1 Which of the following is true of Detail accounts in the MYOB Accounts List a Sub totals can be shown against Detail accounts b Detail accounts are used only for report presentation purposes c Transactions cannot be posted directly to Detail accounts d Detail accounts are not shown in bold in the Accounts List 2 Which of the following MYOB tax codes would be used when recording the receipt of a Bank Loan a GST b CAP c FRE d N T 3 Where at the end of a period, inventory as per the stocktake is greater than the value of inventory in MYOB The adjustment can be recorded as a An invoice in the Sales command centre b a stock adjustment in the Inventory command centre c all of these options d a general journal entry in the Accounts command centre 4 When a purchase of inventory on credit (using perpetual inventory) is processed in MYOB using Enter Purchases in the Purchases command centre, the accounting result is a Dr Purchases, Dr GST Collected, Cr Accounts Payable b Dr Purchases, Dr GST Paid, Cr Accounts Payable c Dr Inventory, Dr GST Collected, Cr Accounts Payable d Dr Inventory, Dr GST Paid, Cr Accounts Payable 5 Which of the following options can be used in MYOB for entry of Bank Fees from the Bank Statement a Record a Journal Entry in the Accounts command centre b The Bank Entry button on the Reconciliation screen c Spend Money in the Banking command centre d All of these options 6 Hammer Hardware sold goods to James Brown on credit at a price of $2,750 00 including GST What is the correct accounting entry to record this transaction in Hammer Hardwares books under periodic inventory system, if GST applies a Debit Accounts receivable $2,500 debit GST collected $250 credit Sales $2,750 b Debit accounts receivable $2,750 credit Sales $2,500 credit GST collected $250 c Debit Accounts receivable $2,500 credit Sales $2,500 d Debit Accounts receivable $2,750 credit Sales $2,750 7 Assuming the periodic inventory method is used, cost of sales is calculated from the following equation a beginning inventory cost of goods purchased ending inventory b sales gross profit ending inventory beginning inventory c sales cost of goods purchased beginning inventory ending inventory d beginning inventory cost of goods purchased ending inventory 8 A company purchased inventory as follows 200 units at $9 300 units at $10 The weighted average unit cost for inventory is a $9 00 b $9 50 c $9 60 d $10 00 9 Which of the following is not true of ordinary repairs a They primarily benefit the current accounting period b They reduce profit in the current accounting period c They maintain the expected productive life of the asset d They increase the productive capacity of the asset 10 Which of the following assets does not decline in service potential over the course of its useful life a Furnishings b Land c Fixtures d Equipment

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1. Which of the following is true of Detail accounts in the MYOB Accounts List? a. Sub-totals can be shown against Detail accounts b. Detail

Which of the following is true of Detail accounts in the MYOB Accounts List?

Sub-totals can be shown against Detail accounts

Detail accounts are used only for report presentation purposes

Transactions cannot be posted directly to Detail accounts

Detail accounts are not shown in bold in the Accounts List

Which of the following MYOB tax codes would be used when recording the receipt of a Bank Loan?

GST

CAP

FRE

N-T

Where at the end of a period, inventory as per the stocktake is greater than the value of inventory in MYOB. The adjustment can be recorded as:

An invoice in the Sales command centre

a stock adjustment in the Inventory command centre

all of these options

a general journal entry in the Accounts command centre

When a purchase of inventory on credit (using perpetual inventory) is processed in MYOB using Enter Purchases in the Purchases command centre, the accounting result is:

Dr Purchases, Dr GST Collected, Cr Accounts Payable

Dr Purchases, Dr GST Paid, Cr Accounts Payable

Dr Inventory, Dr GST Collected, Cr Accounts Payable

Dr Inventory, Dr GST Paid, Cr Accounts Payable

Which of the following options can be used in MYOB for entry of Bank Fees from the Bank Statement:

Record a Journal Entry in the Accounts command centre

The Bank Entry button on the Reconciliation screen

Spend Money in the Banking command centre

All of these options

Hammer Hardware sold goods to James Brown on credit at a price of $2,750.00 including GST. What is the correct accounting entry to record this transaction in Hammer Hardwares books under periodic inventory system, if GST applies?

Debit Accounts receivable $2,500; debit GST collected $250; credit Sales $2,750.

Debit accounts receivable $2,750; credit Sales $2,500; credit GST collected $250.

Debit Accounts receivable $2,500; credit Sales $2,500.

Debit Accounts receivable $2,750; credit Sales $2,750.

Assuming the periodic inventory method is used, cost of sales is calculated from the following equation:

beginning inventory cost of goods purchased + ending inventory.

sales + gross profit ending inventory + beginning inventory.

sales cost of goods purchased + beginning inventory ending inventory.

beginning inventory + cost of goods purchased ending inventory.

A company purchased inventory as follows:

200 units at $9

300 units at $10