Question

When recording a Sales Return in MYOB, which of the following tax codes is most appropriate? (1 mark) I. a. GST b. N-T c. FRE d. CAP Which of the following is true of Header accounts in the MYOB Accounts List? (1 mark) Header accounts are used only for report presentation purposes Transactions cannot be posted directly to Header accounts Sub-totals can be shown against Header accounts, but these are simply a П. 1 2. 3. "roll up" of the Detail account balances beneath them 4. All of the above Which invoice layout in MYOB would be most appropriate when writing off a bad debt? (1 mark) ПI. a. Item b. Service c. Professional d. Miscellaneous IV When inventory sold on credit is returned by a customer because it is damaged, it is necessary to: (1 mark) Prepare an invoice for the number of the items returned as a negative quantities Match a negative invoice against the customer's outstanding balance Both a and b 1 2. 3. 4. Reduce stock on hand to write off the damaged stock Each of a, b and d 5. The most appropriate series of actions in MYOB to record monthly depreciation would be: (1 mark) V. Banking Spend Money Accounts Record Journal Entry Purchases Enter Purchases Purchases Pay Bills 1 2 3. 4.

Answer 1

1 c

Most appropriate will be c

2 d

Harder accounts serves all the above purposes

3 b

We need to create a credit note by entering negative value equivalent and goods in negative figures

Since these goods are damaged they should be reduced from stock in hand less by any salavge value received

4 5

5 2