FNSACC321_322_421 Quiz 1B - review
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FNSACC321/322/421 Quiz 1B - review
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An accounting system provides an organisation with the information
useful for evaluating and making decisions about the allocation of
scarce resources.
Select one:
True
False
A bookkeeper must be registered to contract as a bookkeeper
whether performing a BAS service or not.
Select one:
True
False
31/12/2023, 10:06
FNSACC321/322/421 Quiz 1B - review
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A professional bookkeeper, who is not a registered Tax Agent or
BAS Agent, may work as part of a team under the supervision of a
qualified Tax Agent or BAS Agent, and may also do some
bookkeeping tasks without supervision where those tasks are not
regarded as BAS or Tax Services.
Select one:
True
False
Generally speaking, the bookkeeper within a business will be
involved in the day to day functions of the accounting process,
including maintaining petty cash, processing financial transactions
and reconciling bank statements etc.
Select one:
True
False
Bookkeepers and accountants need to ensure compliance with the:
Select one:
a. Tax Agents Services Act 2009 (for accountants and
bookkeepers who are BAS or Tax Agents)
b. Privacy Act
c. A New Tax System (Goods and Services Tax) Act 1999
d. all of the options
31/12/2023, 10:06
FNSACC321/322/421 Quiz 1B - review
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1581734&cmid=28773
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Entities regulated by the Corporations Act 2001 are to comply with
the standards set by the AASB.
Select one:
True
False
All business organisations must ensure that their financial reports
comply with the accounting standards.
Select one:
True
False
Accountants, not bookkeepers, are usually responsible for the
sorting, classification and recording of information about the
business's transactions.
Select one:
True
False
The Matching Principle refers to the:
Select one:
a. concept that assets and liabilities must both be allocated
b. requirement that expenses must be matched with the income
they helped to earn
c. requirement that owners’ equity must always equal net assets
d. requirement that transactions on the bank statement must
always match movements in the Cash Book
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FNSACC321/322/421 Quiz 1B - review
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The Going Concern Principle:
Select one:
a. assumes that the business entity will have a continuing
financial life
b. assumes that transactions will be recorded at their original or
historical cost
c. splits the endless life of a business into time periods
d. refers to concerns about the on-going financial viability of the
business
The principle of conservatism recognises that when doubt exists for
entries that require judgement or estimates, you should choose the
option that would result in the profit or assets being understated
rather than overstated. Select one:
True
False
Businesses which purchase raw materials and convert them into
products for sale are classified as trading businesses.
Select one:
True
False
31/12/2023, 10:06
FNSACC321/322/421 Quiz 1B - review
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Which of the following is not a business structure?
Select one:
a. Service Provider
b. Partnership
c. Corporation
d. Sole Trader
In regard to a corporation which of the following is correct?
Select one:
a. The company can only conduct business in the name of its
owners.
b. The company and its owners are one and the same entity.
c. The company’s legal existence is discontinued by changes in
its owners.
d. The company has all the rights and obligations afforded to
any legal person.
Which one of the following bodies is not a major recognised
accounting association?
Select one:
a. CPA Australia
b. ASIC
c. ICAA
d. IPA
31/12/2023, 10:06
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A Certificate IV in Accounting and payment of the annual
membership fee is sufficient to qualify for full membership to any of
the major recognised accounting associations.
Select one:
True
False
All qualified accountants are permitted under legislation to prepare
Business Activity Statements and Instalment Activity Statements.
Select one:
True
False
In general, a bookkeeper would be responsible for Accounts
Payable, Accounts Receivable, Bank and payroll reconciliations.
Select one:
True
False
The Act that established the Tax Practitioners Board (TPB) and the
registration of tax agents and BAS agents is the:
Select one:
a. Tax Agents Services Act 2009
b. A New Tax System (Goods and Services Tax) Act 1999
c. Tax Practitioners Board Act
d. Income Tax Assessment Act 1997
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Question 20
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Company directors of reporting entities may choose whether or not
to prepare financial statements which comply with Australian
Accounting Standards.
Select one:
True
False
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
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O 70200 equivalent units.
O 85200 equivalent units.
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Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.
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What are the effective annual rates for an account paying an annual interest rate of 6% which is compounded:
(a) annually?
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%
%
(c) daily (assuming there are 365 days in the year)?
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(d) continuously?
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- about:blank Blackboard Learn sc.edu/webapps/assessment/take/launch isp?course assessment_id=_114 Remaining Time: 1 hour, 23 minutes, 35 seconds. Question Completion Status: A Moving to the next question prevents changes to this answer. Question 1 What is the Payback Period for the following investment? Year 1 2 3 4 5 O a. 3.77 Ob. 3.73 Oc. 3.89 Od. 3.96 Cash Out $ (1,600,000) (710,000) Cash In 550,000 580,000 610,000 640,000 670,000 A Moving to the next question prevents changes to this answer. 000 900 F2 F3 F4 MacBookarrow_forward17.39 .. 90 PROBLEMS OF SEMESTER FINAL TEST 2021 Word es Mailings Review View Help O Tell me what you want to do Aa - AaBbCeDd AaBbCcl AaBbCcDe AaBbCcDe AaBt Heading 2 Heading 3 T Normal I No Spac. Headin Paragraph Styles 4.5.6 7 8.. 9. • 10. 11 12. 13. 14. 15.I Thursday : January 21, 2021 --- 80 Minutes 1. In this section we examine three theories of investor preference: The dividend irrelevance theory. The "bird in the hand" theory, the tax preference theory, which theory is the best? What is the different of stock dividends, stock splits, and stock repurchase. 2. In the working capital management, we know about cash conversion cycle model. For problem if average inventories are $3 million and sales are $11 million. If receivables are S 657.535 and sales are S 11 million. Then, if its cost of goods sold are $9 million per year and if its accounts payable average $ 657.535. What is the length of the cash conversion sicle? 3. The ELGRAJO Corporation has capital structure as follow…arrow_forward+V My Questions | bartleby b References Chapter 3 Quiz Camden County College camdenccinstructure.com/courses/3788/assignments/35967?module_item id=88693| Next> K Prev Send to Gradebook Submitted to Gradebook, Fri, Oct 4, 2019, 9:34:35 AM (America/New York -04:00) --/1 Question 15 View Policies Current Attempt in Progress Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total materials costs are $91000. How much is the conversion cost per unit? O $17.52. O $4.70. $12.82. O $30.33 eTextbook and Media Submit Answer Save for Later Attempts: 0 of 1 used 11:10 A 10/4/20 hp ins prt sc end home f12 11 DI delete f9 f8 f7 f6 fs 10 + & % num backspace 6 7 lock 5 { P T U Y II 96arrow_forward
- practicearrow_forwardMy Questions | bartleby b + Camden County College References Chapter 3 Quiz Ha X //camdenccinstructure.com/courses/3788/assignments/35967?module item id=88693 Next> Send to Gradebook < Prev Submitted to Gradebook, Fri, Oct 4, 2019, 9:34:35 AM (America/New York -04:00) Question 19 -/1 View Policies Current Attempt in Progress A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were: O 95220 equivalent units. O 135300 equivalent units. O 70200 equivalent units. O 85200 equivalent units. eTextbook and Media Attempts: 0 of 1 used Submit Answer Save for Later 11:21 AM 10/4/2019 hp ins prt sc 12 end 11 home f10 delete fg f8 f5 f4 II & num backspace 6 5 lock } { P T U Y home + 96arrow_forwardSheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for bad debt expense.arrow_forward
- Live Class Wed January 27, 2021 x 9 Dashboard x + - edugen.wileyplus.com/edugen/student/mainfr.uni en Assignment + * 引 CALCULATOR FULL SCREEN PRINTER VERSION 4 ВАСK NEX OURCES Exercise 1-14 (Part Level Submission) g 2021 Cheyenne Corp., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019. Revenues during 2019-camping fees $190,400 Notes payable $81,600 1-4 Revenues during 2019-general store 63,920 Expenses during 2019 204,000 1-5 1-6 Accounts payable 14,960 Supplies on hand 3,400 Cash on hand 27,200 Common stock 27,200 Original cost of equipment 143,480 Retained earnings ? 1-8 e1-9 e 1-11 w14 v 1-5 Fair value of equipment 190,400 v (a) Your answer is correct. Determine Cheyenne Corp.'s net income for 2019. 11 14 (Part mission) Cheyenne Corp.'s net income 50320 -4A (Part mission) SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER re Eults by Study LINK TO TEXT VIDEO: SIMILAR EXERCISE Attempts: 1 of…arrow_forwardF myCampus Portal Login - for Stu X B 09 Operational and Legal Consid x E (24,513 unread) - sharmarohit81 b My Questions | bartleby A fleming.desire2learn.com/d21/le/content/130754/viewContent/1518900/View?ou=130754 Table of Contents > Week 9: Operational and legal Considerations > Lecture Notes > 09 Operational and Legal Considerations 09 Operational and Legal Considerations - > Calculating Capacity • How many machines do you need? • You expect your sales to be 3,000,000 granola bars (20g each) • How large is your plant? per month • How many workers do you need? The machine: • How much is the investment? Capacity: 100 kgs per hour • What are the operating costs? Requires 2 people to operate it Takes 8 ft x 40 ft space • Cost per machine $15,000 Energy and maintenance: $5 per hour • Cost of material and packaging: $0.12 per bar I Group Project.xlsx Show all 12:35 AM O Type here to search A O 4) ENG 2020-12-09arrow_forwardus.wvu.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_349525_1&course_id=_172235_1&content_id= 91004 Musketeers worldhiston H Blackboard M WVU Gmail a Discord Complete History... m HBO Max N Netflix A ALEKS- Musketeers Excel Email am and sieges v Question Completion Status: Florist Grump, Inc., had beginning retained earnings of $137,000. During the year, Florist Grump had net income of $63,000 and declared and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet? QUESTION 9 For the year ended December 31, Year 2 For the year ended December 31, Year 1 Revenues $ 7,500 $ 500 Expenses 1,500 Net Income December 31, Year 2 December 31, Year 1 Assets $ 16,500 $ 1,000 500 Liabilities Stock 300 300 Retained Earnings 1.$ 200 Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After determining the missing amounts ($ Earnings 1.$ in the above…arrow_forward
- Question 7 of 13 - Module One + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=0db9e60e-b27b-40f9-b0bf-0c88ee4c36ba#/question/6 Module One Problem Set Question 7 of 13 -/4 == Your first internship assignment is to prepare two schedules for Windsor Blue Co., a manufacturing company. You have a file that contains a copy of last year's work for both schedules; you plan to follow the same format as last year, hoping the staff accountant had it right. You also have access to the full set of financials for Windsor Blue, and you can dig further into any of the accounts via the accounting system, too. Here's the information you have pulled, with the same items as last year. DM Inventory WIP Inventory FG Inventory DM purchases DL costs Production supervisor salary Utility costs in production space Depreciation on manufacturing facility and equipment Beginning of Year End of year $9,200 $10,000 21,000 13,000 6,300 8,000 153,000 232,000 56,000 14,000 42,000 វា វាarrow_forwardP7arrow_forwardO NWP Assessment Player UI x A NWP Assessment Player UI A Player x M Take bartleby with you. - bk x b My Questions Leducation.wiley.com/was/ui/v2/assessment-player/index.html?launchld=6elb1590-b291-458b-913e-bc6d938b2870#/question/0 ork DUE Saturday, February 13th @ 11:59 pm (EST) Question 1 of 13 -/1 E Current Attempt in Progress Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,275.) Case A Case B Direct materials used 2$ (a) $86,500 Direct labor 56,000 142,700 Manufacturing overhead applied 42,000 (d) Total manufacturing costs 149,750 (e) Work in process 1/1/20 (b) 25,200 Total cost of work in process 207,500 (f) Work in process 12/31/20 (c) 13,800 Cost of goods manufactured…arrow_forward
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