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Accounting Revision 2022/23 (Unit 3 & 4) Flashcards | StudBud

Explore/Accounting Revision 2022/23 (Unit 3 & 4)

A business buys a New Car, they pay $22,000 (inc GST) - what is the total cost of the car?

Which item is a revenue?

Accounting Revision 2022/23 (Unit 3 & 4)

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Questions 8

Answers

1
Which item is a revenue?
GST Collected
Receipts from Debtors
Capital Injection
Sales
2
A business buys a New Car, they pay $22,000 (inc GST) - what is the total cost of the car?
$22,000
$20,000
Lemon
$24,200
3
What is the best meaning of depreciation?
The devaluing of a NCA over it's useful life.
I can barely spell depreciation.
The allocation of the cost of a NCA over it's useful life.
The writing off of an asset over the time you use it.
4
What is meant by the credit terms 2/5, N/30?
2/5th are Not 30
2 per cent discount if paid with 5 days or all due 30 days.
40% due within 30 days.
The debt is due by the 2nd of May or 30th of May
5
Which accounting principle relates to the cost of stock for a Stock Gain?
Going Concern
Relevance
Historical Cost
Conservatism
6
What is the left side of a T Account called?
Lefty
Debit
Credit
Righty
7
What are the effects of a purchase return on the accounting equation?
Assets down, Liabilities up
Assets up, Liabilities up
Assets down, Liabilities down
I can't think this fast in 20 seconds.
8
Which transaction would Debit an Asset, Credit a liability?
Owner takes 2 stock items for their own benefit.
Business sells 2 stock items on credit.
Business buys 2 stock items using cash.
Business buys 2 stock items on credit.