10ACC Financial Reports + GST

10ACC Financial Reports + GST

10th Grade

10 Qs

quiz-placeholder

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10ACC Financial Reports + GST

10ACC Financial Reports + GST

Assessment

Quiz

Business

10th Grade

Medium

Created by

Clara Sandona

Used 6+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following are input-taxed supplies, where GST is not charged?

Financial supplies

Sale of food in school canteens

Residential rent

Clothing

Education

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following are the same as an income statement?

Statement of Financial Performance

Profit & Loss Statement

Balance Sheet

Statement of Financial Position

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Net profit =

gross profit + other revenue

gross profit - expenses

gross profit + other revenue - other expenses

gross profit - other revenue + other expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gross profit =

Net sales + COGS

Net sales - COGS

Net sales + other revenue - COGS

Net sales - other revenue + COGS

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

If GST applies to a good or service, it is considered...

a GST taxable supply

a GST free supply

an input-taxed supply

none of the above

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following account types appear in the Balance Sheet?

Revenues

Expenses

Assets

Liabilities

Owner's Equity

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following accounts would be involved in the GJ for the following transaction: "Paid wages $600"

Wage expense

GST collected

GST credits received

Cash at bank

A/c Pay - Employee

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