Question

1) Which invoice layout in MYOB is most appropriate when recording inventory transactions?

Select one:

a. Professional

b. Item

c. Service

d. Miscellaneous

2) The Undeposited Funds Account in MYOB:

Select one:

a. All of these options

b. Is a temporary clearing account recording each individual cash receipt

c. Is cleared when the amounts receipted are actually banked

d. Is used to assist with the reconciliation of the bank account

3)When customer records are set up in MYOB to track accounts receivable, payments received from customers can be processed as:

Select one:

a. All of these options

b. “Receive Payments” in the Sales Module

c. a general journal entry in Accounts module

d. “Receive Money” in Banking module

4) A business has set up MYOB to use a perpetual inventory system. When a purchases of inventory on credit is processed the accounting result is:

Select one:

a. Dr Purchases, Dr GST Collected, Cr Accounts Payable

b. Dr Inventory, Dr GST Collected, Cr Accounts Payable

c. Dr Inventory, Dr GST Paid, Cr Accounts Payable

d. Dr Purchases, Dr GST Paid, Cr Accounts Payable

5) After navigating to the Purchases command centre and then selecting Pay Bills, MYOB allows users to record the following transactions:

Select one:

a. Purchases on credit

b. Cash receipts from suppliers

c. Cash payments made to suppliers

d. None of these options

Answer 1

Solution:

1. Answer is b

Item layout is to be used recording inventory transactions as it has the inventory items listed clearly.

2. Answer is a

Undeposited Funds account is used as a temporary clearing account till the funds are cleared. It is cleared when the deposits are banked and also used as a reconcilliation tool.

3. Answer is b

"Receive payments in tahe sales module" is used to process payments received from the customers.

4. Answer is d

When a purchase is recorded, Purchases Account and GST Account are debited. The Accounts payable account is credited.

5. Answer is c

"Pay bills" option is used to record cash payments made to suppliers.