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VCE Accounting GST Test Answers
1.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 1 Chapter 8 Test – Accounting for GST Name ___________________________________________ Circle the correct response for each question: 1. (a)
(b) (c) (d) 2. (a) (b) (c) (d) 3. (a) (b) (c) (d) 4. (a) (b) (c) (d) 5. (a) (b) (c) (d) 6. (a) (b) (c) (d) 7. (a) (b) (c) (d) 8. (a) (b) (c) (d) 9. (a) (b) (c) (d) 10. (a) (b) (c) (d) 11. (a) (b) (c) (d) 12. (a) (b) (c) (d) 13. (a) (b) (c) (d) 14. (a) (b) (c) (d) 15. (a) (b) (c) (d) 16. (a) (b) (c) (d) 17. (a) (b) (c) (d) 18. (a) (b) (c) (d) 19. (a) (b) (c) (d) 20. (a) (b) (c) (d) 21. (a) (b) (c) (d) 22. (a) (b) (c) (d) 23. (a) (b) (c) (d) 24. (a) (b) (c) (d) 25. (a) (b) (c) (d) Total /25 marks
2.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 2 Chapter 8 Test – Accounting for GST 1. Which of the following transactions does not have GST? a) Purchases of stock on credit b)
Receipts collected from debtors c) Payment of rent d) Advertising put on account 2. Which of the following transactions will have GST? a) Payment of wages b) Interest received c) Rent paid with credit d) Payments made to creditors 3. The document used to verify transactions involving GST is: a) Receipt b) Cheque butt c) Invoice d) All of these documents verify GST transactions 4. A business purchased stock for $330 plus GST for cash on 31 March. The entry that will be made in the GST Clearing ledger will be: a) GST Clearing [L] 31 Mar Debtors control 33 b) GST Clearing [L] 31 Mar Cash at bank 33 c) GST Clearing [L] 31 Mar Cash at bank 30 d) GST Clearing [L] 31 Mar Cash at bank 30
3.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 3 5. On 31 January a business made a credit sale of $660 including GST (cost price of the stock sold was $310). The entry that will be made in the GST Clearing ledger will be: a) GST Clearing [L]
31 Jan Debtors control 66 b) GST Clearing [L] 31 Jan Debtors 60 c) GST Clearing [L] 31 Jan Debtors control 66 d) GST Clearing [L] 31 Jan Debtors control 60 6. A firm paying its rent of $700 plus GST of $70 on 28 February will make which of the following entries in the GST Clearing ledger? a) GST Clearing [L] 28 Feb Cash at bank 70 b) GST Clearing [L] 28 Feb Debtors control 70 c) GST Clearing [L] 28 Feb Cash at bank 70 d) GST Clearing [L] 28 Feb Cash at bank 77
4.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 4 7. A business recorded GST payments of $313 during the period and collected $194 of GST. What is the balance of the firm’s GST Clearing account at the end of the period? a) DEBIT $507 b)
CREDIT $119 c) DEBIT $119 d) CREDIT $507 8. A business collected $150 in GST on a cash sale from a customer. The impact of the GST in this transaction on the Balance Sheet of the firm is: Assets Liabilities Owner’s Equity a) No effect No effect No effect b) Increase No effect Increase c) Decrease Increase No effect d) Increase Increase No effect 9. A firm paid $90 of GST on its monthly electricity bill. The impact of the GST in this transaction on the Income Statement of the firm is: Revenues Expenses Net Profit a) No effect No effect No effect b) No effect Increase Decrease c) Increase No effect Increase d) No effect Decrease Decrease At the end of August the balance in a firm’s GST Clearing account was a GST refund of $130. During the month of September the firm had cash sales of $3,000 and credit sales of $1,100. The firm also paid GST of $70 and was charged $130 of GST by suppliers on credit purchases of stock. 10. At the end of September, the balance in the firm’s GST Clearing ledger will be: a) DEBIT $80 b) CREDIT $340 c) CREDIT $80 d) CREDIT $70
5.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 5 11. A business had a GST liability of $420 owing to the tax office. This was settled on 31 July. Which of the following ledgers represents these events? a) GST Clearing [L] 31 Jul
Balance 420 31 Jul Cash at bank 420 Cash at Bank [A] 31 Jul GST clearing 420 b) GST Clearing [L] 31 Jul Cash at bank 420 31 Jul Balance 420 Cash at Bank [A] 31 Jul GST clearing 420 c) GST Clearing [L] 31 Jul Cash at bank 420 31 Jul Balance 420 Cash at Bank [A] 31 Jul GST clearing 420 d) GST Clearing [L] 31 Jul Cash at bank 420 31 Jul Balance 420 Cash at Bank [A] 31 Jul Cash at bank 420
6.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 6 12. A business with a GST refund balance of $1,230 finally received settlement from the government on 30 April. Which of the following ledgers represents these events? a) GST Clearing [L] 30 Apr
Balance 1230 30 Apr Cash at bank 1230 Cash at Bank [A] 30 Apr GST clearing 1230 b) GST Clearing [L] 30 Apr Cash at bank 1230 30 Apr Balance 1230 Cash at Bank [A] 30 Apr GST clearing 1230 c) GST Clearing [L] 30 Apr Balance 1230 30 Apr GST clearing 1230 Cash at Bank [A] 30 Apr GST clearing 1230 d) GST Clearing [L] 30 Apr Balance 1230 30 Apr Cash at bank 1230 Cash at Bank [A] 30 Apr GST clearing 1230
7.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 7 A business had the following totals in its Cash Receipts Journal: Cash Receipts Journal Date Details Rec No. Bank $ Cost of Sales $ Sales $ Sundries $
GST $ 30 Sep Totals 9,340 3600 7100 1530 710 13. Based on this information, which of the following ledgers is incorrect? a) GST clearing [L] 30 Sep Cash at bank 710 b) Cash Sales [R] 30 Sep Cash at bank 7100 c) Cash at Bank [A] 30 Sep Cash receipts 9340 30 Sep GST clearing 710 d) All of these ledgers are correct
8.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 8 A business had the following totals in its Cash Payments Journal: Date Details Cheque No. Bank $ Stock $
Drawings $ Rent $ Sundries $ GST $ 31 Jul Totals 7,390 3,400 1,250 900 1,410 430 14. Based on this information, which of the following ledgers is incorrect? a) GST Clearing [L] 31 Jul Creditors control 430 b) Cash at Bank [A] 31 Jul Cash payments 7390 c) Rent [E] 31 Jul Cash at bank 900 d) All of these ledgers are correct
9.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 9 A business had the following totals in its Sales Journal: Sales Journal Date Debtor Invoice Number Cost of Sales $ Sales $
GST $ Total Debtors $ 31 Jan Totals 2100 4300 430 4730 15. Based on this information, which of the following ledgers is incorrect? a) Credit Sales [R] 31 Jan Debtors control 4300 b) Debtors Control [A] 31 Jan Credit sales/GST clearing 4730 c) GST Clearing [L] 31 Jan Debtors control 430 d) All of these ledgers are correct
10.
VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 10 A business had the following totals in its Purchases Journal: Purchases Journal Date Creditor Invoice Number Stock $
GST $ Total Creditors $ 31 Aug Totals 6900 690 7590 16. Based on this information, which of the following ledgers is incorrect? a) Stock Control [A] 1 Aug Balance 25000 31 Aug Creditors control 6900 b) GST Clearing [L] 31 Aug Creditors control 690 c) Creditors Control [L] 31 Aug Stock /GST clearing 7590 d) All of these ledgers are correct
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VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 11 A business had the following totals in its journals for the month of October: Sales Journal Cost of sales $1,070 Sales $2,130 GST $213 Total $2,343 Purchases Journal Stock $1,670 GST $167 Total $1,837 17. At the end of the month, the firm settled its GST Clearing account. Based on this information, the firm’s GST Clearing account will look like: a) GST Clearing [L] 31 Jan
Creditors control 167 31 Jan Debtors control 213 31 Jan Cash at bank 46 213 213 b) GST Clearing [L] 31 Jan Creditors control 213 31 Jan Debtors control 167 31 Jan Cash at bank 46 213 213 c) GST Clearing [L] 31 Jan Debtors control 167 31 Jan Creditors control 213 31 Jan Cash at bank 46 213 213 d) GST Clearing [L] 31 Jan Creditors control 167 31 Jan Debtors control 213 31 Jan Cash at bank 153 31 Jan Stock control 107 320 320
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VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 12 A business has provided the totals of some of the columns in its Special Journals for April below: Cash Receipts Journal Sales $1,940 GST $194 Amount banked $6,250 Cash Payments Journal Stock $1,300 GST $210 Amount paid $4,890 Sales Journal Sales $1,300 GST $130 Total $1,430 Purchases Journal Stock $640 GST $64 Total $924 18. At at the beginning of April the firm’s GST Clearing account showed that it owed the government $145. The firm’s GST Clearing account is settled on 30 April. Based on this information, the firm’s GST Clearing account will look like: a) GST Clearing [L] 30 Apr
Cash at bank 210 1 Apr Balance 145 30 Apr Cash at bank 64 30 Apr Debtors control 194 30 Apr Creditors control 195 30 Apr Cash at bank 130 469 469 b) GST Clearing [L] 30 Apr Cash at bank 210 1 Apr Balance 145 30 Apr Creditors control 64 30 Apr Cash at bank 194 30 Apr Cash at bank 195 30 Apr Debtors control 130 469 469 c) GST Clearing [L] 1 Apr Balance 145 30 Apr Cash at bank 194 30 Apr Cash at bank 210 30 Apr Debtors control 130 30 Apr Creditors control 64 30 Apr Cash at bank 95 419 419 d) GST Clearing [L] 30 Apr Cash at bank 210 1 Apr Balance 145 30 Apr Stock control 64 30 Apr Cash at bank 194 30 Apr Cash at bank 195 30 Apr Credit sales 130 469 469
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VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 13 At the beginning of July, the balance in a firm’s GST ledger was a refund of $100. The business engaged in the following transactions during the month of July : Jul 3 Cash sale of $1,700 plus 10% GST (cost price $850) Jul 7 Purchased inventory on credit $800 plus $80 GST Jul 14
Sold goods on credit for $1,980 including GST (cost price $900) Jul 15 Paid monthly advertising bill of $250 plus $25 GST Jul 17 Stock purchased on credit for $900 plus GST of $90 Jul 20 Telephone expenses of $70 were paid plus $7 GST Jul 21 A cash sale was made for $200 plus $20 GST (cost price $100) Jul 25 Goods sold on credit for $440 plus GST (cost price $200) Jul 30 The firm settled its GST Clearing account 19. Based on this information, the firm’s GST Clearing account will look like: a) GST Clearing [L] 31 Jul Cash at bank 32 1 Jul Balance 100 31 Jul Creditors control 170 31 Jul Cash at bank 190 31 Jul Cash at bank 312 31 Jul Debtors control 224 514 514 b) GST Clearing [L] 1 Jul Balance 100 31 Jul Cash at bank 190 31 Jul Cash at bank 32 31 Jul Debtors control 220 31 Jul Creditors control 170 31 Jul Cash at bank 108 410 410 c) GST Clearing [L] 1 Jul Balance 100 31 Jul Cash at bank 32 31 Jul Cash at bank 190 31 Jul Creditors control 170 31 Jul Debtors control 224 31 Jul Cash at bank 312 514 514 d) GST Clearing [L] 1 Jul Balance 100 31 Jul Cash at bank 190 31 Jul Cash at bank 32 31 Jul Debtors control 224 31 Jul Creditors control 170 31 Jul Cash at bank 112 414 414
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VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 14 A business incorrectly recorded a credit sale of $670 (plus GST) into the Sales Journal for the amount of $760 (plus GST). The cost price of the stock sold was $300 plus $30 GST. 20. As a result of this error, the firm’s GST Clearing ledger will have: a) Debits overstated by $9 b)
Credits overstated by $9 c) Debits overstated by $99 d) Credits overstated by $99 A firm made a cash payment for $320 for advertising on 17 November. In entering this transaction, the firm forgot to record the $32 of GST into the GST Clearing ledger. 21. As a result of this error, the firm’s GST Clearing ledger will have: a) Debits understated by $32 b) Credits understated by $32 c) Debits overstated by $32 d) Credits overstated by $32 A small business provided the following GST Clearing ledger at the end of August. GST Clearing [L] 1 Aug Balance 280 31 Aug Cash 750 31 Aug Cash 430 31 Aug Debtors control 590 31 Aug Creditors control 670 31 Aug Cash 280 22. At the beginning of August the firm’s GST Clearing ledger would have been listed in which section of the Balance Sheet? a) Current Assets b) Current Liabilities c) Non‐Current Assets d) Non‐Current Liabilities 23. The entry marked [₳] above would have been posted from which of the firm’s Special Journals? a) Cash Receipts Journal b) Cash Payments Journal c) Sales Journal d) Purchases Journal ₳ + ¤
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VCE ACCOUNTING UNIT 3 – RECORDING AND REPORTING FOR A TRADING BUSINESS CHAPTER 8 – ACCOUNTING FOR GST © Michael Allison, Trinity Grammar School. Author’s permission required for external use Page | 15 24. The entry marked [+] above would have been posted from which of the firm’s Special Journals? a) Cash Receipts Journal b)
Cash Payments Journal c) Sales Journal d) Purchases Journal 25. The entry marked [¤] above would have been posted from which column of the firm’s Cash Receipts Journal? a) GST b) Sales c) Cost of sales d) Sundries
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