A system of internal control is described as:
| including aspects of administrative controls and accounting controls. | ||
| all procedures adopted by an entity to control its activities and protect its assets. | ||
| all measures used by a business to promote the reliability of accounting data. | ||
| all of these options. |
Closing entries refer to:
| establishing zero balances in the balance sheet accounts. | ||
| transferring income and expense account balances to the profit or loss summary account, which is then closed to the equity account. | ||
| establishing a zero balance in the cash at bank account. | ||
| establishing zero balances in all ledger accounts. |
Which of the following is a permanent account?
| Sales revenue | ||
| Unearned revenue | ||
| Rent expense | ||
| Depreciation |
The main reason for using control accounts and subsidiary ledgers is:
| to reduce the number of mistakes in the recording process. | ||
| to separate the accounting tasks between employees. | ||
| to enable more timely and efficient processing. | ||
| to allow the manual system to be more easily computerised. |
Special journals are used in recording frequently occurring transactions. Which of the following transactions would be recorded in the cash payments journal?
| Personal expenses paid from the owner’s private cheque book | ||
| Purchase of goods on credit | ||
| Payment of telephone account | ||
| Rent accrued at the end of the accounting period |
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