Classification of Ledger Names

Question 1

Ledger name for sales

Answer 1

Revenue/Income

Question 2

Ledger Name for Fees

Answer 2

Revenue/Income

Question 3

Commission Recieved

Answer 3

Other Income

Question 4

Gain on Sale of a Fixed Asset

Answer 4

Other Income

Question 5

Interest Recieved

Answer 5

Other Income

Question 6

Rent Recieved

Answer 6

Other Income

Question 7

Discount Recieved

Answer 7

Other Income

Question 8

Opening Inventory

Answer 8

Cost of goods sold (TE)

Question 9

Purchases

Answer 9

Cost of goods sold (TE)

Question 10

Purchases Returns

Answer 10

Cost of goods sold (TE)

Question 11

Customs Duty

Answer 11

Cost of goods sold (TE)

Question 12

Packaging

Answer 12

Cost of goods sold (TE)

Question 13

Freight In

Answer 13

Cost of goods sold (TE)

Question 14

Less Closing Inventory

Answer 14

Cost of goods sold (TE)

Question 15

Maximum Number of Cost of Goods Sold?

Answer 15

Seven

Question 16

Minimum Number of Costs of Goods Sold?

Answer 16

Three

Question 17

Name the Minimum Cost of Goods Sold Ledgers Used

Answer 17

Opening Inventory, Purchases and Less Closing Inventory

Question 18

Name all of the Costs of Goods Sold Ledgers

Answer 18

Opening Inventory, Purchases, Purchases Returns, Customs Duty, Packaging, Freight In and Less Closing Inventory

Question 19

What is the only thing that goes under FINANCIAL EXPENSES?

Answer 19

Interest. Interest on Loan, Overdraft and Hire Purchases

Question 20

Bank, if a Possible Balance

Answer 20

Current Assets

Question 21

Petty Cash

Answer 21

Current Assets

Question 22

Accounts Recieveable

Answer 22

Current Assets

Question 23

Prepayments

Answer 23

Current Assets

Question 24

Accrued Revenue

Answer 24

Current Assets

Question 25

Inventory on Hand

Answer 25

Current Assets

Question 26

GST Refund

Answer 26

Current Assets

Question 27

Advertising

Answer 27

Distribution Costs

Question 28

Cartage Outwards

Answer 28

Distribution Costs

Question 29

Commission

Answer 29

Distribution Costs

Question 30

Delivery Expenses

Answer 30

Distribution Costs

Question 31

Depreciation on Shop Fittings

Answer 31

Distribution Costs

Question 32

Depreciation on Delivery Vehicles

Answer 32

Distribution Costs

Question 33

Freight Outwards

Answer 33

Distribution Costs

Question 34

Repairs to Delivery Vehicles

Answer 34

Distribution Costs

Question 35

Repairs and Maintenance (Shop Fittings)

Answer 35

Distribution Costs

Question 36

Sales, Wages and Salaries

Answer 36

Distribution Costs

Question 37

Travelling Expenses

Answer 37

Distribution Costs

Question 38

Loss on Sale of Distribution Act

Answer 38

Distribution Costs

Question 39

Term Deposit

Answer 39

Investment

Question 40

Shares

Answer 40

Investment

Question 41

Goodwill

Answer 41

Intangible Asset

Question 42

Equipment

Answer 42

Plant, Property and Investment

Question 43

Buildings

Answer 43

Plant, Property and Investment

Question 44

Property

Answer 44

Plant, Property and Investment

Question 45

Vehicles

Answer 45

Plant, Property and Investment

Question 46

Plant

Answer 46

Plant, Property and Investment

Question 47

Machinary

Answer 47

Plant, Property and Investment

Question 48

Non Current Assets

Answer 48

Investments Plant, Property and Equipment Intangibles

Question 49

Accounting Fees

Answer 49

Administrative Expenses

Question 50

Audit Fees

Answer 50

Administrative Expenses

Question 51

Depreciation (Other than Shop Fittings or Delivery Expenses)

Answer 51

Administrative Expenses

Question 52

Electricity

Answer 52

Administrative Expenses

Question 53

General Expenses

Answer 53

Administrative Expenses

Question 54

Insurance

Answer 54

Administrative Expenses

Question 55

Office Expenses

Answer 55

Administrative Expenses

Question 56

Postage

Answer 56

Administrative Expenses

Question 57

Printing

Answer 57

Administrative Expenses

Question 58

Rates

Answer 58

Administrative Expenses

Question 59

Rent

Answer 59

Administrative Expenses

Question 60

Repairs and Maintenance (Other than Shop Fittings or Delivery Vehicles)

Answer 60

Administrative Expenses

Question 61

Salaries

Answer 61

Administrative Expenses

Question 62

Stationary

Answer 62

Administrative Expenses

Question 63

Telephone and Tolls

Answer 63

Administrative Expenses

Question 64

Vehicle Expenses (Other than Delivery Vehicles)

Answer 64

Administrative Expenses

Question 65

Wages

Answer 65

Administrative Expenses

Question 66

Donations

Answer 66

Administrative Expenses

Question 67

Loss on Sale of Asset

Answer 67

Administrative Expenses