Question 8

The second step of accounting process is

a.communicating.

b.identifying.

c.processing.

d.recording.

Question 9

Inventory is a current asset and can comprise:

a.raw materials, consumables and stock

b.raw materials, work-in-progress and finished goods

c.accounts receivable

d.current liabilities

Question 10

Which of the following is not a current liability?

a.GST Payable

b.Accounts payable

c.GST Receivable

d.PAYG Withholding Payable

Question 11

The accounting equation:

a.Is also called the Income statement equation

b.Is changed by expenses of the organisation

c.Holds true the concept of duality

d.Helps to determine the cash balance of the organisation

Question 12

The best description of a journal entry is:

a.The details of an accounting manager's meetings for a daily period

b.An accounting record including the transaction date, the name of the accounts affected by the transaction and the amounts

c.Records business transactions

d.is the third step in the accounting process

Question 13 (Have 2 parts)

Consider the following transactions.

(i)Borrowed from ANZ Bank $250 000

(ii)Received $80 000 from accounts receivable

(iii)Paid $30 000 to accounts payable

(iv)Purchased new equipment for $150 000 on credit

How much did total assets increase by?

a.$220,000

b.$330,000

c.$370,000

d.$480,000