FNSACC601 Quiz 19 - review

.pdf

School

Monarch Institute *

*We aren’t endorsed by this school

Course

FNSACC601

Subject

Accounting

Date

May 19, 2024

Type

pdf

Pages

8

Uploaded by EarlKangarooMaster1058

Question 1 Correct Mark 1.00 out of 1.00 Started on Saturday, 18 May 2024, 12:52 PM State Finished Completed on Saturday, 18 May 2024, 1:19 PM Time taken 27 mins 56 secs Marks 20.00/21.00 Grade 95.24 out of 100.00 Feedback Sensational! - You have shown an indepth understanding of this material, and have achieved an excellent result. Well done. ABC Ltd is registered for GST and carries on a business of property development. During the income year it sold property for $500,000 which it had purchased 14 years earlier for $130,000. It had incurred $90,000 (GST inclusive) expenditure on improvements and other services to the property. Professional market valuation of the property as at 1 July this year was $300,000. Using the consideration method, calculate the margin on the sale from the above transaction: Select one: a. $370,000 b. $410,000 c. $140,000 d. None of the answers are correct e. $280,000
Question 2 Correct Mark 1.00 out of 1.00 Question 3 Correct Mark 1.00 out of 1.00 Question 4 Correct Mark 1.00 out of 1.00 Calculate the GST applicable to the above transaction. Select one: a. $33,636 b. $37,273 c. None of the answers are correct d. $12,727 e. $25,455 Calculate the gross profit from the above transaction. Select one: a. $254,546 b. $220,000 c. $200,000 d. None of the answers are correct e. $234,545 Using the valuation method, calculate the margin on the sale from the above transaction. Select one: a. $370,000 b. None of the answers are correct c. $110,000 d. $200,000 e. $290,000
Question 5 Correct Mark 1.00 out of 1.00 Question 6 Incorrect Mark 0.00 out of 1.00 Question 7 Correct Mark 1.00 out of 1.00 The current threshold allows an entity to account for GST on a cash basis if its annual turnover: Select one: a. None of the answers are correct b. is equal to or above $5 million c. is equal to or below $1 million d. is equal to or below $10 million e. is equal to or below $2 million Any entity can choose to account for GST on a cash basis. Select one: True False The current threshold requires that an entity has to account for GST on accruals basis if its annual turnover is greater than $10 million. Select one: True False
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help