Classification of Ledger Names

Question 1

Sales

Answer 1

Revenue/Income

Question 2

Fees

Answer 2

Revenue/Income

Question 3

Commission Received

Answer 3

Other Income

Question 4

Gain on Sale of a Fixed Asset

Answer 4

Other Income

Question 5

Interest Received

Answer 5

Other Income

Question 6

Rent Received

Answer 6

Other Income

Question 7

Discount Received

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

What is the Maximum No. of Cost of Goods Sold?

Answer 15

7

Question 16

What is the Minimum of Costs of Goods Sold

Answer 16

3

Question 17

Name the Minimum Cost of Goods Sold Ledgers Used

Answer 17

Purchases, Opening Inventory, Less Closing Inventory

Question 18

Name All the Costs of Goods Sold Ledgers

Answer 18

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

Question 19

Interest Loan

Answer 19

Financial Expenses

Question 20

Interest Overdraft

Answer 20

Financial Expenses

Question 21

Interest Hire and Purchases

Answer 21

Financial Expenses

Question 22

Bank If a Positive Balance

Answer 22

Current Assets

Question 23

Petty Cash

Answer 23

Current Assets

Question 24

Accounts Receivable

Answer 24

Current Assets

Question 25

Prepayments

Answer 25

Current Assets

Question 26

Accrued Revenue

Answer 26

Current Assets

Question 27

GST Refund

Answer 27

Current Asset

Question 28

Inventory on Hand

Answer 28

Current Assets

Question 29

Advertising

Answer 29

Distribution Costs

Question 30

Cartage Outwards

Answer 30

Distribution Costs

Question 31

Commision

Answer 31

Distribution Costs

Question 32

Delivery Expenses

Answer 32

Distribution Costs

Question 33

Depreciation on Shop Fittings

Answer 33

Distribution Costs

Question 34

Depreciation on Delivery Vehicles

Answer 34

Distribution Costs

Question 35

Freight Outwards

Answer 35

Distribution Costs

Question 36

Repairs to Delivery Vehicle

Answer 36

Distribution Costs

Question 37

Repairs and Maintenance (Shop Fittings)

Answer 37

Distribution Costs

Question 38

Sales Wages and Salaries

Answer 38

Distribution Costs

Question 39

Travelling Expenses

Answer 39

Distribution Costs

Question 40

Loss on Sale of Distribution Assets

Answer 40

Distribution Costs

Question 41

Term Deposit

Answer 41

Investment

Question 42

Shares

Answer 42

Investment

Question 43

Goodwill

Answer 43

Intangible Asset

Question 44

Equipment

Answer 44

Plant, Property and Equipment

Question 45

Bulidings

Answer 45

Plant, Property and Equipment

Question 46

Property

Answer 46

Plant, Property and Equipment

Question 47

Vehicles

Answer 47

Plant, Property and Equipment

Question 48

Plant

Answer 48

Plant, Property and Equipment

Question 49

Machines

Answer 49

Plant, Property and Equipment

Question 50

Accounting Fees

Answer 50

Administrative Expenses

Question 51

Audit Fees

Answer 51

Administrative Expenses

Question 52

Depreciation (other than shop fittings or delivery vehicles)

Answer 52

Administrative Expenses

Question 53

Electricity

Answer 53

Administrative Expenses

Question 54

General Expenses

Answer 54

Administrative Expenses

Question 55

Insurance

Answer 55

Administrative Expenses

Question 56

Office Expenses

Answer 56

Administrative Expenses

Question 57

Postage

Answer 57

Administrative Expenses

Question 58

Printing

Answer 58

Administrative Expenses

Question 59

Rates

Answer 59

Administrative Expenses

Question 60

Rent

Answer 60

Administrative Expenses

Question 61

Repairs and Maintenance other than shop fittings or delivery vehicles

Answer 61

Administrative Expenses

Question 62

Salaries

Answer 62

Administrative Expenses

Question 63

Sationary

Answer 63

Administrative Expenses

Question 64

Telephone and Tolls

Answer 64

Administrative Expenses

Question 65

Vehicle Expenses other than delivery vehicles

Answer 65

Administrative Expenses

Question 66

Wages

Answer 66

Administrative Expenses

Question 67

Donations

Answer 67

Administrative Expenses

Question 68

Loss on Sale of Asset

Answer 68

Administrative Expenses

Question 69

Bank Overdraft

Answer 69

Current Liability

Question 70

Accounts Payable

Answer 70

Current Liability

Question 71

Accrued Expenses

Answer 71

Current Liability

Question 72

Revenue Received in Advance

Answer 72

Current Liability

Question 73

Loans

Answer 73

Current Liability

Question 74

GST

Answer 74

Current Liability

Question 75

Loans that extend beyond the next accounting period

Answer 75

Non-Current Liability

Question 76

Mortgages

Answer 76

Non-Current Liability

Question 77

Debentures(Monies borrowed from external sources that have a fixed interest rate and will be paid back after the time limit has expired)

Answer 77

Non-Current Liability