Year 10 Commerce - Accounting

Year 10 Commerce - Accounting

10th Grade

12 Qs

quiz-placeholder

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Year 10 Commerce - Accounting

Year 10 Commerce - Accounting

Assessment

Quiz

Other

10th Grade

Medium

Used 14+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How would a $100 000 loan, due in 2030, with annual instalments of $15 000 be categorised in the Balance Sheet?

$100 000 as a non-current liability

$100 000 as a non-current liability

$15 000 as a current liability and $85 000 as a non-current liability

$85 000 as a current liability and $15 000 as a non-current liability

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A resource controlled / owned by a business that will generate economic benefit within 12 months is categorised as what?

Owner's equity

Revenue

Non-current asset

Current asset

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Calculate the Owner's Equity for this equation: Assets = $70 000, Liabilities = $25 000.

$95 000

$45 000

$50 000

$0

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which two accounts are impacted by the following transaction (and what is the impact)? A business purchases $15 000 worth of inventory on credit.

Inventory (CA) increases by $15 000, Accounts Payable (CL) increases by $15 000

Inventory (CA) decreases by $15 000, Accounts Payable (CL) decreases by $15 000

Inventory (CA) increases by $15 000, Bank (CA) decreases by $15 000

Inventory (CA) increases by $15 000, Accounts Receivable (CA) decreases by $15 000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Money earned by a business from completing a sale is which of the following accounting elements?

Asset

Revenue

Owner's equity

Liability

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where does "Cartage in" appear in the Income Statement?

Under "Other expenses"

Under "Cost of goods sold"

Under "Gross Profit"

What? It goes in the Balance Sheet doesn't it?

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which "cartage" involves sending/posting inventory to the customer (after the sale has taken place)?

Cartage OUT

Cartage IN

Cartage SIDEWAYS

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