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Test 2 Question Paper(Click to download)

Test 2 Answer Book(Click to download)

In the Statement of Financial Performance for Xavier Xtra Accounting Services , which one of the following will not be a revenue earned by this business?

________ are the future sacrifices of service potential or of future economic benefits that the entity is presently obliged to make to other entities as a result of past transactions or other past events.

_________ provides information relating to the resources of the business available to generate the income.

An asset shall be recognised in the statement of financial position when and only when it is _________ that the service potential or future economic benefits embodied in the asset will eventuate and the asset possesses a cost or other value that can be measured with __________.

For external reporting purposes, companies with certain exceptions are required to file audited financial statements with the _________________ on a/an ____________basis

Which one of the following statements is most accurate about the use of worksheets in accounting?

The Statement of Financial Performance and the Statement of Financial Position should be prepared on a GST-exclusive basis except for the figures for _________ and ________, which are GST ________.

According to the NZ Framework which of the following is not an essential characteristic of liabilities:

_________ are payments made by a business in one accounting period for the benefits to accrue in the future accounting periods.