Classifications 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

Purchased 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 Costs of Goods Sold?

Answer 15

7

Question 16

What is the Minimum Number of Costs of Goods Sold?

Answer 16

3

Question 17

Name 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, Purchase Returns, Customs Duty, Packaging, Freight in, Less Closing Inventory.

Question 19

Interest on Loan

Answer 19

Financial Expenses

Question 20

Interest on Overdraft

Answer 20

Financial Expenses

Question 21

Interest on hire 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 Recivable

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

Accounting fees

Answer 29

Administrative Expenses

Question 30

Audit fees

Answer 30

Administrative Expenses

Question 31

Depreciation, (other than shop fittings or delivery vehicles)

Answer 31

Administrative Expenses

Question 32

Electricity

Answer 32

Administrative Expenses

Question 33

General Expenses

Answer 33

Administrative Expenses

Question 34

Insurance

Answer 34

Administrative Expenses

Question 35

Office Expenses

Answer 35

Administrative Expenses

Question 36

Postage

Answer 36

Administrative Expenses

Question 37

Printing

Answer 37

Administrative Expenses

Question 38

Rates

Answer 38

Administrative Expenses

Question 39

Rent

Answer 39

Administrative Expenses

Question 40

Repairs/ Maintenance, (other than shop fittings or delivery vehicles)

Answer 40

Administrative Expenses

Question 41

Salaries

Answer 41

Administrative Expenses

Question 42

Stationary

Answer 42

Administrative Expenses

Question 43

Telephones and Tolls

Answer 43

Administrative Expenses

Question 44

Vehicle Expenses, (other than delivery vehicles)

Answer 44

Administrative Expenses

Question 45

Wages

Answer 45

Administrative Expenses

Question 46

Donations

Answer 46

Administrative Expenses

Question 47

Loss of Sale or Asset

Answer 47

Administrative Expenses

Question 48

Deposit

Answer 48

Investment

Question 49

Shares

Answer 49

Investment

Question 50

Goodwill

Answer 50

Intangible Investment

Question 51

Equipment

Answer 51

Plant, Property and Equipment

Question 52

Buildings

Answer 52

Plant, Property and Equipment

Question 53

Property

Answer 53

Plant, Property and Equipment

Question 54

Vechiles

Answer 54

Plant, Property and Equipment

Question 55

Plant

Answer 55

Plant, Property and Equipment

Question 56

Machinery

Answer 56

Plant, Property and Equipment

Question 57

Investments

Answer 57

Non Current Assets

Question 58

Plant, Property and Equipment

Answer 58

Non Current Assets

Question 59

Intangibles

Answer 59

Non Current Assets

Question 60

Bank Overdraft

Answer 60

Current Liabilities

Question 61

Accounts Payable

Answer 61

Current Liabilities

Question 62

Revenue Received in Advance

Answer 62

Current Liabilities

Question 63

Loans the current portion (eg. those that will be payed back within the next accounting period)

Answer 63

Current Liabilities

Question 64

GST

Answer 64

Current Liabilities

Question 65

Loans (eg. those that extend beyond the next accounting period)

Answer 65

Non Current Liabilities

Question 66

Hired plants, property or equipments

Answer 66

Non Current Liabilities

Question 67

Mortgages (loans over property)

Answer 67

Non Current Liabilities

Question 68

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

Answer 68

Non Current Liabilities