Quiz 4

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School

Monarch Institute *

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321

Subject

Accounting

Date

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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Correct Mark 1.00 out of 1.00 Flag question Question text The payee on a cheque is the name: Select one: a. of the person who signed the cheque b. of the party being paid Correct c. of the bank where the account is held d. in which the bank account is held Question 14 Correct Mark 1.00 out of 1.00 Flag question Question text Source documents for a cash payment: Select one: a. include a stamped bank deposit slip b. include copies of receipts provided for cash payments c. are not required when the transaction is electronic d. provide evidence and details that the purchase has occurred Correct Question 15 Correct Mark 1.00 out of 1.00 Flag question Question text A cheque butt is a source document that provides evidence of a payment transaction. Select one: True Correct False Question 16 Correct Mark 1.00 out of 1.00 Flag question Question text When a business uses a credit card to make purchases, the payment is recorded on the date the credit card is paid Select one: True False Correct Question 17 Correct Mark 1.00 out of 1.00 Flag question Question text Payments made by cheque are recorded in the books on the date the cheque is presented by the bank. Select one:

True False Correct Question 18 Correct Mark 1.00 out of 1.00 Flag question Question text Bank fees are generally subject to GST. Select one: True False Correct Question 19 Correct Mark 1.00 out of 1.00 Flag question Question text Separation of payments and accounting functions is an example of an internal control over cash payments. Select one: True Correct False Question 20 Correct Mark 1.00 out of 1.00 Flag question Question text A supplier can refuse to accept payment by cheque and insist on cash. Select one: True Correct False Question 21 Correct Mark 1.00 out of 1.00 Flag question Question text If a cheque has the words Not Negotiable stamped across it within two parallel lines, the cheque is payable into anybody's bank account. Select one: True False Correct