Processing Accounting Data Quiz

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

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

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

<p>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</p> Signup and view all the answers

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

<p>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</p> Signup and view all the answers

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

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

<p>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</p> Signup and view all the answers

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

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

<p>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</p> Signup and view all the answers

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

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

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

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

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

<p>Bank = Dr Wages = Dr Joc Limited = Cr Cash Drawings = Cr</p> Signup and view all the answers

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

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

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

<p>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</p> Signup and view all the answers

<p>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</p> Signup and view all the answers

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

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

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

<p>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</p> Signup and view all the answers

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

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

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

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

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

<p>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</p> Signup and view all the answers

<p>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</p> Signup and view all the answers