Classifications of ledger names

Question 1

Sales

Answer 1

Revenue / income

Question 2

Fees

Answer 2

Revenue / income

Question 3

Permission 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 of cost of goods sold?

Answer 15

Seven (7)

Question 16

What is the minimum of the costs of goods sold?

Answer 16

Three (3)

Question 17

Name the minimum cost of goods sold ledgers used

Answer 17

Open inventory, Purchases, 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 on loan

Answer 19

Finance Expenses

Question 20

Interests on Overdraft

Answer 20

Finance Expenses

Question 21

Interests 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

Account Receivable

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

Commission

Answer 31

Distribution Costs

Question 32

Delivery Expenses

Answer 32

Distribution Costs

Question 33

Deprecation on Shop Fittings

Answer 33

Distribution Costs

Question 34

Deprecation 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

Traveling 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

Electricty

Answer 53

Administrative Expenses

Question 54

General Expenses

Answer 54

Administrative Expenses

Question 55

Insurance

Answer 55

Administrative Expenses

Question 56

Office Expesnes

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

Stationary

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 Liabilities

Question 70

Accounts Payable

Answer 70

Current Liabilities

Question 71

Accrued Expenses

Answer 71

Current Liabilities

Question 72

Revenue Received in Advanced

Answer 72

Current Liabilities

Question 73

Loans-The current portion (ie, those that will be paid back within the next Accounting Period)

Answer 73

Current Liabilities

Question 74

GST

Answer 74

Current Liabilities

Question 75

Loans (Those that extend beyond the next Accounting Period)

Answer 75

Non Current Liabilities

Question 76

Hire Purchase of Plant, Property and Equipment

Answer 76

Non Current Liabilities

Question 77

Mortgages

Answer 77

Non Current Liabilities

Question 78

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

Answer 78

Non Current Liabilities

Question 79

Non-Current Asset

Answer 79

Investment, Plant, Property, Equipment and Intangible