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Fnsacc301 process financial transactions and extract interim reports

28/10/2021 Client: muhammad11 Deadline: 2 Day

Class Test

Unit: FNSACC301 - Process financial transactions and extract interim reports

Date: TBA

Duration: 60 minutes

Total Marks: This exam is worth 15% of the total marks in the unit.

Instructions:

1. Answer all questions;

2. Please write your answer in Question Paper;

3. You are not permitted to take the question paper with you after finish the test.

Part One - Multiple Choice Questions

1. The source document for a cash sale could be a:

a. Purchase order

b. Credit card slip

c. Cheque butt

d. Credit note

2. The accounting entry to record the payment of a liability is

a. Debit an asset account and credit a liability account

b. Debit a liability account and credit an equity account

c. Debit an equity account and credit a liability account

d. Debit a liability account and credit an asset account

3. List the steps in the accounting cycle in their correct sequence:

1. Entries are made in the journal

2. A business transaction occurs

3. A trial balance is prepared

4. Entries are made in the ledger

a. 2, 4, 1, 3

b. 2, 1, 4, 3

c. 3, 2, 1, 4

d. 4, 2, 3, 1

4. A party to whom the entity owes money for goods or services provided to the entity is called

e. Creditor

f. Debtor

g. Debit

h. Credit

5. 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

6. Select the account types for these items:

· Repairs and maintenance

· Repairs and maintenance payable

· Accounts receivable

· Drawings

a. Expense, liability, asset, equity

b. Asset, liability, asset, equity

c. Expense, asset, asset, expense

d. Expense, liability, asset, liability

7. GST paid by a business on the purchase of its goods and services, and for which a reduction of GST collected will be claimed from the tax department, is stored in an account called:

a. GST outlays
b. GST collections

c. Creditable acquisitions

d. Input credits

8. A firm borrows $4000 cash from the bank. The transaction is recorded as:

a. Debit Bank Loan $4000; credit Owner’s capital $4000

b. Debit Cash at bank $4000; credit Accounts Receivable $4000

c. Debit Cash at bank $4000; credit Bank Loan $4000

d. Debit Bank Loan $4000; credit Cash at bank $4000

9. Creol Soaps requires its customers to pay for their orders six weeks before shipping the goods. How should the payments be initially recorded by Creol?

a. Debit bank, credit a liability account

b. Debit bank, credit an expense account

c. Debit bank, credit an asset account

d. Debit bank, credit an income account

10. Machinery is purchased on credit for $16 000 plus GST. The general journal entry to record this transaction is:

$ $

DR CR

a. Equipment 16 000

Accounts Payable 16 000

b. Equipment 14 545

GST Outlays 1 455

Accounts Payable 16 000

c. Equity 16 000

GST Outlays 1 600

Accounts Payable 17 600

d. Equipment 16 000

GST Outlays 1 600

Accounts Payable 17 600

11. On 20 June Yin repaired Yan’s computer and charged her $660 cash including GST. The general journal entry to record the transaction is:

$ $

DR CR

a. Cash at bank 660

GST Collections 60

Income from repairs 600

b. Cash at bank 600

GST Collections 60

Income from repairs 660

c. Cash at bank 660

GST Outlays 60

Income from repairs 600

d. None of the above

12. On 15 May Osaka paid $715 cash for an 18-month insurance policy including 10% GST. The general journal entry to record the payment is:

$ $

a. Insurance Expense 650

GST Outlays 65

Equity 715

b. Insurance Expense 585

GST Collected 65

Prepaid Insurance 650

c. Prepaid Insurance 650

GST Outlays 65

Cash 715

d. Cash 650

Prepaid Insurance 650

13. J. Wood performed carpentry services for $7500. He received cash of $2000 and gave credit for $5500. Ignoring GST the transaction is recorded as:

a. Debit Cash $2000, debit Accounts Receivable $7500; credit Accounts receivable $2000, credit Income Earned $7500

b. Debit Income Earned $7500; credit Cash $2000, credit Accounts Payable $5500

c. Debit Cash $7500; credit Equity $7500

d. Debit Cash $2000, debit Equity $5500; credit Income Earned $7500

14. Quinn paid $440, including GST, for advertising. The entry to record this transaction is:

a. Debit Advertising $440; credit Cash $440

b. Debit Advertising $400, debit GST Outlays $40; credit Cash $440

c. Debit Advertising $440; credit GST Outlays $40, credit Cash $400

d. Debit Advertising $440, debit GST Outlays $44; credit Cash $484

15. The correct classification for these ledger accounts is:

1. Land

2. Accounts Receivable

3. Interest Received

4. Mortgage Payable

a. 1 Asset 2 Liability 3 Income 4 Asset

b. 1 Asset 2 Asset 3 Liability 4 Liability

c. 1 Asset 2 Liability 3 Liability 4 Liability

d. 1 Asset 2 Asset 3 Income 4 Liability

Part Two - Practical Questions

The following transactions for ABC Constructions occurred during April and May 2016:

April 1 Owner contributes capital of $50 000, by an additional injection of cash.

April 3 Cash is received from a customer, F. Turnip, $15 300.

April 5 Supplies are requisitioned for use in the office, $470.

April 9 Installation services are provided on credit for $15 000 to Banana Ltd.

April 12 A $7 700 loan is taken out with AMP Loans Ltd. Interest is payable at 10% p.a.

April 18 A bill for electricity consumed is received, $360.

April 24 Office fixtures are purchased from Dots Ltd for $6 500. $1 500 is paid immediately by cheque, the remainder is due in July.

April 27 A cheque is issued in payment of the electricity account received on 18 April.

April 29 Prepaid insurance costs have been used to the extent of $870.

May 1 Payment on account is made by cheque to Apple Suppliers, $38 000.

May 2 Supplies are purchased on account from Deluxe Supplies Ltd, $3 400.

May 13 Rent for the month is paid by cheque, $7 500.

May 17 Insurance expired, $870.

May 23 Installation equipment is purchased on account from Apple Suppliers, $27 000.

May 29 A salary of $5 500 is paid by cheque.

Required

a. Assuming that the accounting period is a calendar year, prepare general journal entries for ABC Constructions Ltd during April and May 2014. Ignore GST.

b. At the end of May, interest is owing on the loan taken out on 12 April with AMP Loans Ltd. Should this interest be recorded by ABC Constructions in its accounting records? Why or why not?

Assessment Mapping Checklist

Learner Name/ID: ___________________________________

Performance & Knowledge Evidence

C/NYC

Comments

Performance Evidence

· accurately enter and balance deposits and withdrawals

· process and balance petty cash transactions

· check and verify supporting documentation

· apply relevant security measures for preparing and banking receipts

· batch monetary items and prepare deposit facilities

· accurately enter data into accounting systems and process journal entries according to organisational policy and procedures and legislative requirements

· prepare and authorise journals and check journal processing reports

· extract, check and correct a trial balance

· file documentation to meet all organisational and regulatory requirements.

Knowledge Evidence

· identify a range of accounting conventions, processes and procedures

· describe banking procedures and guidelines

· outline typical errors that can be made in processing financial transactions

· describe forms of ‘proof of lodgement’

· describe types of ‘special transactions’

· identify and describe the key features of:

· industry codes of practice

· legislative and regulatory requirements relevant to the work

· organisational policy and procedures

· explain the security procedures for handling cheques, vouchers and cash

· describe the key features of a range of reports.

Comments:

Signed by Learner:

Date:

Signed by Assessor:

Date:

Homework is Completed By:

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