Assets, Liabilities & Owners Equity
GST
Cash Journals & Source Documents
Income Statement
Random Random
Random Food
Random Movies
100
Accounts Receivable is a:
- Current Asset
- Non-Current Asset
- Current Liability
- Non-Current Liability
- Owners Equity
Current Asset
100
What does GST stand for?
Goods and Services Tax
100
Aside from the Classification Columns, list all the columns in a Cash Receipts Journal.
- Date
- Rec. No.
- Bank
- Sundries
- GST
100
Receiving a Loan from the Bank is a:
- Cash Receipt
- Revenue
- BOTH
Cash Receipt
100
2 - 2 x 2 + 2 = ?
0
100
List the colors in a traditional packet of Skittles
Red, Yellow, Purple, Orange, Green
100
What was the highest grossing film of 2018?
Avengers: Infinity War
200
Bank Overdraft is a:
- Current Asset
- Non-Current Asset
- Current Liability
- Non-Current Liability
- Owners Equity
Current Liability
200
Bob's Burgers purchased $18,700 (GST Inclusive) worth of burger meat.
How much GST was paid on this transaction?
GST = $1,700
200
For May 2019, Bob's Burgers received $5,900 cash and paid $3,850 cash.
Calculate the Cash Surplus or Deficit for Bob's Burgers for May 2019.
$2,050 Cash Surplus
200
Paying an employee a wage is a:
- Cash Payment
- Expense
- BOTH
BOTH
200
How many different Prime Ministers has Australia had in the last 10 years?
Five (Julia Gillard, Kevin Rudd, Tony Abbott, Malcolm Turnbull, Scott Morrison)
200
According to Google Maps, aside from McDonalds Yallambie, where is the closest McDonalds to Viewbank College?
McDonalds Heidelberg (Bell Street)
200
Name three films featuring Arnold Schwarzenegger (no sequels).
300
A plumbing business buys $300 worth of plumbing supplies from Bunnings on Credit.
Name the two accounts that are affected by this transaction.
Asset - Inventory of plumbing supplies - Increase - $300
Liability - Accounts Payable - Increase - $300
300
Bob's Burgers purchased $9,042 (GST Inclusive) worth of burger buns.
What is the GST Exclusive amount of the burger buns?
GST Exclusive = $8,220
300
What Document is this?
A Cheque
300
Capital Contributed by the owner is:
- Cash Receipt
- Revenue
- BOTH
Cash Receipt
300
According to Wikipedia, which of the following suburbs is the largest (measured in km2)?
- Macleod
- Yallambie
- Rosanna
- Viewbank
- Watsonia
- Viewbank (4.5km2)
- Rosanna (3.7km2)
- Yallambie (3.1km2)
- Macleod (2.7km2)
- Watsonia (2.4km2)
300
Name 5 types of Pasta.
Lasagna
Spaghetti
Macaroni
Ravioli
Rigatoni
Tagliatelle
Tortellini
Penne
Linguini
Fettuccine
Bucatini
Fusilli
Vermicelli
300
Name two actors who have portrayed James Bond.
Sean Connery
David Niven
George Lazenby
Roger Moore
Timothy Dalton
Pierce Brosnan
Daniel Craig
400
A plumbing business receives $620 from a customer that owed the business from a past credit sale.
Name the two accounts that are affected.
Asset - Cash at Bank - Increase - $620
Asset - Accounts Receivable - Decrease - $620
400
Name FOUR transactions that do not have GST associated with them.
- Owner making a capital contribution
- Owner withdrawing funds from the business
- Paying employee wages
- Receiving a loan from the bank
- Receiving interest income
- Buying or selling fresh food
400
Bob's burgers sold $300 worth of burgers to a customer who paid using their credit card.
For Bob's Burgers, explain whether this is a cash or credit receipt and justify your answer.
This is a cash receipt as Bob's Burgers receives $300 cash immediately from the customer's bank.
The customer owes their bank for the purchase - not Bob's Burgers.
400
Cost of Materials used is:
- Cash Payment
- Expense
- BOTH
- Expense
400
According to Wikipedia, which of the following suburbs has the largest population?
- Macleod
- Yallambie
- Rosanna
- Viewbank
- Watsonia
- Macleod (9,769)
- Rosanna (8,498)
- Viewbank (6,923)
- Watsonia (5,214)
- Yallambie (4,117)
400
Baba Ghanoush is a popular dip made from which cooked vegetable?
Eggplant
400
Including the recent Creed movies - how many movies are there in the Rocky series?
Eight (Rocky, Rocky II, Rocky III, Rocky IV, Rocky V, Rocky Balboa, Creed, Creed II)
500
Calculate the value of Non-Current Liabilities based on the below information:
Current Assets = $15,000
Non-Current Assets = $60,000
Current Liabilities = $17,500
Non-Current Liabilities = ???
Owner's Equity = $32,000
Non-Current Liabilities = $25,500
500
When was the GST introduced in Australia and by which Prime Minister?
2000 - John Howard
500
Name the two qualitative characteristics that are supported by the use of source documents.
Verifiability and Faithful Representation
500
Explain the difference between Cash Receipts / Cash Payments and Revenues / Expenses - using appropriate terminology.
A revenue is recognised when it has been earned - not when the cash is received.
An expense is recognised when it has been incurred - not when the cash is paid.
500
On the Australian Apple store, what is the price for a set of Airpods?
With Charging Case - $249
With Wireless Charging Case - $319
500
Byriani is a popular rice dish - originating from which part of the world?
Persia (Iran).
500
There are eight movies in the The Fast and the Furious series.
Name 5 movies from the series - including any subtitle as appropriate.
The Fast and the Furious
2 Fast 2 Furious
The Fast and the Furious: Tokyo Drift
Fast & Furious
Fast Five
Fast & Furious 6
Furious 7
The Fate of the Furious
600
Which of the following is NOT a real cosmetics brand:
- Stila
- Maybelline
- Hourglass
- NARS
- Chemical Heart
- La Mer
- Yves Saint Laurent
- Urban Decay
Chemical Heart
600
Which popular spread has a infinite shelf-life / expiration date (meaning it will never 'go off')?
Honey
(Raw honey has been discovered in the pyramids dating back to 3,000 years and is still perfectly edible.)
600
NOT including Ken and Barbie, name five Toys from the Toy Story series.
