07 Accounting 2008 Sample Exam Answers

07 Accounting 2008 Sample Exam Answers - Introductory...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Introductory Accounting Sample Exam Answers 2008
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
UNSW Global Pty Limited Trading as UNSW Foundation Year UNSW Sydney NSW 2052 Copyright © 2008 All rights reserved. Except under the conditions described in the Copyright Act 1968 of Australia and subsequent amendments, this publication may not be reproduced, in part or whole, without the permission of the copyright owner.
Background image of page 2
Introductory Accounting Sample Exam Answer v08 1 Introductory Accounting Answers for Sample Exam 2008 Section A: Multiple Choice 1. A 2. D 3. B 4. C 5. A 6. C 7. B 8. D 9. B 10. C 11. C 12. A 13. B 14. B 15. B 16. D 17. A 18. B 19. B 20. D
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Introductory Accounting Sample Exam Answer v08 2 Section B: Question 21 5 marks Question 21 Indicate whether each of the following statements is true or false by writing T or F in the spaces provided: T/F a. Pre-numbered document is a measure of good internal control. T b. A chart of accounts has to be prepared at the start of every accounting cycle for every financial period. F c. The debt to equity ratio indicates the degree of gearing by the business. T d. Regardless of whether a business is or is not incorporated, it is an accounting entity. T e. A trade discount on the price of the goods sold will be recorded in the Discounts Received Account. F
Background image of page 4
Introductory Accounting Sample Exam Answer v08 3 Question 22 15 marks Question 22 a) What is the accounting cycle? Discuss the steps involved in an accounting cycle. The accounting cycle refers to the steps involved in the process of recording, classifying and summarising financial transactions. The process involves recording details of transaction s in business document s, then recording the details on the documents into journals . The totals of the journals are posted to the ledger where the accounts are found. The totals from the journals are recorded in the related
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 14

07 Accounting 2008 Sample Exam Answers - Introductory...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online