Processing Accounting Data Quiz

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Questions and Answers

Match the following financial statements with their primary components:

Statement of Profit or Loss = Gross and net profits Statement of Changes in Equity = Owner's investments and withdrawals Statement of Financial Position = Assets, liabilities, and equity Trial Balance = List of debit and credit balances

Match the following accounting terms with their definitions:

Journals = Records of daily transactions Ledgers = Collections of accounts Adjustments = Corrections to financial data Closing-off Procedure = Finalizing accounts at period end

Match the following components with their roles in financial reporting:

Collecting Data = Gather financial information Processing Data = Classify and summarize financial information Adjusting Entries = Ensure accurate financial statements Recording = Document financial transactions in journals

Match the following study units with their focus areas:

Processing Accounting Data = Preparation of journals and ledgers Adjustments = Modifications to preliminary financial data Closing-off Procedure = Finalizing and reporting profit Determining Profit = Calculation of gross and net profits Signup and view all the answers

Match the following financial ratios with their use in analysis:

Gross Profit Margin = Profitability measure Current Ratio = Liquidity measure Return on Equity = Efficiency measure Debt to Equity Ratio = Leverage measure Signup and view all the answers

Match the following roles with their relevance in financial accounting:

Accountant = Prepares and analyzes financial statements Auditor = Reviews financial accuracy and compliance Financial Analyst = Evaluates financial data for decision making Bookkeeper = Records daily transactions and maintains ledgers Signup and view all the answers

Match the transaction with its corresponding amount:

Deposited cash register roll total = R438 Paid week's wages = R200 Bought stationery = R80 Bought shampoo and accessories = R550 Signup and view all the answers

Match the payment method with the transaction:

E-wallet payment = Week's wages Credit card payment = Stationery purchase Direct bank payment = Telkom account Cash withdrawal = ATM withdrawal by Ms Baloyi Signup and view all the answers

Match the cash register roll totals with their respective dates:

30 June cash register total = R875 19 June cash register total = R438 24 June cash register total = R387 22 June cash register total = Not applicable Signup and view all the answers

Match the transaction type with the recipient:

Payment to Telkom = Telkom company Purchase from Office Suppliers = Stationery supplier E-wallet payment for wages = Employees Direct payment for shampoo = Head Suppliers Signup and view all the answers

Match the cash transaction with its category:

Cash register roll total = Revenue Withdrawal for wages = Expense Purchase of stationery = Expense Direct payment for shampoo = Expense Signup and view all the answers

Match the transaction with the corresponding account affected:

Deposit cash register total = Bank account E-wallet payment for wages = Wages payable account Direct payment for Telkom = Expenses account Cash withdrawal by Ms Baloyi = Owner's drawings account Signup and view all the answers

Match the following document numbers with their respective details from the Cash Payments Journal:

P001 = XY Furnishers P002 = Joc Limited P003 = Cash Drawings P004 = Cash Wages Signup and view all the answers

Match the payment details with their corresponding amounts:

XY Furnishers = R100 000 Joc Limited = R2 000 Cash Drawings = R1 000 Cash Wages = R800 Signup and view all the answers

Match the accounts involved in the Cash Payments Journal with their balances on February 28:

Bank Account = Cr R103 800 Wages Account = Dr R800 Furniture Account = Cr R100 000 Joc Limited Account = Cr R2 000 Signup and view all the answers

Match the transaction types with their corresponding entries:

Payment to XY Furnishers = Equipment Payment to Joc Limited = Sundry accounts Cash Drawings = Personal Withdrawal Wages Payment = Operating Expense Signup and view all the answers

Match the dates of transactions with their document numbers:

February 6 = P001 February 11 = P002 February 12 = P003 February 16 = P004 Signup and view all the answers

Match the entries with their corresponding debit/credit sides:

Bank = Dr Wages = Dr Joc Limited = Cr Cash Drawings = Cr Signup and view all the answers

Match the types of accounts with their nature:

Bank Account = Asset Wages Account = Expense Furniture Account = Asset Sundry Accounts = Liability Signup and view all the answers

Match the purpose of transactions with their descriptions:

Equipment Purchase = Acquiring assets Cash Drawings = Owner's withdrawal Sundry Payments = Various expenditures Wages Payments = Employee compensation Signup and view all the answers

Match the following transaction types with their descriptions:

VAT output = VAT claimed on the discount received Sales Journal = Records sales transactions Trade receivables = Amounts owed by customers Purchases Journal = Records purchase transactions Signup and view all the answers

Match the following advanced payment concepts with their meanings:

Discount = Reduction in purchase amount VAT input = VAT claimed from SARS VAT output = VAT owed due to sales Sales control = Total sales amount in journal Signup and view all the answers

Match the following entities to their roles in VAT transactions:

SARS = Collecting agency for VAT Rundu Dealers = Business making sales and purchases L Lion = Customer in sales transaction W Wolf = Another customer in sales transaction Signup and view all the answers

Match the following individuals with their respective sales amounts:

L Lion = $2,000 W Wolf = $1,000 Total sales = $3,000 Total VAT output = $450 Signup and view all the answers

Match the following journal entries with their categories:

Sales Journal = Records VAT output Purchases Journal = Records VAT input Trade receivables = Reflects credit sales VAT output account = Reports sales VAT collected Signup and view all the answers

Match the following transaction components with their corresponding values:

Total VAT output = $450 Total sales control = $3,450 Total trade receivables = $3,450 Total purchases amount = Depends on invoices Signup and view all the answers

Match the following terms related to VAT with their descriptions:

VAT input = Claimable amount of VAT paid on purchases Settlement discount = Reduction in pricing due to early payment VAT output = VAT collected on sales to customers Trade payables = Liabilities for purchases made on credit Signup and view all the answers

Match the following transactions from the Cash Payments Journal to their amounts:

T Tiger = R2,310 C Cheetah = R1,150 Cash = R5,746 B Bam = R7,000 Signup and view all the answers

Match the following persons to their transaction types:

T Tiger = Cash sale transaction C Cheetah = Trade payable transaction B Bam = Purchase transaction Cash = Salary payment transaction Signup and view all the answers

Match the following VAT amounts to their correct description:

R15 = VAT included in discount R100 = VAT from Sundry accounts R1,050 = VAT excluded from trade payables R2,310 = Total VAT owed on purchases Signup and view all the answers

Match the sections of the Cash Payments Journal to their respective accounts:

Bank control = Total cash received Purchases VAT = VAT paid on purchases Settlement discount = Deduction from payable amount Sundry accounts = Various other payments Signup and view all the answers

Match the following dates to their correct transactions:

5th March = Transaction of T Tiger 23rd March = Transaction of C Cheetah 29th March = Cash payment transaction N/A = Due date for Settlement discounts Signup and view all the answers

Match the following formulas to their corresponding VAT calculations:

R115/1 x 15/115 = VAT amount included in discount R2,310 x 0.15 = Total VAT on T Tiger's transaction R1,200 - R100 = Net discount after calculating VAT R5,746 x 0.15 = Estimated VAT on salaries Signup and view all the answers

Match the following values with their respective account types:

R6,746 = Total cash payments made R7,000 = Purchases account total R1,200 = Total VAT input from purchases R2,310 = Total VAT output from sales Signup and view all the answers

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Study Notes

Collecting and Processing Accounting Data

Ability to collect, process, adjust, and record financial information for completing financial statements.
Focus on the statement of profit or loss, other comprehensive income, statement of changes in equity, and statement of financial position.
Emphasis on calculating gross and net profits for a sole proprietor's financial period.

Study Units Overview

Processing Accounting Data: Preparation of journals and posting to ledger accounts.
Adjustments: Necessary modifications to financial data for accuracy.
Closing-off Procedure: Determining entity profit and preparing financial statements.