ACC00712 - Accounts Receivable - Accounts Payable - General Ledger - Accounting And Finance Assignment Help

Assignment Task
 

Part I

Multiple Choice questions-
1. A chart of accounts is:
a. A planning device used by management to anticipate information flows through the
accounting system
b. A list of accounts receivable
c. A chart showing the organisational structure of the firm
d. A plan of the ledger listing account titles and their related numbers

2. The double-entry system requires how many of the following statements to be true?
i. At least one account should be debited and one account credited
ii. Total debits should equal total credits
iii. The accounting equation should stay in balance
a. 0
b. 1
c. 2
d. 3

3. Which statement relating to the general journal is incorrect?
a. The debit and credit effects of each transaction are shown together
b. It is referred to as a book of original entry
c. It provides a record of transactions in date order
d. It can use the running balance format or the ‘T’ format

4. Income and expense accounts can be referred to as:
a. Permanent accounts
b. Real accounts
c. Temporary accounts
d. Deferred accounts

5. The statement relating to reversing entries that is correct is:
a. Reversing entries are always necessary
b. There are alternative ways of dealing with the effect of accruals in subsequent periods
without using reversing entries.
c. Reversing entries are never appropriate for deferral type entries
d. Depreciation is an adjustment that requires reversing in the subsequent period

6. Which of these does not represent proper internal control of cash receipts?
a. Daily banking of receipts
b. Two people opening the mail
c. Paying accounts directly out of the cash register
d. Balancing the cash register after each employees' shift

7. The entry at the end of the month to reimburse the petty cash for the amount spent is:
a. Debit petty cash expenses; credit cash at bank
b. Debit petty cash; credit petty cash expenses
c. Debit petty cash; credit cash at bank
d. Debit cash at bank; credit petty cash

8. Which of these would not be classified as ‘other receivables’
a. Loans to directors
b. Interest receivable
c. Amounts receivable from the sale of non-current assets
d. Income owing from a credit sale

9. The general journal entry to provide for estimated bad debts under the allowance method is:
a. Debit allowance for doubtful debts; credit bad debts expense
b. Debit bad debts expense; credit allowance for doubtful debts
c. Debit accounts receivable; credit bad debts expense
d. Debit bad debts expense; credit accounts receivable

10. The statement that best describes the nature of accounting depreciation is:
a. A charge representing the change in the asset’s market value
b. A charge representing the decline in the physical efficiency of the asset
c. The amount that can be claimed as a tax deduction
d. An allocation of the cost of the asset over its estimated useful

Part II
Question 1
The International Company presents the following information:
ACCOUNTS PAYABLE BALANCES On 1 November

Required:
a) Post the relevant information from the journals to the general ledger accounts payable control account. Balance the account. (Do not post to the other general ledger accounts).
b) Set up the accounts payable subsidiary ledger accounts. Post from the journals to the accounts payable subsidiary ledger and balance the accounts.
c) Reconcile the subsidiary ledger to the accounts payable control account by means of a schedule of accounts payable balances on 30 November.

Question 2
Information about the cash at bank for Cavanagh’s Charter Tours is available for the month of June. It showed that the cash at bank ledger account had a balance of $4,300 debit on 31 May. The bank reconciliation on 31 May contained only one difference between the bank statement balance and the ledger balance, cheque number 170 for $500 which was listed as unpresented. The following information is available for June.

Required
a) Post the journals to the general ledger Cash at Bank account and balance the account.
b) Prepare a bank reconciliation statement on 30 June.
c) What is the amount of cash that should be reported in the balance sheet on 30 June?

Question 3
The following information relates to Universe CDs. Universe CDs uses the periodic inventory system to account for its inventory. The following information relates to the
three-month period ending 31 March 2019. All costs are net of GST. On 1 January 2019, beginning inventory was 1,000 CDs with an average cost price of $4 each.

A physical stocktake counted 350 CDs on hand on 31 March 2019.

Required
a) Using the periodic system and the first-in-first-out (FIFO) method, calculate the
cost of the inventory of CDs on hand on 31 March.
b) Assuming the value of closing stock is $4.50 per unit, prepare a statement to
show the calculation of gross profit for the three months ended 31 March.

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