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?
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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