QUESTION 15 Inventory is O reported under the classification of Property, plant, and Equipment on the balance sheet often reported as a miscellaneous expense on the income statement reported as a current asset on the balance sheet O generally valued at the price for which the goods can be sold none of the above is correct QUESTION 16 An invoice shows that the total amount Company ABC pays to purchase goods from its supplier is 5107,800. How much is GST in this transaction? O SIQ.780 59223 OS292.30 $9900 ON QUESTION 17 Which of the following entry is correct for the transaction "Credit sales of $6,000? DR Sales Revenue GOOL CR Cash 6000 O DR Sales Revenue GOOD CR Account Receivable 6000 DR Cash 6000; OR Sales Revenue GOOD DR Account Receivable 600CCR Sales Revenue 5000 None of the above QUESTION 18 of the following errors, which one by itself will cause the trial balance to be out of balance? A $200 cash salary payment posted as a $200 debt to Cash and a $200 credit to Salaries Expense. A5100 cash receipt from a customer in payment of his account posted as a $100 debit to Cash and a $100 debit to Accounts Receivable. O A $75 cash receipt from a customer in payment of his account posted as a $75 debito Cash and a 575 credit to Cash. O A 550 cash purchase of office supplies posted as a so debit to Office Equipment and a 550 credit to Cash. None of the above accounts because their balance at the end of one accounting period becomes their opening balance at the start of the next period QUESTION 19 Balance sheet accounts are known as o open o long term o permanent O carry forward O temporary QUESTION 20 Which of the following events would not be recorded in the accounting system? The owner paid his son's car registration from the business bank account. o Credit purchase Hind an experienced salesman Depreciation on equipment calculated at the end of the firm's financial year. o None of the above. QUESTION 21 Which of the following is not an advantage of the perpetual inventory system O Continuous Allows stock losses to be identified Allow cost of sales to be calculated at any time A stock take is not required O none of the above