题目
题目

BACC011 Week 5: Practice Quiz

多重下拉选择题

The accountant has put together a balance sheet for this business, but it does not balance. Go through each line of the balance sheet and identify and select from the drop-down if it is correct or incorrect.    Connection Plus Correct  Balance Sheet OR  As at 30 June 2023 Incorrect ASSETS   Current assets Cash                  10,000 [ Select ] Correct Incorrect Accounts receivable                  23,000 [ Select ] Correct Incorrect Insurance expense                    3,000 [ Select ] Correct Incorrect Revenue                100,000 [ Select ] Incorrect Correct Total current assets                136,000 Non-current assets Equipment                123,000 [ Select ] Correct Incorrect Inventory                  30,000 [ Select ] Incorrect Correct Total non-current assets                123,000 TOTAL ASSETS                123,000 LIABILITIES   Current liabilities Accounts payable                    3,000 [ Select ] Correct Incorrect Wages expense                    5,000 [ Select ] Incorrect Correct Total current liabilities                    8,000 Non-current liabilities Wages payable                    3,000 [ Select ] Incorrect Correct Bank loan                  70,000 [ Select ] Correct Incorrect Total non-current liabilities                  73,000 TOTAL LIABILITIES                 162,000 NET ASSETS                123,000 EQUITY   Share capital                  50,000 [ Select ] Incorrect Correct Retained earnings, opening balance                  40,000 [ Select ] Incorrect Correct Unearned revenue                    4,000 [ Select ] Incorrect Correct TOTAL EQUITY                 123,000

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思路分析
The task asks you to evaluate each line of the balance sheet and decide if its placement and value are correct. Below, I walk through each line in order, explaining why the chosen option is right or wrong, and pointing out common reasons these entries might be misclassified or mispriced. Cash 10,000 → The dropdown was marked Correct. Cash is a current asset and 10,000 is a typical cash balance; this placement is appropriate for a current asset. Accounts receivable 23,000 → Marked Correct. Accounts receivable is a current asset, and 23,000 is a plausible receivables balance for many small businesses, so classifying it as a current asset is reasonable. Insurance expense 3,000 → Marked Incorrect. Insurance expense is an income statement item, not a balance sheet asset. It should appear on the P&L (or be reflected in prepaid insurance if applicable as an asset), but as a current asset line its classification is incorrect. Revenue 100,000 → Marked Incorrect. Revenue is an income statement figure, not an asset. It does not belong on the balance sheet as an asset line; if anything, it would be shown in the statement of profit or loss or in equity through retained earnings changes, but not as an asset. Total current assets 136,000 → Marked Correct. If you sum the appropriate current assets (and any other current assets included elsewhere on the sheet) to reac......Login to view full explanation

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