Classification of Ledger Names

Question 1

Sales

Answer 1

Revenue/Income

Question 2

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 Returned

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 Goods Sold?

Answer 16

3

Question 17

What is the Minimum Cost of Goods Sold Ledgers Used?

Answer 17

Opening Inventory, Purchases, Less Closing Inventory.

Question 18

Name all the Cost of Goods Sold Ledgers

Answer 18

Opening Inventory, Purchases, Purchases Returned, Customs Duty, Packaging, Freight In, Less Closing Inventory.

Question 19

Interest on Loan

Answer 19

Finance Expenses

Question 20

Interest on Overdraft

Answer 20

Finance Expenses

Question 21

Interest on Hire Purchases

Answer 21

Finance Expenses

Question 22

Bank, if a 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 GST Refund

Answer 27

Current Assets

Question 28

Advertising

Answer 28

Distribution Costs

Question 29

Cartage Outwards

Answer 29

Distribution Costs

Question 30

Commission

Answer 30

Distribution Costs

Question 31

Delivery Expenses

Answer 31

Distribution Costs

Question 32

Depreciation on Shop Fittings

Answer 32

Distribution Costs

Question 33

Depreciation Delivery Vehicles

Answer 33

Distribution Costs

Question 34

Freight Outwards

Answer 34

Distribution Costs

Question 35

Repairs to Delivery Vehicles

Answer 35

Distribution Costs

Question 36

Repairs and Maintenance(Shop Fittings)

Answer 36

Distribution Costs

Question 37

Sales Wages and Salaries

Answer 37

Distribution Costs

Question 38

Travelling Expenses

Answer 38

Distribution Costs

Question 39

Loss on Sale of Distribution Asset

Answer 39

Distribution Costs

Question 40

Term Deposit

Answer 40

Is an Investment

Question 41

Shares

Answer 41

Is an Investment

Question 42

Goodwill

Answer 42

Is an Intangible Asset

Question 43

Equipment

Answer 43

Plant, Property and Equipment

Question 44

Buildings

Answer 44

Plant, Property and Equipment

Question 45

Property

Answer 45

Plant, Property and Equipment

Question 46

Vehicles

Answer 46

Plant, Property and Equipment

Question 47

Plant

Answer 47

Plant, Property and Equipment

Question 48

Macinery

Answer 48

Plant, Property and Equipment

Question 49

Term Deposit

Answer 49

Is an Investment

Question 50

Shares

Answer 50

Is an Investment

Question 51

Goodwill

Answer 51

Is an Intangible Asset

Question 52

Equipment

Answer 52

Plant, Property and Equipment

Question 53

Buildings

Answer 53

Plant, Property and Equipment

Question 54

Property

Answer 54

Plant, Property and Equipment

Question 55

Vehicles

Answer 55

Plant, Property and Equipment

Question 56

Plant

Answer 56

Plant, Property and Equipment

Question 57

Macinery

Answer 57

Plant, Property and Equipment

Question 58

Accounting Fees

Answer 58

Administrative Expenses

Question 59

Audit Fees

Answer 59

Administrative Expenses

Question 60

Depreciation

Answer 60

Administrative Expenses

Question 61

Repairs and Maitanence

Answer 61

Administrative Expenses

Question 62

General Expenses

Answer 62

Administrative Expenses

Question 63

Non Current Assets

Answer 63

- Investments - Plant, Property, Equipment - Intangibles

Question 64

Insurance

Answer 64

Administrative Expenses

Question 65

Office Expenses

Answer 65

Administrative Expenses

Question 66

Postage

Answer 66

Administrative Expenses

Question 67

Printing

Answer 67

Administrative Expenses

Question 68

Rates

Answer 68

Administrative Expenses

Question 69

Rent

Answer 69

Administrative Expenses

Question 70

Repairs and Maitanence

Answer 70

Administrative Expenses

Question 71

Salaries

Answer 71

Administrative Expenses

Question 72

Stationary

Answer 72

Administrative Expenses

Question 73

Telephone and Tolls

Answer 73

Administrative Expenses

Question 74

Vehicle Expenses

Answer 74

Administrative Expenses

Question 75

Wages

Answer 75

Administrative Expenses

Question 76

Donations

Answer 76

Administrative Expenses

Question 77

Loss on Sale of Asset

Answer 77

Administrative Expenses

Question 78

Bank Overdraft

Answer 78

Current Liabilities

Question 79

Accounts Payable

Answer 79

Current Liabilities

Question 80

Accrued Expenses

Answer 80

Current Liabilities

Question 81

Revenue Received in Advance

Answer 81

Current Liabilities

Question 82

Loans

Answer 82

Current Liabilities

Question 83

GST

Answer 83

Current Liabilities

Question 84

Loans

Answer 84

Non-Current Liabilities

Question 85

Mortgages

Answer 85

Non-Current Liabilities

Question 86

Debentures

Answer 86

Non-Current Liabilities