701. “Appellate Tribunal” means the Appellate Tribunal Inland Revenue established under section
A. Section 130
B. Section 132
C. Section 135
D. Section 137

702. What does the certification CA stand for (in Canada)?
A. Accrued revenue
B. Chartered Accountant
C. All of the above
D. Nome of the above

703. When you have yet to bill a customer for services rendered and have not received the money in the same financial period that the service was performed, then the transaction is recorded as a(n) ________ (assume accrual basis of accounting)?
A. accrued revenue
B. accrued expense
C. unearned revenue
D. prepaid expense

704. What are internal controls designed to do?
A. only safeguard assets
B. only ensue accurate accounting records
C. only achieve maximum revenue
D. safeguard assets and optimize the use of resources

705. Who writes instructions that directs a computer’s action?
A. Writer
B. Programmer
C. systems analyst
D. operator

706. Who designs a computer system?
A. Operator
B. Manager
C. systems analyst
D. programmer

707. What is a firm’s payment to a supplier for merchandise inventory recorded in?
A. sales journal
B. cash receipts journal
C. purchases journal
D. cash disbursements journal

708. Where are amounts owed by customers for credit purchases found?
A. accounts receivable subsidiary ledger
B. sales journal
C. accounts receivable journal
D. general ledger

709. Which of the following transactions is not recorded in the cash receipts journal?
A. expensing prepaid rent
B. receipt of customer payments
C. borrowing money from a bank
D. sale of equipment for cash

710. Where would a debit posted to accounts payable in the general ledger come from?
A. sales journal
B. cash disbursements journal
C. purchases journal
D. cash receipts journal

NOTE
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