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 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

Name the Minimum Cost of Good Sold Ledgers Used

Answer 17

Opening Inventory, Purchases, Less Closing Inventory.

Question 18

Name All the Costs 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 Higher Purchases

Answer 21

Finance expenses.

Question 22

Bank, if Positive Balance

Answer 22

Current Asset.

Question 23

Petty Cash

Answer 23

Current Asset.

Question 24

Accounts Receivable

Answer 24

Current Asset.

Question 25

Prepayments

Answer 25

Current Asset.

Question 26

Accrued Revenue

Answer 26

Current Asset.

Question 27

Inventory on Hand

Answer 27

Current Asset.

Question 28

GST Refund

Answer 28

Current Asset.

Question 29

Advertising

Answer 29

Distribution Costs.

Question 30

Cartage Outwards

Answer 30

Distribution Costs.

Question 31

Commission

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 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 Asset

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

Buildings

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

Machinery

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 to Shop Fittings or Delivery Vehicles

Answer 61

Administrative Expenses.

Question 62

Salaries

Answer 62

Administrative Expenses.

Question 63

Stationery

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 (the Current Portion Paid back within the next Accounting Period)

Answer 73

Current Liability.

Question 74

Loans (those that Extend Beyond the next Accounting Period)

Answer 74

Non-Current Liability.

Question 75

Hire Purchase of Plant, Property and Equipment

Answer 75

Non-Current Liability.

Question 76

Mortgages over Property

Answer 76

Non-Current Liability.

Question 77

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

Answer 77

Non-Current Liability.