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Year 11 Accounting Jumpstart! Flashcards | StudBud
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Year 11 Accounting Jumpstart!
Year 11 Accounting Jumpstart!
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Have you been paying attention???? A quick quiz on #introductory #VCE #unit1 #accounting definitions
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Questions
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1
We are here to study
How to get rich
Accounting
How to control the universe
Commerce
2
A firm has $120,000 of Assets, and $85,000 of Liabilities, what is the value of Owner's Equity?
$35,000
$155,000
$205,000
$45,000
3
My teacher's name is...
Mr Lynch
Mrs Green
Mrs Hewitt
Mrs Loebert
4
Select the answer that DOES NOT apply to the definition of an asset:
From which profits are expected to be earned
A resource controlled by the entity
From which we expect future economic benefits
As a result of past events
5
A Vehicle would be classified as:
Non-Current Asset
Current Asset
Revenue
Personal Asset (not a part of the business)
6
Which of the following is classified as Owner's Equity:
Vehicle
Capital
Personal bank account
Creditors
7
Which of the following is NOT a Current Asset
Cash at Bank
Office equipment
Debtors
Stock on hand
8
A company has $350 Debtors, $200 Stock, $900 Laptop, $400 Cash at Bank, $120 Creditors, then:
Current Assets = $1450
Current Assets = $1970
Current Assets = $1850
Current Assets = $950
9
A company has a loan of $60000 due in 5 years. This would appear in the Balance Sheet as:
Current Liability: 12000, Non-Current Liability: 60000
Current Liability: 48000 Non-Current Liability: 12000
Current Liability: 60000, Non-Current Liability 12000
Current Liability: 12000, Non-Current Liability: 48000
10
The part of the loan due in the next 12 months would be classified as a...
Current Liability
Current Asset
Non-Current Asset
Non-Current Liability
11
A bank overdraft is classified as...
Non-Current Liability
Current Liability
Current Asset
Non-Current Asset
12
Which of the following is a Current Asset
Creditors
Loan
Debtors
Vehicle
13
Which of the following is most likely to be considered a Non-Current Liability:
Loan
Cash at Bank
Bank Overdraft
Creditors
14
Which of the following titles would be correct for a Balance sheet created on 30/06/2017?
XYZ Company - Balance sheet as at 30th June 2017
XYZ Company - Balance sheet for year ended 30th June 2017
XYZ Company - Balance sheet created on 30th June 2017
XYZ Company - Balance sheet for month ended 30th June 2017
15
What are crucial items to bring to Accounting classes: (select all that apply)
Your text book and work book
AT LEAST 5 HIGHLIGHTERS
A positive attitude and an open mind
A pencil and eraser
16
Are you ready for some real questions now?
No. (automatic fail)
Yes!! Are there prizes???
YES! WOOHOOO!
Yes..... hurry up, enough with the cheesy questions......
17
If a company has $2000 Cash at Bank, $1500 Creditors, $8000 Vehicle and $2000 Debtors, then:
Total Assets = $10000
Total Assets = $11500
Total Assets = $13500
Total Assets = $12000
18
The accounting equation is...
Assets = Liabilities + Owner's Equity
Liabilities = Assets + Owner's Equity
Assets = Owner's Equity - Liabilities
Owner's Equity = Liabilities - Assets
19
Cash at Bank would be classified as...
Current Asset
Non-Current Asset
Current Liability
Revenue
