Introduction to accounting

The Accounting Equation is:

• Liabilities=Assets+Owner's Equity

• Assets=Liabilities+ Owner's Equity

• Assets+Liabilities=Owner's Equity

• Owener's Equity=Assets + Liabilities

Which of the following business has unlimited liability

• Sole trader

• Limited Liability Partnership

• Private Limited Company

• Public Limited Company

Who is Luca Pacioli

• The Father of Accounting

• The Mother of Accounting

• Accountant

• The Brother of Accounting

A Liability is best described as:

• Something you own.

• Something you owe.

• What is left over.

The 4 step accounting process involves.

• source documents, recording, reporting and advice.

• source documents, recording, cash journals and business managers.

• source documents, receipts, audits and budgeting.

• source documents, budgets, audits and receipts.

GST stands for...?

• Goods and Standard Tax.

• Goods and Services Tax.

• Goods and Side Tax.

• Goods and slight Tax

GST in Australia is taxed at the rate of?

• 9.5%

• 15%

• 11%

• 10%

If a business owner does not keep their accounts in order they...

• are at risk of losing money.

• may get in trouble from the tax office if they get audited.

• Will find it hard to determine if the business is earning a profit/loss.

• All of the above.

Sole trader and Partnership businesses are not required to pay business tax in Australia.

• True

• False

An asset is best explained as:

• Something the business owns.

• What is left over.

• Something you owe.