Reference no: EM133080344

Questions -

Q1. A storm damages a car that cost an automobile dealer $30,000, and if the car can now be sold for no more than $23,000. At what value must the car be reported in the Balance Sheet?

a. 30,000

b. 7000

c. 23,000

d. none of the above

Q2. If an accounting supervisor were allowed to hire employees, approve the hours worked, prepare the paychecks, and deliver the paychecks, which of the categories of control activities would be violated?

A. Adequate records

B. Segregation of duties

C. Authorization of transactions

D. Independent checks

Q3. Mobile eCommerce refers to:

A. The use of mobile technology to promote, enhance, and add to value to the in-store shopping experience

B. A variety of activities used by organizations to engage, communicate, and interact over Wi-Fi and telecommunications networks with consumers using wireless, handheld devices.

C. The use of wireless handheld devices to order and/or pay for goods and services from online vendors

D. an easier alternative to typing a URL address into a mobile browser

Q4. An organization has 5,000 employees spread across 12 countries and a payroll staff of 100. Which of the following is INCORRECT with regards to the organization?

A. The organization's payroll staff is too small relative to its total staff.

B. The large number of employees increases the risks of potential fictitious employees.

C. High volume of Transactions increases the risk of possible error in payroll calculation.

D. Having employees in twelve different countries means that the organization has to comply with the statutory payroll requirements of the different countries.

Q5. Which of the following is LEAST likely to be an office health risk?

A. Carpal Tunnel

B. Hamstring injury

C. Lower Back Pain

D. Stress

Q6. Which of the following is NOT a criteria required for an account to be deleted?

A. The account is a Level 4 account

B. No journal entries are assigned to the account

C. No recurring transactions use the account

D. The account isn't linked to any transaction types.

Q7. I wish to transfer money from my bank account to my investment account. When I click on the transfer money to field, my investment account does not appear as an option. Which of the following is the MOST likely reason why this is so:

A. When creating the Investment Account, I selected Asset in the Account Type option instead of Bank.

B. I selected the incorrect business type for my company.

C. I have not changed the system date for my computer.

D. I do not have any funds in my bank account to transfer.

Q8. With relation to inventory management, which of the following is something MYOB does NOT do?

A. Automatically reorder stock from suppliers when stock levels are low

B. Track inventory transfers and automate the transfers using the Auto-Build features

C. Shows you how to revalue your stock

D. Keep track of items

Q9. Which of the following is the most CORRECT in relation to GST and how it is recorded in MYOB?

A. GST Collected is usually recorded as a negative figure.

B. GST Paid is an expense.

C. GST Collected is revenue .

D. GST Collected is a liability.

Q10. Which of the following is NOT a cost of holding too much inventory?

A. Risk of theft

B. Stock obsolescence

C. Lost revenue from customers opting for another supplier

D. Hiring a storage facility.

Q11. Which of the following statements is CORRECT?

A. FOB Shipping point means that the seller bears the risk of shipping the goods to the buyer. B. FOB Destination means that the buyer bears the risk of shipping from the shipping point to the buyers place of business

C. Goods held on consignment by an organization should not be included in that organization's inventory.

D. Inventory is generally a significant asset for service firms.

Q12. Which of the following is a NOT a cost of Enterprise Resource Planning?

A. Often requires business process reengineering.

B. Change Management Strategies.

C. Inconsistent financial reporting across the organization.

D. Training and awareness.

Q13. Mr. Travis Scott, an accounts officer of Masco Motors Ltd. has come to you seeking advice with regards to bank reconciliation using MYOB. You being an MYOB consultant advice Mr. Scott, under what condition is a Special Bank Reconciliation performed.

A. When there is a change in auditors.

B. When there is a change in accounting system to MYOB.

C. When there is a change in windows operating system.

D. When there is a change in financial year.