Exam (elaborations)
AIN2601 Assessment
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A guaranteed success for an A in your AIN2601 Assessment 3 done by a top tutor with 8 years in accounting experience.
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AIN2601 Assessment 3Open course index
Started on Friday, 26 April 2024, 2:49 PM
State Finished
Completed on Friday, 26 April 2024, 3:45 PM
Time taken 56 mins 12 secs
Grade 38.00 out of 40.00 (95.0%)
Question 1
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Question text
The customer account _______ will be used as the primary key in the customer master file to
uniquely identify each customer.
1.
categories
2.
numbers
3.
codes
4.
details
Question 2
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When inventory items are received from a supplier, while waiting for an invoice the following
accounting transaction is recorded:
a.
Dr Inventory
Cr Trade payables
, b.
Dr Inventory
Cr GRN accrual
c.
No accounting transaction is recorded as the invoice hasn’t been received therefore there is
no liability for the organisation
d.
Dr GRN accrual
Cr Trade payables
Question 3
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Whom of the following may not temporarily authorise the exceeding of a customer’s credit
limit?
1.
the financial manager
2.
the business owner
3.
the shareholder
4.
the director
Question 4
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Question text
In an AIS, the accounting staff need to manually identify invoices due by referring to the
supplier’s payment terms and the payment due date captured on the supplier invoice.
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