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Year 10 accounting

Total questions: 50

Worksheet time: 26mins

Name
Class
Date
1.

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

a)

Owner's equity

b)

Revenue

c)

Non-current asset

d)

Current asset

2.

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

a)

$95 000

b)

$45 000

c)

$50 000

d)

$0

3.

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

a)

Asset

b)

Revenue

c)

Owner's equity

d)

Liability

4.

Assets are

a)

Items of value the business owes to others

b)

Owner's investment in the business

c)

Items of value owned by the business

d)

Income earned in daily operations

5.

What type of account is stationery?

a)

Asset

b)

Expense

c)

Liability

d)

Revenue

6.

What type of account is Sales?

a)

Asset

b)

Liability

c)

Revenue

d)

Expense

7.

What is the term used for the money/goods the owner takes from the business for personal use?

a)

Expense

b)

Drawings

c)

Capital

d)

Loss

8.

What type of account is interest received?

a)

A

b)

L

c)

E

d)

R

9.

What type of account is Bank Overdraft

a)

A

b)

L

c)

E

d)

R

10.

What the owner invests in a business is called:

a)

Owner's Equity

b)

Capital

c)

Cash at Bank

d)

Revenue

11.
Planning, recording, analyzing, and interpreting financial information
a)
accounting
b)
ethics
c)
transaction
d)
revenue
12.

Which of the following is definition of accounting?

a)

It's a process of classifying, recording, and summarizing the business transaction in monetary unit, interpretating the data in assist stakeholders in making decision.

b)

It's a process of recording, classifying, and summarizing the business transaction in monetary unit, interpretating the data in assist stakeholders in making decision.

c)

It's a process of classifying, recording, and summarizing the business transaction interpreting the data in assist stakeholders in making decision.

13.

The starting point of the accounting process is

a)

communicating information to users.

b)

identifying economic events.

c)

recording economic events.

d)

None of these answers are correct.

14.

A Bank Loan is classified as a:

a)

revenue

b)

expense

c)

asset

d)

liability

15.

Cost to acquire and prepare land for use by the company

a)

liabilitiy

b)

revenues

c)

asset

d)

expenses

16.

Amount owed to employees for hours worked but not yet paid

a)

liability

b)

Asset

c)

Owner equity

d)

Revenue

17.

Cost of telephone used during the current accounting period

a)

Asset

b)

Owner equity

c)

lianility

d)

Expense

18.

Cost of merchandise purchased but has not been sold

a)

Asset

b)

Liability

c)

Expense

d)

Owner Equity

19.

Cost of electricity, heat and water that were used during accounting period

a)

Owner's Equity

b)

Revenue

c)

Expense

d)

Asset

20.

Amount earned from providing service to clients, either for cash or on credit.

a)

Expense

b)

Revenue

c)

Asset

d)

Owner's Equity

21.

Which of the following is not a liability

a)

Inventory

b)

Car loan

c)

Mortgage

d)

Credit card balance

22.

Amount the owner invested in the company through cash or other assets.

a)

Revenue

b)

Asset

c)

Owner's Equity

d)

Expense

23.
What is an advantage of friends & family loan?
a)
There will be little or no interest
b)
You can pay in smaller installments
c)
They take a long time to arrange
d)
You don't have to pay it back
24.
What is a disadvantage of a friends and family loan?
a)
It means you have no savings
b)
It can lead to personal conflicts
c)
It can take a long time to arrange
d)
They can be recalled immediately
25.

Why do people start thier own business?

a)

To be their own boss

b)

Flexibility

c)

Achieving their dreams

d)

All of the above

26.

What do we call a person who starts a business?

a)

Entrepreneur

b)

Enterprise

c)

Entreposuer

d)

Extraposer

27.

Which word means a new way of doing things?

a)

internet

b)

innovation

c)

interpolation

d)

interpol

28.

What percentage of businesses fail in the first 5 years?

a)

25%

b)

50%

c)

12%

d)

75%

29.

Which of these is NOT a risk of setting up a business.

a)

Losing money

b)

Making money

c)

losing time

d)

Losing security

30.
What is an advantage of a bank loan?
a)
There will be little or no interest
b)
You can pay in smaller installments
c)
They are quick and easy to arrange
d)
You don't have to pay it back
31.

What source of finance often requires no interest, equity, security or repayment?

a)

Bank loan

b)

Crowdfunding

c)

Taking on a new partner

d)

Overdraft

32.
Accounting is referred to as the "language of ___________________."
a)
profit
b)
life
c)
accounting
d)
business
33.

What is the current GST rate in Australia?

a)

15%

b)

14%

c)

10%

d)

42%

34.
A list of accounts used by a business.
a)
accounting equation
b)
chart of accounts
c)
temporary accounts
d)
permanent accounts
35.

How do you classify "Cash"?

a)

asset

b)

liability

c)

owner's equity

36.

How do you classify "Accounts Payable"?

a)

asset

b)

liability

c)

owner's equity

37.

How do you classify "Supplies"?

a)

asset

b)

liability

c)

owner's equity

38.

What is the ending date of a financial year in Australia?

a)

April 30

b)

June 30

c)

July 1

d)

December 31

39.

The tax rate for large companies in Australia is generally

a)

10%

b)

30%

c)

50%

d)

There is no corporate tax in Australia.

40.
Assets 
a)
Anything owed by the company
b)
Anything owned of value by the company
41.

How do you classify revenue?

a)

asset

b)

liability

c)

owner's equity

42.

How do you classify "Accounts Receivable"?

a)

asset

b)

liability

c)

owner's equity

43.

Classify the following:

Investment

a)

Assets

b)

Liabilities

c)

Owner's equity

d)

Revenues

e)

Expenses

44.

Classify the following:

Telephone & electricity

a)

Assets

b)

Liabilities

c)

Owner's equity

d)

Revenues

e)

Expenses

45.

Classify the following:

Office equipment

a)

Assets

b)

Liabilities

c)

Owner's equity

d)

Revenues

e)

Expenses

46.

Classify the following:

Discount received

a)

Assets

b)

Liabilities

c)

Owner's equity

d)

Revenues

e)

Expenses

47.

Classify the following:

Discount allowed

a)

Assets

b)

Liabilities

c)

Owner's equity

d)

Revenues

e)

Expenses

48.

Classify the following:

Purchases

a)

Assets

b)

Liabilities

c)

Owner's equity

d)

Revenues

e)

Expenses

49.

Classify the following:

Sales

a)

Assets

b)

Liabilities

c)

Owner's equity

d)

Revenues

e)

Expenses

50.

Classify the following:

Salaries

a)

Assets

b)

Liabilities

c)

Owner's equity

d)

Revenues

e)

Expenses

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