Reference no: EM131645463
1. Which of the following methods can be used to record credit interest paid by the Bank in MYOB?
A. Receive Money in the Banking command centre
B. The "Bank Entry" option under Actions on the reconciliation screen
C. A general journal entry
D. All of these options
2. When recording a Sales Return in MYOB, which of the following tax codes is most appropriate?
A. N-T
B. FRE
C. GST
D. CAP
3. Of the following documents, which is not a preformatted document programmed to (at least partially) record a journal entry?
A. Accounts - Record Journal Entry
B. Inventory - Count Inventory
C. Purchases - Pay Bills
D. Sales - Enter Sales
4. The most appropriate series of actions in MYOB to record monthly depreciation would be:
A. Banking - Spend Money
B. Purchases - Enter Purchases
C. Purchases - Pay Bills
D. Accounts - Record Journal Entry
5. When supplier records are set up in MYOB to track accounts payable, payments made to suppliers can be recorded via:
A. All of these options
B. General Journal entry
C. "Spend Money" in the Banking command centre
D. "Pay Bills" in the Purchases command centre
6. Which of the following statements is false?
A. The definition of reporting entity forms the foundation of the Conceptual Framework as all other elements flow from it.
B. A reporting entity must prepare general purpose financial reports that comply with accounting standards.
C. Political or economic importance is a factor in determining whether an entity is a reporting entity.
D. The objective of general purpose financial reports is to provide information that is useful to existing and potential investors, creditors and other external users.
7. Dividends paid:
A. increase assets.
B. increase expenses.
C. decrease revenues.
D. decrease retained earnings
8. Which of the following statements is false?
A. GAAP in Australia is a combination of accounting standards and interpretations as well as concepts and principles that have developed over time.
B. The Australian Securities and Investments Commission monitors a company's compliance with accounting standards and the Corporations Act.
C. Members of the FRC are appointed by the Australian Accounting Standards Board.
D. Listed public companies must comply with Australian Securities Exchange listing rules which, for financial reporting purposes, focus on disclosure of information.
9. What are the qualitative characteristics that enhance the decision usefulness of relevant information faithfully represented in financial statements?
A. Generally accepted accounting principles (GAAP).
B. Accounting entity concept and the cost principle.
C. Comparability, verifiability and readability.
D. Comparability, verifiability, understandability and timeliness.
10. Retained earnings represents:
A. the shareholders' claim on total assets.
B. the amount of cash held by the business.
C. the total of revenue for the period.
D. the amount of profit held in the company for future use.