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WorksheetsThird Round | Brain of Accountants 3.0
Total questions: 25
Worksheet time: 22mins
A cost that changes with the number of units produced, but that can never be zero, is what kind of cost?
Mixed Cost
Fixed Cost
Variable Cost
Opportunity Cost
How the current ratio is calculated?
Current Liabilities/ Current Assets
Equity/ Current Assets
Current Assets/ Current Liabilities
Non- current Assets/ Non-current Liabilities
Which of these is a typical dividend yield for any company?
0.00000003%
3%
100%
300%
Monthly fixed costs are $20,000 excluding depreciation of $5,000.
Which figure should be shown in the Receipts section of the cash budget?
$20,000
$25,000
$15,000
none of the above
In May a company buys $100,000 of raw materials and pays for it in the month incurred.
In which month was the payment made?
April
May
June
Cannot tell from information given
What does the abbreviation GAAP stand for?
Generally Accepted Accounting Principles
Generally American Accounting Principles
Great American Accounting Principles
Great Accepted Accounting Principles
If an invoice dated September 9 and received on September 12 Shows terms of 2/10, n/30, what is the last day that a discount may be taken?
September 11
September 19
September 22
October 9
If owners equity is $25,500, and assets are $37,600, liabilities are
$25,500
$37,600
$63,100
$12,100
The process of transferring information from the journal to the individual general ledger accounts is called
Journalizing
Posting
Transferring
Carrying forward
What is the Net Profit margin for Paul's Guitar Shop?
2.15%
46.5%
130%
13.12%
Monthly fixed costs are $100,000 excluding depreciation of $20,000.
Which figure should be shown in the Payments section of the cash budget?
$100,000
$120,000
$80,000
none of the above
Stelter corporation paid cash for advertising and debited Miscellaneous Expense instead of Advertising Expense when entering the transaction. The correcting entry should contain:
Debit: Advertising Expense
Credit: Cash
Debit: Miscellaneous Expense
Credit: Cash
Debit: Cash
Credit: Advertising Expense
Debit: Advertising Expense
Credit: Miscellaneous Expense
Purchases from a supplier on credit is a liability.
True
False
Which of the following is not a liability?
Deposit received from customer
Unearned revenue
Zero interest-bearing note payable
Stock dividend payable
How much is the liability if the asset is worth $200,000 and the owner has $90,000 in equity?
$200,000
$110,000
$290,000
$90,000
'Review of the financial statements of a business and the accounting practices that were used to produce them'
Which of the following suits the above statement?
Audit
Financial Management
Budget
Accounting
Calculate the debt ratio.
81%
72%
103%
43%
State the double entry: Paid cash into bank.
Debit : Cash
Credit : Bank
Debit: Bank
Credit: Drawings
Debit: Bank
Credit: Cash
Debit: Drawings
Credit: Bank
State the effect on the ASSET:
Purchased equipment $3000 from Syarikat Taylornation for credit.
decrease $3000
increase $3000
decrease $6000
no effect
Which document would you give to someone who still owes money?
a receipt
an invoice
a cheque
a credit note
Objectives of tax policies are
to raise revenue for government
to regulate private sector
to encourage or promote specific activities
to regulate equal redistribution of income and wealth
What does it mean if a business has an 'favourable' Net Profit Ratio?
The business Net Profit Ratio is better than the industry average
The business Net Profit Ratio is performing worse than the industry average
The shirt that you bought was $20. The sales tax was 15%, what was the final price?
$20
$22
$23
$17
Sales tax is ___ to the price
subtracted
added
multiplied
divided
What is a COMMISSION?
the money paid by the government to make sure all Australians have enough money for the basic necessities of life
Payment made to those who act as an agent, or go-between, between buyers and sellers
money paid by an employer to an employee on a yearly basis
money paid by an employer to an employee for a period of work
