

c.

CR to retained earnings $25,000

d.

CR to cash $25,000

3.

Lemrac Ltd has a current ratio of 2:1. Which of the following transactions would decrease the ratio?

a.

Depreciation of plant and equipment

b.

Payment of accounts payable

c.

Prepayment of insurance expense

d.

Purchase of inventory on credit