Font size
WorksheetsUnit 2, Topic 1 Quiz 1
Total questions: 15
Worksheet time: 8mins
Which of the following is NOT an example of an input tax supply?
Interest expense
bank fees and charges
commission earned
interest earned
The GST that goes with the buying of inventories is called
GST Collected
GST Credits Received
The GST that goes with the selling of inventories is called
GST Collected
GST Credits Received
Which of the following does not incur GST?
Stationery
Advertising
Office Supplies
Drawings
what nature do Assets have?
Debit
Credit
Cost of Goods Sold account is a
Asset
Liability
Revenue
Expense
If credit purchases are returned, the Inventories account is credited because
an expense that is decreasing
a liability that is increasing
a revenue that is increasing
an asset that is decreasing
Mostert Industries sent an adjustment note to N Nay for sales returns of $330, including GST. Nay will be credited with this amount. Which of the following statements is correct to record the debit side of the entry relating to the selling price element of this transaction?
Sales Returns and Allowances $300, and GST Credit Received $30
Sales Returns and Allowances $330
Sales Returns and Allowances $300, and GST Collected $30
Sales Returns and Allowances $300, and Cost of Goods Sold $30
Which of the following would result in a debit entry to the Inventories account for $1900?
Selling inventories for $2090 (inclusive of GST)
Buying inventories for $1900 (GST free).
Buying inventories for $2090 (GST free)
Buying inventories for $1900 (inclusive of GST)
Tham Trading sold goods worth $2000 to V Young on credit for $3300 (including GST). Which of the following is correct?
The Inventories account would be Debit for $2000.
The Cost of Goods Sold account would be Debit for $3300
The V Young account would be Debit for $3300.
The amount of the GST for the transaction is $330.
Identify the accounts applicable in this transaction:
Purchased inventories (GST inclusive) for cash
Accounts Payable, Inventories
Cash, GST Collected, Inventories
Cash, GST Credits Received, Inventories
Cash, Inventories
Identify the accounts applicable in this transaction:
Sent adjustment note for $33 to A Brown for GST Inclusive for goods returned with a cost price of $11
Sales Returns, COGS, Inventories, GST Collected, A Brown
Sales Returns, COGS, Inventories, GST Credits Received, A Brown
COGS, Inventories, Sales, GST Collected
GST Credits Received, COGS, Inventories, Sales Returns, A Brown
How much GST is applicable on a transaction for $550?
(a)
How much GST is applicable on a transaction for $1265?
(a)
How much GST is applicable on a transaction for $6050?
(a)
