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Practical - solutions to online quiz 1
Accounting and Financial Management 1A (University of New South Wales)
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6/18/2014 Online Quiz 1
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School of Accounting Announcements i
Australian School of Business
User Guides
ACCT1501-Accounting and Financial Management 1A - Session 1, 2014
You are logged in as Helen Vu (Logout)
My courses UNSWA
COMM
ACCT
-ACCT1501-5144_00003
University
- Australian
- SchoolofofSchool
New
Accounting
South
of Business
Wales
Online Quizzes Online Quiz 1
Quiz navigation Started on Wednesday, 26 March 2014, 7:18 PM
1 2 3 4 5 6 7 8 9 10 11 State Finished
Completed on Wednesday, 26 March 2014, 8:42 PM
12 13 14 15 16 17 18 19 20
Time taken 1 hour 24 mins
Finish review
Grade 12.00 out of a maximum of 20.00 (60%)
Question 1 Which of the following relates to both the balance
Incorrect sheet and the income statement?
Mark 0.00 out of
Select one:
1.00
a. dividends paid to shareholders
Flag question
b. the opening balance of retained profits
c. total shareholders' equity Net profit for the year
appears in the income statement, and this amount
increases retained profits, which appears in the
balance sheet under shareholders' equity. By closing
off temporary accounts (income statement accounts)
at the end of the period, we transfer net profit or loss
for the period to retained earnings.
Retained Earnings = Opening Retained Earnings +
Net Profit or Loss for the period - Dividends
The answer is a choice between B and D, but D is the
stronger answer because it is the profit or loss at the
end of the period that connects the two statements
together. Although opening retained profits is the sum
of all the net profits a company has ever made up to
the start of a given accounting period, these net
profits sit in the retained earnings account, which is a
balance sheet account.
d. net profit
The correct answer is: net profit
Question 2 Which of the following is not a transaction?
Correct
Select one:
Mark 1.00 out of
1.00
a. The purchase of inventory from suppliers
Flag question
b. The donation of a motor vehicle to the company
c. Payment of legal fees
d. The compensation sought by an individual taking
legal proceedings against the company In all of
options A, B, and C, a significant event has taken
place. In A, an order has been made. In B, an asset
http://moodle.telt.unsw.edu.au/mod/quiz/review.php?attempt=343412 1/13
Downloaded by john gatheca ()
Practical - solutions to online quiz 1
Accounting and Financial Management 1A (University of New South Wales)
Studocu is not sponsored or endorsed by any college or university
Downloaded by john gatheca ()
, lOMoARcPSD|28964921
6/18/2014 Online Quiz 1
Moodle Home
School of Accounting Announcements i
Australian School of Business
User Guides
ACCT1501-Accounting and Financial Management 1A - Session 1, 2014
You are logged in as Helen Vu (Logout)
My courses UNSWA
COMM
ACCT
-ACCT1501-5144_00003
University
- Australian
- SchoolofofSchool
New
Accounting
South
of Business
Wales
Online Quizzes Online Quiz 1
Quiz navigation Started on Wednesday, 26 March 2014, 7:18 PM
1 2 3 4 5 6 7 8 9 10 11 State Finished
Completed on Wednesday, 26 March 2014, 8:42 PM
12 13 14 15 16 17 18 19 20
Time taken 1 hour 24 mins
Finish review
Grade 12.00 out of a maximum of 20.00 (60%)
Question 1 Which of the following relates to both the balance
Incorrect sheet and the income statement?
Mark 0.00 out of
Select one:
1.00
a. dividends paid to shareholders
Flag question
b. the opening balance of retained profits
c. total shareholders' equity Net profit for the year
appears in the income statement, and this amount
increases retained profits, which appears in the
balance sheet under shareholders' equity. By closing
off temporary accounts (income statement accounts)
at the end of the period, we transfer net profit or loss
for the period to retained earnings.
Retained Earnings = Opening Retained Earnings +
Net Profit or Loss for the period - Dividends
The answer is a choice between B and D, but D is the
stronger answer because it is the profit or loss at the
end of the period that connects the two statements
together. Although opening retained profits is the sum
of all the net profits a company has ever made up to
the start of a given accounting period, these net
profits sit in the retained earnings account, which is a
balance sheet account.
d. net profit
The correct answer is: net profit
Question 2 Which of the following is not a transaction?
Correct
Select one:
Mark 1.00 out of
1.00
a. The purchase of inventory from suppliers
Flag question
b. The donation of a motor vehicle to the company
c. Payment of legal fees
d. The compensation sought by an individual taking
legal proceedings against the company In all of
options A, B, and C, a significant event has taken
place. In A, an order has been made. In B, an asset
http://moodle.telt.unsw.edu.au/mod/quiz/review.php?attempt=343412 1/13
Downloaded by john gatheca ()
