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ACC1001 - ACF1001 - Accounting fundamentals - S1 2025

ACC1001 - ACF1001 - Accounting fundamentals - S1 2025

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Yellow Consultants provides services to clients and typically invoices them after the work is completed. Under accrual accounting, when should Yellow recognize revenue for work that has been performed but not yet invoiced?

When the cash is received from the client

At the end of the financial year

When the invoice is sent to the client

When the services have been performed

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Which of the following represents the difference between revenue and cost of goods sold?

Operating expenses

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Blue Manufacturing purchased a new piece of equipment on credit. How would this transaction affect the company's income statement in the current period?

It would increase revenue

It would increase expenses

It would decrease net income

It would have no immediate effect

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A statement of changes in equity shows:

Beginning capital + capital contribution – profit – drawings = closing capital.

Beginning capital + capital contribution + profit – drawings = closing capital.

Beginning capital + capital contribution + profit + drawings = closing capital.

beginning capital – capital contribution + profit – drawings = closing capital

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Which of the following statement is correct?

Whether a transaction is made with cash or credit has no effect on the profit of an entity.

Income is recognised when the economic benefits are certain and can be reliably measured.

Income is only recognised when cash is received.

Profit is the excess in cash inflows from income over the cash outflows from expenses.

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Which of the following statement is true?

Income statements are always prepared based on the cash approach to accounting

If expenses exceed incomes, a business reports a profit

An income statement represents the financial position of a business at the end of the year

The preparation of an income statement is still required for a not-for-profit organisation

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ABC Accounting is a small business offering accounting services to their clients, their gross profit will be calculated as revenue minus:

None of the above

Taxation expense.

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In a service business, revenue is considered earned:

At the end of the year.

When cash is received.

When the service is performed.

At the end of the month.

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The double-entry system requires that each transaction must be recorded:

First as a revenue and then as an expense.

In at least two different accounts.

In a journal and in a ledger.

In two sets of books.

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The purchase of an asset for cash:

Decreases assets and increases liabilities.

Increases assets and liabilities.

Leaves total assets unchanged.

Increases assets and equity.

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