Debits and Credits
Definitions
Balance Day Adjustments
Financial Indicators
Sports
Viewbank College
Random ?
50
State the entry to record a $330 (incl. GST) Credit Purchase of Inventory.
DR Inventory $300
DR GST Clearing $30
CR Accounts Payable $330
50
Define 'Liquidity'.
The ability of a business to meet its short-term debts as they fall due.
50
Give three examples of a balance day adjustment.
Any 3 of the following:
- Adjustment for Prepaid Expense Consumed
- Adjustment for Accrued Expense Incurred
- Adjustment for Unearned Income Earned
- Adjustment for Accrued Revenue Earned
- Inventory Loss or Gain
- Inventory Write-Down
- Recording Depreciation Expense
50
State the formula for the 'Net Profit Margin'.
(Net Profit / Net Sales) x 100
50
Australia competes for the 'Ashes' against which country?
England
50
What does 'SAC' stand for?
School-assessed Coursework
50
Who is the Premier of Victoria?
Jacinta Allan
100
Wages paid of $130 was incorrectly recorded as $310.
State the correcting entry required.
DR Bank $180
CR Wages $180
100
Define 'Expense'.
A decrease in Assets or increase in Liabilities that results in a decrease in Owner’s Equity, other than those relating to Drawings.
100
Preparing Balance Day Adjustments supports which two Accounting Assumptions.
Accrual Basis Assumption and the Period Assumption.
100
State the formula for 'Return on Assets'.
Net Profit / Average Total Assets
100
Which AFL Team has won the most 'wooden spoons'?
St. Kilda (27)
100
Which brand of calculator did Mr. Delaney recommend Accounting students buy?
Canon
100
Name the countries that any four of the below currencies relate to:
- Rupee
- Yuan
- Baht
- Franc
- Ruble
- Dong
- Yen
- Krona
- Shekel
India - Rupee
China - Yuan
Thailand - Baht
Switzerland/Liechtenstein - Franc
Russia - Ruble
Vietnam - Dong
Japan - Yen
Sweden/Iceland - Krona
Israel - Shekel
150
State the entry to record $350 worth of inventory donated to a support a fundraising event for a local charity.
DR Advertising $350
CR Inventory $350
150
Define 'Inventory'.
Goods purchased by a trading firm and held for the purpose of resale at a profit.
150
Provide two examples of Balance Day Adjustments that effects a Current Asset and one example of a Balance Day Adjustment that effects a Non-Current Asset.
Current Asset - Inventory Write-Down, Inventory Loss/Gain, Prepaid Expense, Accrued Revenue, Allowance for Doubtful Debts
Non-Current Asset - Depreciation
150
State the formula for 'Cash Flow Cover'.
Net Cash Flows from Operating Activities / Average Current Liabilities
150
In Cricket, batsmen / batswomen who are dismissed by the first ball they face are said to have been dismissed for a:
Golden Duck
150
Name six Year 12 student leaders at Viewbank College in 2022.
Sarah Basham
Samuel Hirschauer
Campbell Eunson
Siobhan Kennedy
Ronald Zhou
Renee Arvanitakis
Helen Do
Daniel Coley
Elena Tsiounis
Callum Gigliotti
Dilheer Dhoot
Leo Dench
150
Name any four songs from the original '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
200
State the entry to record the cash sale of inventory (cost price of inventory was $400 and mark-up applied of 150%).
DR Bank $660
CR GST Clearing $60
CR Sales $600
DR Cost of Sales $400
CR Inventory $400
200
Define 'Net Realisable Value'.
The estimated selling price of inventory less any direct selling costs (marketing, distribution etc.).
200
State the number of days in each month (non-leap year).
January - 31 days
February - 28 days
March - 31 days
April - 30 days
May - 31 days
June - 30 days
July - 31 days
August - 31 days
September - 30 days
October - 31 days
November - 30 days
December - 31 days
200
Which financial indicator measures the average mark-up that a firm applies to its inventory?
Gross Profit Margin
200
What is the name of the NBA Basketball team based in Utah?
Utah Jazz
200
According to Compass, which 'block' has the most classrooms:
A, C, G or J
J-Block (15 Rooms)
A-Block (9 Rooms)
C-Block (10 Rooms)
G-Block (13 Rooms)
200
Sort the following suburbs by population (largest to smallest) according to the 2021 Census.
Rosanna, Watsonia, Macleod, Viewbank
Macleod (9,892)
Rosanna (8,616)
Viewbank (7,030)
Watsonia (5,352)
250
Allowance for Doubtful Debts @ 1 May 2022 = $2,900
Credit Sales for May 2022 = $44,000
Sales Returns for May 2022 = $2,200
Bad Debts Written off during May 2022 = $3,300
State the entry required on 31 May 2022 to set Allowance for Doubtful Debts at 4% of Net Credit Sales.
$2,900 - $3,300 = ($400)
($44,000 - $2,200) x 0.05 = $2,090
BDA = $2,090 + $400 = $2,490
DR Bad Debts $2,490
CR Allowance for Doubtful Debts $2,490
250
Define 'Depreciation'.
The process of allocating the cost of a non-current asset over its useful life.
250
Give an example of an entry that always occurs on Balance Day but is NOT a Balance Day Adjustment?
- Closing Revenue and Expense Accounts OR
- Transferring Profit / Loss to Capital OR
- Transferring Drawings to Capital
250
If a firm's Return on Assets increases but it's Asset Turnover decreases, what conclusion can be drawn about the business?
It's expense control has improved.
250
Name one of the two traditional national sports of Ireland.
Gaelic Football or Hurling.
250
Which Year 12 Accounting student's hairstyle is most similar to Mr. Delaney's hairstyle when he was in Year 12?
Amaye ARORA
Miller BAYRE
Megan CHENEY
Jensen HALL
Ryan FRANCIS-D'AMOUR
Nathan MCCONNELL
Jordan TURNER
Miller BAYRE
250
List at least eight different types of makeup / cosmetic items.
Moisturizer
Primer
Foundation
Concealer
Blush
Eye shadow
Eye liner
Mascara
Makeup Brushes
Lipstick
Bronzer
Highlight
Eyebrow Pencil
Nail Polish
False Eyelashes
Contour Pallete
Setting Spray
300
Accrued interest revenue of $290 was incorrectly recorded as accrued interest expense.
State the correcting entry required.
DR Accrued Interest Expense $290
DR Accrued Interest Revenue $290
CR Interest Expense $290
CR Interest Revenue $290
300
Define 'Owner's Equity'.
The residual interest in the assets of an entity after the deduction of its liabilities.
300
Accrued Wages @ 1 Jan 2023 = $600
Wages Paid for 2023 = $73,200
Wages Expense for 2023 = $74,300
Calculate Accrued Wages @ 31 Dec 2023.
$74,300 - ($73,200 - $600) = $1,700
300
If a firm's Debt Ratio increases, what effect (improve/worsen/no effect) will this have on its:
- Cash Flow Cover
- Asset Turnover
- Return on Owner's Investment
- Cash Flow Cover (worsen)
- Asset Turnover (no effect)
- Return on Owner's Investment (improve)
300
Name any four music artists who have performed at the Super Bowl half-time show in the last 10 years.
2023: Rihanna
2022: Eminem, Dr. Dre. Snoop Dogg, Kendrick Lamar and Mary J. Blige
2021: The Weeknd
2020: Shakira, Jennifer Lopez, Bad Bunny, J Balvin, Emme Muniz
2019: Maroon 5, Travis Scott, Big Boi
2018: Justin Timberlake, The Tennessee Kids
2017: Lady Gaga
2016: Coldplay, Beyonce, Bruno Mars
2015: Katy Perry, Lenny Kravitz and Missy Elliott
2014: Bruno Mars, Red Hot Chili Peppers
2013: Beyonce
300
Name five students that completed Year 11 Accounting who are no longer enrolled in the subject.
James Edbrooke
Ella French
Blake Karvelis
Alan Lyu
Tim Mayteewarakul
Milos Popovic
Maya Vear
Matthew Wong
Harry Xu
300
Where would the number 11 be positioned in the below sequence?
8 5 4 1 9 7 6 10 3 2 0
Between 8 and 5
8 11 5 4 1 9 7 6 10 3 2 0
Alphabetic order - eight, eleven, five, four, nine, one, seven, six, ten, three, two, zero