Module 1.1 Chapter AP3

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Monarch Institute *

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FNSACC414

Subject

Accounting

Date

May 25, 2024

Type

rtf

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11

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Module 1 - Establishing solid foundations…accounting fundamentalsModule 1.1 Chapter AP3 Started on Thursday, 7 October 2021, 8:23 AM State Finished Completed on Thursday, 7 October 2021, 8:38 AM Time taken 15 mins 47 secs Marks 22.00/25.00 Grade 88.00 out of 100.00 Feedback Well done - you can attempt the following related 'Chapter Quiz'. Question 1 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Separation of cash handling and accounting functions is an example of Select one: a. the bank reconciliation process b. an internal control of cash CorrectCorrect c. a transaction d. petty cash Question 2 Correct
Mark 1.00 out of 1.00 Not flaggedFlag question Question text For the purposes of the Cash Receipts Book, which of the following is the most appropriate definition of cash? Select one: a. notes and coins b. credit card receipts and direct credits into the bank account c. notes, coins, cheques, manual credit card receipts and direct credits into the bank account CorrectCorrect d. cheques Question 3 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Which of the following are examples of cash receipts: Select one: a. cash sales, contributions from the owner, commission expense b. cash sales, interest expense, rental income c. interest earned, rental income, proceeds from sale of an asset CorrectCorrect d. employee wages, commission income, proceeds from the sale of an asset Question 4 Correct Mark 1.00 out of 1.00 Not flaggedFlag question
Question text Which of the following provides evidence that a cash receipt transaction has occurred? Select one: a. Cheque butt b. Tax invoice c. Source document CorrectCorrect d. Cash Receipts Book Question 5 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Which of the following is an example of a column heading in a Cash Receipts Book? Select one: a. Amount Banked CorrectCorrect b. Total Paid c. Cheque Number d. GST paid Question 6 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text In a Cash Receipts Book, receipts that cannot be allocated to one of the columns provided can be entered into the _________ column. Select one:
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a. Service Fee b. Sundry CorrectCorrect c. Amount Banked d. Total Question 7 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Which of the following documents is proof to the business that the money has been lodged (deposited) with the bank? Select one: a. An entry in the Cash Payments Book b. Deposit slip stamped by the bank CorrectCorrect c. Deposit slip stamped by the cash receipts officer of the business d. An entry in the Cash Receipts Book Question 8 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text When a large number of notes are received, which of the following is an appropriate procedure to follow prior to banking? Select one: a. Sort the notes in the same denomination, all facing the same way and bundle them into groups of ten and secure the bundles with an elastic band CorrectCorrect b. Use the notes to pay expenses from that day thereby reducing the amount of money to be banked
c. Keep the notes to pay cash wages d. Place them in no particular order in the bottom of the banking bag for the bank teller to sort Question 9 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text An example of a cash receipt transaction is: Select one: a. the purchase of inventory on credit b. the payment of an accounts payable c. the sale of goods to a customer on credit d. additional cash contributions received from the owner CorrectCorrect Question 10 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text For businesses using manual credit card vouchers, at the end of each day all credit card sales are recorded on a: Select one: a. tax invoice b. cash payments book c. receipt d. merchant summary CorrectCorrect Question 11
Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text The bank statement becomes a source document for which of the following receipt of monies: Select one: a. cash sales b. bank interest received CorrectCorrect c. sales made through a cash register d. credit sales Question 12 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Good internal controls for the handling of cash include: Select one: a. Placing the cash is a well-known location b. Prompt banking of all cash received Correct c. Recording the address of the of the payer d. Giving the money to the manager to store Question 13 Correct Mark 1.00 out of 1.00 Not flaggedFlag question
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Question text Which of the following is not a valid form of receipt evidence? Select one: a. Cash register receipt b. Receipt book page c. Thanking the customer for their payment Correct d. Computerised numbered transaction Question 14 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text The stamped deposit slip provided by the bank teller: Select one: a. Is not necessary as you have already have recorded the details in your receipts books b. Is the proof of lodgement that the money has been banked Correct c. Provides a list of all amounts withdrawn from the business bank account d. Is likely to be different from the amount recorded in your cash receipts book Question 15 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text When you record receipts in the Cash Receipts Book, in the Amount Banked column you: Select one:
a. record the total of the receipts for that day. Incorrect b. record every receipt. c. wait until the end of the month and total the receipts in that column. d. record the total of the receipts that you are taking to the bank. Question 16 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text The GST applicable to a $330 invoice that is inclusive of GST is: Select one: a. $300.00 b. $3.30 c. $33.00 d. $30.00 Correct Question 17 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Under the single entry system, all cash receipts and cash payments are entered into a Cash Receipts or Cash Payments Book and every month the totals are transferred to an annual summary. Select one: True Correct False Question 18
Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text The total of the Amount Banked column in the Cash Receipts Book should equal the addition of the remaining column totals. Select one: True Correct False Question 19 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text EFTPOS transactions are included on the deposit slip (bank deposit form) which is taken to the bank. Select one: True Incorrect False Question 20 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text Receipts are never numbered. Select one: True
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False Correct Question 21 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text A cheque received from a customer for payment of their account is a type of cash receipt. Select one: True Correct False Question 22 Incorrect Mark 0.00 out of 1.00 Not flaggedFlag question Question text Cash receipts are always revenue. Select one: True Incorrect False Question 23 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text A docket issued by a cash register is an example of a receipt.
Select one: True Correct False Question 24 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text A cheque may not be accepted if it is post-dated (dated after the current date). Select one: True Correct False Question 25 Correct Mark 1.00 out of 1.00 Not flaggedFlag question Question text When a customer uses EFTPOS to pay for their purchases, the EFTPOS system will check if the card has been reported as stolen. Select one: True Correct False