How would a $100 000 loan, due in 2030, with annual instalments of $15 000 be categorised in the Balance Sheet?
Year 10 Commerce - Accounting

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Other
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10th Grade
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Medium
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$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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