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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