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 on a fixed asset

Answer 4

Other income

Question 5

Interest recieved

Answer 5

Other income

Question 6

Rent received

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

What is the maximum number of cost of goods sold?

Answer 15

7

Question 16

What is the minimum number of cost of cost of goods sold?

Answer 16

3

Question 17

Name the minimum cost of goods sold ledgers used

Answer 17

Opening inventory,purchases and less closing inventory

Question 18

Name all the cost 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 expenses

Answer 21

Financial expenses

Question 22

Bank if positive balance

Answer 22

Current Assets

Question 23

Petty cash

Answer 23

Current Assets

Question 24

Accounts recievable

Answer 24

Current Assets

Question 25

Prepayments

Answer 25

Current Assets

Question 26

Accrued revenue

Answer 26

Current Assets

Question 27

Inventory on hand

Answer 27

Current Assets

Question 28

GST Refund

Answer 28

Current Assets

Question 29

Advertising

Answer 29

Distribution costs

Question 30

Cartage outwards

Answer 30

Distribution costs

Question 31

Comission

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 vehicles

Answer 36

Distribution costs

Question 37

Repairs to maintenance(shop fittings)

Answer 37

Distribution costs

Question 38

Sale wagers and salary

Answer 38

Distribution costs

Question 39

Travelling expenses

Answer 39

Distribution costs

Question 40

Loss on sale of distribution asset

Answer 40

Distribution costs

Question 41

Accounting fees

Answer 41

Administrative expenses

Question 42

Audit fees

Answer 42

Administrative expenses

Question 43

Depreciation( other than shop fittings and vehicles)

Answer 43

Administrative expenses

Question 44

Electricity

Answer 44

Administrative expenses

Question 45

General expenses

Answer 45

Administrative expenses

Question 46

Insurance

Answer 46

Administrative expenses

Question 47

Office expenses

Answer 47

Administrative expenses

Question 48

Postage

Answer 48

Administrative expenses

Question 49

Printing

Answer 49

Administrative expenses

Question 50

Rates

Answer 50

Administrative expenses

Question 51

Rent

Answer 51

Administrative expenses

Question 52

Repairs and maintenance ( other than shop fittings and vehicles)

Answer 52

Administrative expenses

Question 53

Salaries

Answer 53

Administrative expenses

Question 54

Stationery

Answer 54

Administrative expenses

Question 55

Telephones and tolls

Answer 55

Administrative expenses

Question 56

Vehicle expenses (not delivery vehicles)

Answer 56

Administrative expenses

Question 57

Wages

Answer 57

Administrative expenses

Question 58

Donations

Answer 58

Administrative expenses

Question 59

loss of sale on asset

Answer 59

Administrative expenses

Question 60

Term depostit

Answer 60

Investment

Question 61

Shares

Answer 61

Investment

Question 62

Goodwill

Answer 62

Intangible asset (e.g reputation)

Question 63

Equipment

Answer 63

Plant, property and equipment

Question 64

Buildings

Answer 64

Plant, property and equipment

Question 65

Property

Answer 65

Plant, property and equipment

Question 66

Vehicles

Answer 66

Plant, property and equipment

Question 67

Plant

Answer 67

Plant, property and equipment

Question 68

Equipment

Answer 68

Plant, property and equipment

Question 69

Non-current Assets

Answer 69

Investments,Plant property and equipment

Question 70

Bank overdraft

Answer 70

Current liabilities

Question 71

Accounts payable

Answer 71

Current liabilities

Question 72

Accrued expenses

Answer 72

Current liabilities

Question 73

Revenue received in advance

Answer 73

Current liabilities

Question 74

loans, the current portion

Answer 74

Current liabilities

Question 75

GST

Answer 75

Current liabilities

Question 76

Mortgages

Answer 76

Non-Current liabilities

Question 77

Loans, will not be paid within next accounting period

Answer 77

Non-Current liabilities

Question 78

Debentures(monies borrowed from external sources, that have a set interest rate and will be paid back after the time limit has expired.

Answer 78

Non-Current liabilities

Question 79

Hire purchase of plant property and equipment.

Answer 79

Non-current liability