1) What is the main focus of AS91175 (Accounting 2.2)? a) Preparing financial statements by hand b) Demonstrating understanding of accounting processing using accounting software c) Analysing a company’s annual report d) Preparing a cash budget 2) "Frequent transactions” in this standard include: a) Depreciation and disposal of PPE b) Cash receipts, cash payments, and sales and purchases of inventory c) Correction of complex errors only d) Bank loans and capital contributions 3) In each activity for a new business, why is setting up the chart of accounts correctly at the start so important? a) Every transaction is coded to these accounts and report b) It controls user passwords c) It automatically imports all bank transactions d) It locks students out from changing entries 4) Which best describes an infrequent transaction in AS91175? a) Daily EFTPOS sales b) Monthly wages c) Purchase of PPE on credit d) Regular rent payments 5) What does Xero use inventory items (Products and Services) for? a) To store customer addresses b) To track quantities, selling prices, and cost of goods sold for each inventory c) To record staff timesheets d) To calculate loan interest 6) Which of the following is a complex transaction under AS91175? a) Cash sale of inventory b) Cash payment of electricity c) Straight‑line depreciation of PPE to date of disposal d) Paying a supplier by Bank Transfer 7) In Xero, what is the purpose of the Bank Reconciliation screen ? a) To edit the chart of accounts b) To match bank statement lines to Spend/Receive Money and invoice/bill payments c) To set GST rates d) To change user roles to Adviser 8) What does “using the banking function to split one total into more than one account” mean in this standard? a) Splitting one bank account into two bank accounts b) Allocating one bank deposit or payment across more than one ledger account c) Opening multiple bank feeds d) Dividing GST between two tax rates 9) When processing transactions in Xero, why must GST settings on accounts be checked carefully? a) Incorrect GST settings can cause GST returns and totals to be wrong b) GST is only needed for cash sales c) GST is only calculated at year‑end d) GST has no effect on reports 10) Which Xero report lets you review every transaction so you can check that your processing is correct? a) Aged Receivables report b) Bank Reconciliation report c) Journal report d) Inventory Items Detail report 11) Which of the following is an example of correcting a complex error in AS91175? a) Fixing a spelling mistake in a contact name b) Changing an invoice due date c) Correcting GST expense that was posted to a non‑GST expense account d) Deleting a draft invoice 12) For this standard, the business is assumed to: a) Not be registered for GST and use periodic inventory b) Be registered for GST on the invoice basis and use a computerised perpetual inventory system c) Use cash‑basis GST and no inventory system d) Have no GST and no bank account

AS91175 - UNDERSTANDING THE REQUIREMENTS

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