What does CPA stand for within Australia in reference to Accounting certification

Certified Practicing Accountant

Items of value owned by the business

The sale of good on credit would result in the following general journal entry

sales credit, A/c's Rec debit, cogs debit, Inv credit

The Accounting Entity Assumption states

The owner and the business are separate in terms of finance

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Senior Accounting

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Senior Accounting Quiz

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Questions 15

Answers

1
What does CPA stand for within Australia in reference to Accounting certification
Chartered Practicing Accountant
Clearly Promising Accountant
Certified Practicing Accountant
Consistently Proud Accountant
2
Assets are..
Amounts owed to cutomers
Items of value owned by the business
Items of value owed by the business
The owners investment into the business
3
What type of accounts have a debit nature..
Expenses and Liabilities
Assets and Expenses
Liabilities, Owners Equity and Revenue
Assets and Owners Equity
4
Who is the godfather of Accounting
Leonardo Pacioli
Edmund Hillary
Luca Pacioli
Clare Tyler
5
Calculate the value of owners equity if; cash 20000, land 120000, loan 70000, creditors 2000
72000
66000
70000
68000
6
The sale of good on credit would result in the following general journal entry
sales credit, A/c's Rec debit, cogs debit, Inv credit
Sales credit, cash debit, cogs debit, inventories credit
Sales credit, A/c's Rec debit, Cogs credit, Inv debit
sales debit, A/c's Rec credit, cogs debit, Inv credit
7
Which of the following is NOT a representation of the Accounting Equation
A=OE+L
OE=A+L
L=A-OE
OE=A-L
8
Calculate the profit for the period if; Sales 50000, COGS 15000, Cash 5000, Expenses 30000
35000
5000
40000
30000
9
GST in Australia is set at what rate?
9%
10%
12%
11%
10
Calculate the amount of Prepaid insurance if $12000 on May 1 for a yearly premium.
12000
10000
4000
2000
11
Which of the following is NOT an asset
Goodwill
Accounts Receivable
Motor Vehicle
Accrued Expenses
12
The purchase of inventories for cash would result in the following general journal entry
Cash credit, Inventories debit
Inventories debit, accounts receivable credit
Purchases debit, cash credit
Inventories debit, cash credit
13
The Income Statement shows..
The owners investment in the Business
The Businesses financial position
Net profit or loss
Expenses less Revenues
14
The Accounting Entity Assumption states
The business's life is divided into arbitrary time periods
The owner and business are separate legal entities
All transactions are recorded at their original price
The owner and the business are separate in terms of finance
15
Drawings can only be made in cash from the Business
True
False

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