Question 1:

What is the correct heading on a statement of financial position made up to 30 June 2014?

Select one:

a. 30th June 2014

b. For the year ended 30 June 2014

c. As at 30 June 2014

d. For the period ended 30 June 2014

Question 2:

A concise financial report is for

Select one:

a. six months

b. three months

c. twelve months

d. nine months

Question 3:

In order to decide if an item is material accountants must use:

Select one:

a. discipline

b. a set of rules

c. professional judgement

d. a text book

Question 4:

Current Assets = $80,000

Non-Current Assets = $ 220,000

Total Assets = $ 300,000

Current Liabilities = $ 50,000

Total Liabilities = $175,000

Calculate Net Assets:

Answer: ___________________

Question 5:

Equity balance in the begining of the year = $60,000

Equity balance at the end of the year = $100,000

Dividend paid during the year = $30,000

There is no drawings or capital introduced during the year.

Calculate the profit earned during the year?

Answer:___________________

Question 6:

Which of the following is the correct expression of the accounting equation?

Select one:

a. Assets = liabilities equity

b. Assets + liabilities = equity

c. Assets = liabilities + equity

d. Assets + equity = liabilities

Question 7:

What is the correct heading on a statement of profit or loss and other comprehensive income made up for a twelve month period to 30 June 2016?

Select one:

a. 30th June 2016

b. As at 30 June 2016

c. For the year ended 30 June 2016

d. For the period ended 30 June 2016