10ACC Financial Reports + GST

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

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

• Statement of Financial Performance

• Profit & Loss Statement

• Balance Sheet

• Statement of Financial Position

Net profit =

• gross profit + other revenue

• gross profit - expenses

• gross profit + other revenue - other expenses

• gross profit - other revenue + other expenses

Gross profit =

• Net sales + COGS

• Net sales - COGS

• Net sales + other revenue - COGS

• Net sales - other revenue + COGS

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

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

• Revenues

• Expenses

• Assets

• Liabilities

• Owner's Equity

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

Which of the following accounts would be involved in the GJ for the following transaction: "Performed $400 worth of services for G. Gray"

• Service fee revenue

• GST collected

• GST credits received

• A/c Rec - G Gray

• Cash at bank

Comparative reports show the __________ and ____________ of a business for two or more years

• General Journals; Trial Balances

• General Journals; General Ledgers

• General Ledgers; Trial Balances

• Income Statements; Balance Sheets

• Trial Balances; Balance Sheets

Capital would appear in the income statement

• True

• False