Inventory
Inventory Formulas
AP / AR
AP / AR Formulas
Depreciation
Non-Accounting Formulas
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100
What is the name of the expense incurred when an item of inventory is sold to a customer?
Cost of Sales
100
State the formula for calculating Net Profit Margin.
Net Profit / Net Sales x 365
100
What is the name of the subsidiary Accounting record that records each individual transaction with each individual supplier, and shows the balance owing to that supplier at any point in time?
Accounts Payable Record
100
State the formula to calculate Discount Revenue.
Discount Rate x Invoice Amount Owing (Incl. GST)
100
What is an intangible asset?
Assets that do not have a physical form
100
As part of Albert Einstein's Theory of Relativity, state the famous formula for calculating Mass–energy equivalence?
e = mc2
100
Complete this Nursery Rhyme.
Hey diddle diddle, the cat and the fiddle,
The cow jumped over the moon.
The little dog laughed to see such fun
And the _________ ran away with the spoon!
Dish
100
What is the largest continent (area)?
Asia
100
What is the name of the medal awarded to the player judged best on field in an AFL Grand Final?
Norm Smith Medal
100
The positive terminal in an electrical circuit is known as an 'anode'. What is the negative terminal known as?
Cathode
200
What is the name of the source document that evidences a Purchase Return?
Credit Note
200
State the formula for calculating Gross Profit Margin.
Gross Profit / Net Sales x 365
200
What is the name of the Accounting Record that serves as a listing of the names and balances owing to all suppliers at a specific date?
Accounts Payable Schedule
200
State the Accounts Payable Turnover Formula.
Avg. Accounts Payable / Net Credit Purchases x 365
200
How is the Historical Cost of a Non-Current Asset calculated?
Purchase Price (excl. GST)
+ Cost of delivery (excl. GST)
+ Cost of any modifications before use (excl. GST)
200
State the formula to calculate the Volume of a cylinder.
V = pi x r2 x h
200
Complete this Nursery Rhyme.
Hickory dickory dock
The _________ ran up the clock
The clock struck __________
The _________ ran down
Hickory dickory dock.
Mouse
One
200
Vienna is the Capital City of which country?
Austria
200
Who was the 2019 Coleman Medalist?
Jeremy Cameron (GWS Giants)
200
In the Mario Bros. video game series, what is the name of Luigi's arch rival?
Waluigi
300
What is the name of the Accounting Record that acts as a listing of the quantity and value of each line of inventory on hand at a specific date?
Inventory Sheet
300
State the Inventory Turnover Formula.
Avg. Inventory / Cost of Goods Sold x 365
300
Under what Accounting Assumption are Revenues recognised when earned and Expenses recognised when incurred?
Accrual Basis Assumption
300
State the Accounts Receivable Turnover Formula.
Avg. Accounts Receivable / Net Credit Sales x 365
300
What is the name of the account record that serves as a listing of all the Non-Current Assets owned by the business at a specific date?
(It contains a listing of all the applicable information about each NCA such as Serial numbers etc.)
Asset Register
300
Use Pythagoras Theorem to calculate the value of c.
c = 13
300
Complete this Nursery Rhyme.
London Bridge is falling down,
Falling down, falling down.
London Bridge is falling down,
_______________.
My Fair Lady
300
Behind Everest, what is the second largest mountain in the world?
K2, also known as Mount Godwin-Austen or Chhogori
300
Which AFL Club Song is sung to the tune of 'La Marseillaise' - the French National Anthem?
Brisbane Lions
300
Which country are Lemurs native to?
Madagascar
400
List four possible items that could fall under the category of 'Cost of Goods Sold'.
Cost of Sales
Freight / Delivery / Cartage Inward
Import / Customs Duties
Packaging
400
State the Inventory Formula (to calculate closing Inventory on Hand balance).
Inventory at Start
+ Cash Purchases
+ Credit Purchases
- Purchase Returns
- Cost of Sales
+/- Inventory Gain / Loss
= Inventory at End
400
For each of the following items, state whether they appear in the Income Statement, Cash Flow Statement or Both:
- Sales returns
- Discount expense
- Inventory Loss
- Receipts from Accounts Receivable
- Discount revenue
- Bad debts
- Cash Purchase of Inventory
- Sales returns (Income Statement)
- Discount expense (Income Statement)
- Inventory Loss (Income Statement)
- Receipts from Accounts Receivable (Cash Flow Statement)
- Discount revenue (Income Statement)
- Bad debts (Income Statement)
- Cash Purchase of Inventory (Cash Flow Statement)
400
State the Accounts Payable Formula (to calculate closing Accounts Payable balance).
Accounts Payable at Start
+ Credit Purchases (incl. GST)
- Purchase Returns (incl. GST)
- Payments to Accounts Payable
- Discount Revenue
= Accounts Payable at End
400
A new van was purchased for $20,100 (excl. GST). The van is estimated to have a useful life of 6 years and a residual value of $1,500.
Calculate annual Depreciation expense for the van.
= HC - RV / 6
= 20,100 - 1,500 / 6
= $3,100
400
State the chemical formula for Ethanol.
C2H6O
400
Complete this Nursery Rhyme.
Oh, do you know the muffin man?
The muffin man?
The muffin man
Oh, do you know the muffin man?
That lives on ______________ ?
Drury Lane
400
Also beginning with 'T', which African country served as the setting for the desert planet Tatooine in Star Wars?
Tunisia
400
The Gold Coast Suns joined the AFL competition in which year?
2011
400
Name any four songs from 'The Lion King'
- Be Prepared
- Can You Feel The Love Tonight
- Circle Of Life
- Hakuna Matata
- I Just Can't Wait To Be King
- The Lion Sleeps Tonight
500
State the five types of transactions that are entered as OUT in the Inventory Card.
Cash / credit sales
Purchase returns
Drawings
Advertising
Inventory loss
500
State the Accounts Receivable Formula (to calculate closing Accounts Receivable balance).
Accounts Receivable at Start
+ Credit Sales (incl. GST)
- Sales Returns (incl. GST)
- Receipts from Accounts Receivable
- Discount Expense
- Bad Debts
= Accounts Receivable at End
500
State the Formula for calculating Asset Turnover (ATO).
Asset Turnover = Net Sales / Avg. Total Assets
500
Formula racing refers to open-wheeled single-seater motorsport road racing.
Who is the leader in the 2019 Formula One championship?
Lewis Hamilton
500
Complete this Nursery Rhyme.
Baa baa black sheep, have you any wool?
Yes sir, yes sir, three bags full!
One for the _________, one for the _________,
And one for _____________________________.
Master
Dame
The Little Boy who lives down the lane
500
Behind Brazil, which South American country has the longest coastline?
Chile
500
Who coached North Melbourne to their most recent AFL Premiership?
Dennis Pagan
500
List the ingredients that are typically on a Capricciosa Pizza.
Mozzarella cheese
Ham
Mushroom
Artichoke
Tomato
600
State the GST Formula (to calculate closing GST Payable balance).
*One mistake allowed*
GST Payable at Start
+ GST on Cash Sales
+ GST on Credit Sales
- GST on Sales Returns
- GST on Cash Purchases
- GST on Credit Purchases
+ GST on Purchase Returns
- GST on Bad Debts
- GST Settlement
= GST Payable at End
600
State the formula for calculating Return on Assets (ROA).
Return on Assets = (Net Profit / Avg. Total Assets) x 100
600
In the Original version of the Nursery Rhyme, Old MacDonald had 7 animals on his farm.
Name any 6.
- Dogs
- Hens
- Ducks
- Cows
- Pigs
- Cats
- A Donkey
600
The mythological Count Dracula resided in a castle in Transylvania - a region located within which country?
Romania
600
Identify the top 3 goal kickers from the players listed below:
- Matthew Lloyd
- Brendan Fevola
- Barry Hall
- Matthew Pavlich
- Lance Franklin
- Nick Riewoldt
- Matthew Richardson
- Lance Franklin (944)
- Matthew Lloyd (926)
- Matthew Richardson (800)
600
Which of the following is not a real skateboard trick?
- Ollie
- Boneless
- Benihana
- Nose Manual
- Japan Air
- Heelflip
- Impossible
- Christ Air
- Nugget Flip
- Stalefish
- Manual
- Saran Wrap
Nugget Flip