Quiz 4

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Monarch Institute *

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Accounting

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May 22, 2024

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docx

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Uploaded by IrinaLomas

Question 1 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is not an example of an electronic funds transfer (EFT)? Select one: a. Direct debit b. Credit card payment Correct Correct c. BPay d. PayPal Question 2 Correct Mark 1.00 out of 1.00 Flag question Question text Merchant fees: Select one: a. are not subject to GST b. arise from businesses using electronic funds transfer point of sale (EFTPOS) equipment in their business Correct Correct c. arise when businesses make payments via cheque d. are charged at a flat rate per month Question 3 Correct Mark 1.00 out of 1.00 Flag question Question text Every payment written in the Cash Payments Book should have an amount written in the ______ column. Select one: a. Stock Purchase b. Other Expense c. Total Paid Correct Correct d. GST paid Question 4 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following contains column headings of the Cash Payments Journal? Select one: a. Date, Receipt Number, GST Paid, Total Paid b. Date, Cheque Number, GST Paid, Total Paid Correct Correct

c. Date, Receipt Number, GST Paid, Total Banked d. Date, Cheque Number, GST Collected, Total Paid Question 5 Correct Mark 1.00 out of 1.00 Flag question Question text The bank statement becomes a source document for which of the following payment transactions? Select one: a. Withdrawals by the owner b. Bank fees and bank interest paid Correct Correct c. Payments of wages d. Payments of accounts payable (creditors) Question 6 Correct Mark 1.00 out of 1.00 Flag question Question text The drawer of a cheque is the: Select one: a. bank holding the bank account that the cheque is drawn from b. person who writes it up in the cash payments book c. business who writes the cheque Correct Correct d. business / person the cheque is written out to Question 7 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following does not appear on a cheque? Select one: a. The address of the payee Correct Correct b. The sum written in words c. The authorising signature of the drawer d. The date Question 8 Correct Mark 1.00 out of 1.00 Flag question Question text Cheques are valid for: Select one: a. 6 months from the date of the cheque b. 12 months from the date of the cheque c. 9 months from the date of the cheque

d. 15 months from the date of the cheque Correct Correct Question 9 Correct Mark 1.00 out of 1.00 Flag question Question text A cash cheque (where the payee is cash) is commonly written for Select one: a. payments to employees b. payments to suppliers c. petty cash reimbursement Correct Correct d. purchases of inventory Question 10 Correct Mark 1.00 out of 1.00 Flag question Question text An essential internal control for cash payments is: Select one: a. Ensuring all staff know where to find the key for the petty cash box b. Allowing all employees to approve payments c. Authorising payments, preferable counter-signed Correct d. Combining the payments and accounting functions Question 11 Correct Mark 1.00 out of 1.00 Flag question Question text When entering transactions into the accounting system, credit card purchases are: Select one: a. Dated with the date of the purchase order b. Dated with the date of the credit card statement c. Not entered because these will be recorded on the credit card statement provided by the bank d. Dated at the date the purchase was made Correct Question 12 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following transactions will be recorded in the Cash Payments Book? Select one: a. A payment received from a customer b. Contributions to capital from the owner c. A refund from the ATO d. The payment of a supplier’s invoice Correct Question 13

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