Accounting Formulas
Financing
Investments
Accounting Assumptions & Characteristics
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100
State the Formula to calculate Simple Interest Charge.
Interest = Principal x Interest Rate x Time
100
List the two methods of internal finance.
Capital Contribution and Retained Earnings
100
Explain the difference between a Bond and a Debenture.
A Bond involves lending money to the Government.
A Debenture involves lending money to a company.
100
Which of the following is NOT a real qualitative characteristic?
- Faithful Representation
- Comparability
- Verifiability
- Relevance
- Consistency
- Timeliness
- Understandability
Consistency
100
How many different Prime Ministers has Australia had in the last 10 years?
Five (Julia Gillard, Kevin Rudd, Tony Abbott, Malcolm Turnbull, Scott Morrison)
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
100
A sole trader is also known as what?
Sole proprietorship
200
State the Debt Ratio Formula
Total Liabilities / Total Assets
200
List the four options for external finance.
- Trade Credit
- Bank Overdraft
- Term Loan
- Leasing
200
Order the following Investment Diversification strategies from Safest to Riskiest:
- Balanced
- Growth
- Conservative
- Conservative
- Balanced
- Growth
200
The ___________________ assumption states that financial reports must be prepared on the basis that the business will continue to operate in the future.
Going Concern
200
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)
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).
200
The Tax Rate in Australia for companies is?
27.5% (Small Businesses)
30% (Large Businesses)
300
State the Working Capital Ratio Formula
Current Assets / Current Liabilities
300
If the length of a loan term is increased, what will happen to each of the following:
- Total Interest Charge
- Total Repayable
- Number of Instalments
- Instalment Amount
Total Interest Charge - Increase
Total Repayable - Increase
Number of Instalments - Increase
Instalment Amount - Decrease
300
In addition to a potential Capital Gain, shares also provide a regular income stream in the form of:
Dividends
300
What is the purpose of the Verifiability qualitative characteristic?
Financial information should be supported by evidence that confirms the accuracy of financial transactions.
300
On the Australian Apple store, what is the price for a set of Airpods?
With Charging Case - $249
With Wireless Charging Case - $319
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
300
Liquidity is defined as:
A business' ability to meet its short term debts as they fall due.
400
State the Cost-Volume-Profit Formula to calculate Quantity of Units sold.
Quantity = Fixed Costs + Profit / Selling Price - Cost Price
400
List three advantages of using Trade Credit.
Immediate access to goods or services – without having to fund them
Allows business to generate sales (using those goods) before payment is required
No interest charges – as long as credit terms are met
Discounts are sometimes offered by suppliers to encourage early payment
400
Is a cash investment that is calculated using the compounding interest method always a better option than a cash investment calculated using the simple interest method?
No - it depends on whether the investor requires the cash from the interest earnings throughout the investment term - rather than having to wait until the end.
400
Which qualitative characteristic relates to ensuring that financial reports are prepared on-time rather than several years late?
Timeliness
400
Arrange the following Shopping Centres from Oldest to Newest:
- Greensborough Plaza
- Northland
- Warringal Shopping Centre
Northland (1966)
Greensborough Plaza (1978)
Warringal Shopping Centre (1987)
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)
400
A Private company is limited to a maximum of how many shareholders at once?
50 Shareholders
500
If an employee earns more than $450 in a month - their employer is required to pay that employee superannuation.
What is the % rate at which superannuation is calculated?
9.5%
500
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
500
Edamame is a popular dish - originating from which country?
Japan.
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
500
List the six Pricing Methods / Considerations.
1.Recommended retail price
2.Competitors’ prices
3.Market reaction
4.Quotes
5.Percentage mark-up
6.Cost-volume-profit analysis.
600
Negative Gearing is a property investment strategy that involves deliberately attempting to make an income stream loss (Rent earned is less than expenses) every year.
Explain why this is an effective strategy.
- Annual Income Stream losses are tax deductible (meaning it reduces the individuals taxable income)
- Tax on the eventual capital gain on the property is eligible for the Capital Gains Discount 50%
600
Which of the following McDonalds burgers has the most Calories per serve?
- Double Cheeseburger
- Quarter Pounder with Cheese
- McChicken
- Big Mac
Quarter Pounder with Cheese (520 Cal)
600
NOT including Ken and Barbie, name six Toys from the Toy Story series.
600
The Double-Entry Accounting system was formalised by merchants of which Italian city state during the Renaissance?
Venice