Have an account?
Skip to Content
Build your own quiz
Suggestions for you
15 questions
Show Answers
See Preview
- 1. Multiple Choice
The definition of an Asset is
The cost of running the business
Items of value owned by the business
Items owned by the business
money owed by the business to external parties
- 2. Multiple Choice
Which of the following items is not and asset.
Cash at Bank
Motor Vehicle
Stationery
Inventories
- 3. Multiple Choice
A Bank Loan is classified as a:
Revenue
Expense
Asset
Liability
- 4. Multiple Choice
Owner's Equity is defined as
the cost of running the business
the owners investment in the business
the amount owed to suppliers
the amount owed to the business from customers
- 5. Multiple Choice
Revenues are a credit nature because
they decrease the owners investment
they increase the owners investment
- 6. Multiple Choice
To calculate the GST when it is inclusive you need to:
times by 10
divide by 10
times by 11
divide by 11
- 7. Multiple Choice
Which of the following will have GST included:
Apples
Tinned Peaches
Meat
lettuce
- 8. Multiple Choice
Is the following statement True or False:
GST Paid is collected on purchases made by the business an is able to be claimed back from the ATO
True
False
- 9. Multiple Choice
Which of the following does not represent the accounting equation.
A=L+OE
L=A+OE
OE=A-L
- 10. Multiple Choice
For Double Entry Accounting the rule is:
Debit = Credits
Debits - Credits
Credits -Debits
Debits + Credits
- 11. Multiple Choice
To increase an account, the rule is
It is the opposite of the nature
It is the same as the nature
- 12. Multiple Choice
What is listed FIRST on a Journal Entry
Debit
Credit
Liablity
Asset
- 13. Multiple Choice
For every transaction, at least how many accounts are effected.
one
two
three
four
- 14. Multiple Choice
Purchasing motor vehicle for cash will have an affect of the components of the accounting equation.
Increase cash and increase in equity?
Increase in cash and increase in asset
Decrease in asset and increase in asset
Increase in cash and increase in liability
- 15. Multiple Choice
The purpose of the Trial Balance is to:
make sure the general journal entries are correct.
check the posting of the ledger is accounts is correct.
identify the owners investment in the business.
make sure the debits x credits
- Answer choicesTagsAnswer choicesTags