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ACC1100 - ACF1100 - Introduction to financial accounting - S1 2025

ACC1100 - ACF1100 - Introduction to financial accounting - S1 2025

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The difference between prepaid expenses and accrued expenses is that prepaid expenses have:

Already been incurred and accrued expenses have not

Not been recorded while accrued expenses have

Been paid and recorded while accrued expenses have not

Not been paid while accrued expenses have

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Under accrual accounting, expenses are recorded and reported only:

When they are incurred, whether or not cash is paid.

If they are paid after they are incurred.

If they are paid before they are incurred.

When they are incurred and paid at the same time.

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The Conceptual Framework prescribes that revenue should be recognised in the accounting records:

In the period that income taxes are paid.

At the end of the month.

When it is earned.

When cash is received.

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A $20,000 machine is purchased by paying $5,000 cash and agreeing to pay for the remainder in 30 days' time. The journal entry should include:

Credit to Machinery.

Credit to Income.

Credit to Accounts Payable.

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An account will have a credit balance if the:

Debits exceed the credits.

Last transaction entered was a credit.

Credits exceed the debits.

First transaction entered was a credit.

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A list of accounts and their balances at a given time is called a:

Accounts summary.

Chart of accounts.

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When a service has been performed but no cash has been received, which of the following statements is true under accrual accounting:

No journal entry is made.

The entry includes a debit to Accounts receivable.

The entry includes a debit to Accounts payable.

The entry includes a credit to Unearned revenue.

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If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates:

That all accounts reflect correct balances.

No errors have been made.

The mathematical equality of the accounting equation.

No errors can be discovered.

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Which of the following errors would cause the trial balance to be out of balance:

A payment of $148 to a creditor was posted as a debit to Accounts payable and a debit of $148 to Cash.

Cash received from a customer on account was posted as a debit of $350 to Cash and as a credit of $350 to Accounts payable.

A payment of $59 for supplies was posted as a debit of $95 to Supplies and a credit of $95 to Cash.

A transaction was not posted.

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Which of the following errors in the recording process would be detected when a trial balance is completed?

An incorrect number was entered on both sides of the entry (e.g. 100 instead of 700).

A number might have been transcribed (e.g. recording 582 in one ledger and 528 in the other).

An incorrect account might have been used (e.g. cash instead of accounts receivable)

An entry might have been left out altogether (not recorded).

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