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VCE Accounting 20132016
Written examination
Examination specifcations
Overall conditions
The examination will be sat at a time and date to be set annually by the Victorian Curriculum and Assessment
Authority. VCAA examination rules will apply. Details of these rules are published annually in the VCE and
VCAL Administrative Handbook.
There will be 15 minutes reading time and 2 hours writing time.
The examination will be marked by a panel appointed by the VCAA.
The examination will contribute 50 per cent to the Study Score.
Content
The VCE Accounting Study Design 20132016is the document for the development of the examination. The
study design includes the Characteristics of the Study (pages 1216). Questions will be based on the key
knowledge and key skills that underpin the outcomes in Units 3 and 4. Students will be required to apply the
knowledge and skills of the accounting processes undertaken in Units 3 and 4.
Students will not be required to use information and communications technology (ICT) in the examination.
Students will not be required to undertake calculations relating to fnancial indicators in the examination;
however, the underpinning knowledge, interpretation and analysis associated with these indicators are
examinable.
Students will not be required to prepare graphical representations in the examination; however, the
explanation and interpretation of graphical representations are examinable.
Format
The examination will consist of a series of short answer and extended response questions. These may include
a variety of item types, including scenarios, questions with multiple parts, short answer questions and
extended response questions.
All questions in the examination will be compulsory.
The total marks for the examination will be 100.
The examination will be in the form of a question book and an answer book.
Approved materials and equipment
normal stationery requirements (pens, pencils, highlighters, erasers, sharpeners and rulers)
one scientifc calculator
Advice
During the 20132016 accreditation period for the VCE Accounting Study Design, examinations will be
prepared according to the examination specifcations above. The examination will assess a representative
sample of the key knowledge and key skills from Unit 3 and Unit 4.
VICTORIAN CURRICULUM AND ASSESSMENT AUTHORITY 2012
July 2012
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VCE Acounting (Specifcations and sample) July 2012 2
The following sample examination is intended to demonstrate the format and type of questions that teachers
and students can expect on the end-of-year Accounting examination. Teachers and students should be
aware of the Characteristics of the Study, including accounting principles and qualitative characteristics, as
described on pages 1216 of the study design.
The VCAA does not publish answers for sample examinations.
The following documents should be referred to in relation to the VCE Accounting examination.
VCE Accounting Study Design 20132016 VCE Accounting Assessment Handbook 20132016
VCAA Bulletin VCE, VCAL and VET
It is recommended that students write in pencil when answering questions that involve calculations.
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SAM
PLE
ACCOUNTING
Written examination
Day Date
Reading time: *.** ** to *.** ** (15 minutes)
Writing time: *.** ** to *.** ** (2 hours)
QUESTION BOOK
Structure of book
Number of
questions
Number of questions
to be answered
Number of
marks
11 11 100
Students are permitted to bring into the examination room: pens, pencils, highlighters, erasers,
sharpeners, rulers and one scientic calculator.
Students are NOT permitted to bring into the examination room: blank sheets of paper and/or white
out liquid/tape.
Materials supplied Question book of 10 pages.
Answer book of 17 pages.
Instructions
Write your student numberin the space provided on the front page of the answer book.
Answer all questions in the answer book.
All written responses must be in English.
At the end of the examination
You may keep this question book.
Students are NOT permitted to bring mobile phones and/or any other unauthorised electronic
devices into the examination room.
VICTORIAN CURRICULUM AND ASSESSMENT AUTHORITY 2012
July 2012
Victorian Certicate of Education
Year
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ACCNT EXAM QB (SAMPLE) 2 July 2012
Question 3 continued
Question 1 (2 marks)
Denethe termdouble entry accounting system.
Question 2 (11 marks)
Mark Brown owns and operates Marks Mega Movers. He has provided his accountant with the following
graph displaying details of his Non-Current Assets. He purchased them all on 1 July 2009.
Historical Cost
Depreciation 200910
Depreciation 201011
Depreciation 201112
Depreciation 201213
Accumulated Depreciation
30 June 2013
Construction
Equipment
Computer
Equipment
Tools and
Equipment
Fixtures and
Fittings
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
a. Using the graph, identify and justify the selection of the depreciation method used for the Construction Equipment
Fixtures and Fittings.
4 marks
b. Given that the Construction Equipment was depreciated using a rate of 30% per annum, calculate and
show how the Construction Equipment would be reported in the Balance Sheet as at 30 June 2013.
3 marks
c. Mark stated we can change methods of depreciation next year if we want to. Using an accounting
principle and a qualitative characteristic, explain whether this would be advisable.
4 marks
Question 3 (15 marks)
Courtney Hayles is the owner of Hayles Home Entertainment, a business that sells home entertainment
products. At 1 June 2013 the business had the following debtors.
$
J Simon 880
M Avis 2 200
3 080
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July 2012 3 ACCNT EXAM QB (SAMPLE)
TURN OVER
Extracts of the Cash Receipts Journal and Sales Journal for June 2013 are provided below.
Cash Receipts Journal
Date
2013
Details Rec.
No.
Bank Disc.
Exp.
Debtors
Control
Cost of
Sales
Sales Sundries GST
1 June Sales 234 1 320 800 1 200 120
3 June J Simon 235 792 88 880
9 June GST Clearing 236 3 600 3 600
14 June Sales 237 1 650 1 000 1 500 150
16 June S Slater 238 594 66 660
21 June M Avis 239 1 000 1 000
28 June Sales 240 1 320 800 1 200 120
Totals to date 10 276 154 2 540 2 600 3 900 3 600 390
Sales Journal
Date
2013
Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control
4 June S Slater 123 400 600 60 660
10 June J Simon 124 600 900 90 990
19 June S Slater 125 300 450 45 495
22 June J Simon 126 200 300 30 330
Totals to date 1 500 2 250 225 2 475
Additional information
On 30 June, Courtney transferred $10 000 from her personal bank account to the business bank
account (as noted on the Bank Statement).
On 30 June, the business was advised that the amount outstanding for Debtor M Avis, should be
written off (Memo 5).
On 30 June, J Simon returned the goods he had purchased on 22 June, because they were faulty
(CN 538).
a. Record the additional information in the appropriate journals. Total the journals where appropriate.
Narrations are notrequired.
5 marks
b. Complete the Debtors Subsidiary Ledger for Debtor J Simon as it would appear after all journals have
been posted for June 2013.
You arerequired to balance the account.
4 marks
c. Many businesses use control accounts and subsidiary ledgers in their accounting systems.
Discuss the benets and limitations of using control accounts and subsidiary ledgers.
6 marks
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ACCNT EXAM QB (SAMPLE) 4 July 2012
Question 4 continued
Question 4 (19 marks)
Chris Laurence owns and operates Chrissos Fitness Warehouse, a small business selling a variety of tness
equipment.
Features of the businesss accounting system include the following.
The business sells to customers on both a cash and credit basis. Credit is offered to reliable customers at
credit terms of 5/14, n/30. The perpetual method of stock recording and the FIFO cost assignment method
are used. Stock is marked up at a rate of 50%.
The business prepares nancial reports at the end of each month.
Chris has recorded all transactions into the relevant journals. A summary of these is provided.
Cash Payments Journal (summary)
Date
2013
Details Chq.
No.
Bank Disc.
Rev.
Creditors
Control
Stock
Control
Wages Sundries GST
30 June Totals to date 34 200 1 300 27 000 4 000 3 000 1 000 500
Sales Journal (summary)
Date
2013
Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control
30 June Totals to date 30 000 45 000 4 500 49 500
Purchases Journal (summary)
Date
2013
Creditor Invoice
Number
Stock
Control
GST Creditors
Control
30 June Totals to date 29 000 2 900 31 900
Cash Receipts Journal (summary)
Date
2013
Details Rec.
No.
Bank Disc.
Exp.
Debtors
Control
Cost of
Sales
Sales Sundries GST
30 June Totals to date 39 300 700 18 000 12 000 20 000 2 000
At the end of the reporting period, Chris realised that the following documents had not been recorded.
CFW
Invoice CFW234 Date:19 June 2013
Charge to:Robs Gym
Sale: 2 ZX7 Treadmills
Amount GST Invoice
$4200 $420 $4620
Terms: 5/14, n/30
CFW
Memo 9
Date:27 June 2013
Instruction:1 ZX7 Treadmill, at a cost of $1500,was used at a recent tness expo and will now
be used solely for advertising purposes.
CFW
Receipt 105
Date:28 June 2013
Details:Received payment in full from Robs
Gym for invoice CFW234.
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July 2012 5 ACCNT EXAM QB (SAMPLE)
TURN OVER
a. Explain what is meant by the FIFO cost assignment method.
2 marks
b. Updateand total the relevant journals with the information contained in the above documents.
Narrations are notrequired.
5 marks
c. Explain why the stock referred to in Memo 9 should be treated as an expense.2 marks
Following a physical count of the Model ZX7 Treadmills at 30 June 2013, Chris prepared the following
memo.
CFW
Memo 10
Date:30 June 2013
Details:A physical stocktake showed 1 ZX7Treadmill on hand.
Chris provided the following Stock Card for the ZX7 Treadmill.
Stock Item: ZX7 Treadmill Supplier: Treadies
Location: E4 Cost Assignment Method: FIFO
Date
2013
Details IN OUT BALANCE
Qty Cost Total Qty Cost Total Qty Cost Total
1 June Balance 8 1 300 10 400
8 June Inv. CFW230 4 1 300 5 200 4 1 300 5 200
12 June Rec. 103 3 1 300 3 900 1 1 300 1 300
18 June Inv. ZX42 4 1 500 6 000 1
4
1 300
1 500
1 300
6 000
d. Complete the Stock Card for ZX7 Treadmills with all relevant transactions up to and including
30 June 2013.
3 marks
e. Prepare the General Journal entry to record the necessary adjusting entry for stock at 30 June 2013.
A narration isrequired.
3 marks
f. Calculatethe Adjusted Gross Prot on the sale of ZX7 Treadmills for the month of June 2013.
4 marks
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ACCNT EXAM QB (SAMPLE) 6 July 2012
Question 5 (5 marks)
a. Dene net realisable value (NRV).
2 marks
b. Explain the effects on the nancial reports if a business fails to recognise NRV when valuing its stock.
3 marks
Question 6 (18 marks)
Tim owns and operates a tool shop, Tims Tools. He has provided you with the following budgeted
information from the cash journals for the year 1 July 2013 to 30 June 2014.
Cash Receipts Journal
Bank 311 200
Discount Expense 1 700
Debtors Control 180 900
Cost of Sales 60 000
Sales 120 000
GST 12 000
Cash Payments Journal
Bank 159 500
Discount Revenue 1 500
Creditors Control 45 000
Stock Control 24 000
Wages 53 000
Sundries
Drawings 6 000
Expenses 15 000
Fixtures and Fittings 3 000
Customs Duties 2 000
Prepaid Rent Expense 8 000
Accrued Wages 2 000
GST 3 000
Additional information (expected for year)
Bank balance at 1 July 2013 was $26 800
Credit Sales 50% greater than Cash Sales
Stock marked up by 100%
Stock Loss to be 3% of total sales
Sales Returns to be 5% of total sales
Accrued interest of $200 relating to a term deposit
Wages owing 30 June 2014 estimated to be $3100
Balance in Prepaid Rent expense will be $1000 as at 30 June 2014
a. Prepare a Budgeted Income Statement for the year ending 30 June 2014.
9 marks
b. Prepare a Budgeted Cash Flow Statement for the year ending 30 June 2014.
6 marks
Tim is pleased with the level of expected prot and cash indicated by the budgets; however, he is concerned
that these results will not be achieved in 12 months time.
c. Explain how Tim could use these budgets to monitor his progress.
3 marks
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July 2012 7 ACCNT EXAM QB (SAMPLE)
TURN OVER
Question 7 (4 marks)
A business owner has stated, I am not sure I want to make a prot this year. Last year I made a loss but my
bank balance increased by $8900 despite having no new loans or capital contributions.
Explain, giving twoexamples, how this could occur.
Question 8 (8 marks)On 1 October 2013, Gen Domestics traded in its old delivery van for a new delivery van from Club Motors.
The old delivery van was purchased at the beginning of 2007 for $28 000 and had a carrying value at
1 October 2013 of $3500. Details of the purchase and trade-in for the new delivery van are documented in
the invoice below.
Club Motors
Date 1 October 2013
Invoice no. 79
Sold to Gen Domestics
DESCRIPTION $
Delivery Van 42 000
plus GST 4 200
46 200
Less trade-in 2 000
TOTAL PRICE 44 200
Terms: Net 30 days
a. Show how the following accounts will appear in the General Ledger after all entries have been posted.
Delivery Van
Accumulated Depreciation Delivery Van
Disposal of Delivery Van
You are notrequired to balance the accounts.
6 marks
b. Explain, using the information from Gen Domestics, why the prot or loss on disposal of the van
occurred.
2 marks
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ACCNT EXAM QB (SAMPLE) 8 July 2012
Question 9 (6 marks)
A business owner is concerned that her businesss cash ow and liquidity are deteriorating, so her accountant
has provided some information regarding the businesss short-term nancial position.
Indicator 2010 2011 2012
Working Capital Ratio 2.15:1 2.25:1 2.79:1
Quick Asset Ratio 1.42:1 1.05:1 0.79:1
Creditors Turnover 17 days 16 days 15 days
Stock Turnover 58 days 79 days 98 days
Debtors Turnover 47 days 44 days 42 days
The businesss credit terms have been 2/14, n/30 since 2009.
Suppliers credit terms are all n/30.
a. Explain how it is possible that the Working Capital Ratio trend is favourable while the Quick Asset
Ratio trend is unfavourable.
2 marksb. Suggest twotypes of information, other than nancial indicators, that could be useful to the business
owner in analysing the performance of her business.
2 marks
c. State twostrategies, excluding additional advertising, that the business owner could implement to improve
the Stock Turnover (that is, reduce Stock Turnover days) without affecting the Gross Prot margin.
2 marks
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July 2012 9 ACCNT EXAM QB (SAMPLE)
TURN OVER
Question 10 (8 marks)
Belinda Brown commenced business on 1 January 2013 under the name of Bubble Baths. Her accountant
provided the following Pre-adjustment Trial Balance at 30 June 2013.
Bubble Baths
Pre-adjustment Trial Balance as at 30 June 2013
Account Debit Credit
Capital 26 800
Cash at Bank 12 360
Cost of Sales 76 000
Creditors Control 63 000
Debtors Control 34 000
Discount Expense 480
Discount Revenue 800
Drawings 32 800
Freight Inward 1 000
GST Clearing 20
Interest Expense 2 400
Loan 42 000
Prepaid Advertising Expense 1 800
Prepaid Sales Revenue 1 000
Sales 152 000
Shop Fittings 2 000
Stock Control 77 500
Vehicle 46 000
Wages Expense 24 000
297 980 297 980
The accountant noted the following.
The Prepaid Advertising Expense relates to six advertisements (one per month for six months) in Beautiful
Bathrooms magazine, commencing June 2013.
Wages incurred for the six-month period are $25 000.
Prepaid Sales Revenue represents a deposit on a custom-made bath, which was delivered to the customer
on 30 June 2013.
a. Prepare General Journal entries to record these adjustments at 30 June 2013.
Narrations are notrequired.
6 marks
b. Explain the relationship between the Going Concern principle and the need for balance day adjustments.
2 marks
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ACCNT EXAM QB (SAMPLE) 10 July 2012
Question 11 (4 marks)
Buckles and Belts has provided the following information, which was extracted from the Cash Flow
Statement Variance Report for the month ended 31 October 2013.
Budgeted Actual Variance Fav/Unfav
Cash Sale of Vehicle 6 000 7 500 1 500 F
Receipts from Debtors 95 000 90 000 5 000 U
Loan (9 000) (8 000) 1 000 F
Interest 300 375 75 U
a. Referring to the extract above, state whether the interest is a cash inow or cash outow.
Explain your answer.
2 marks
b. Explain how Buckles and Belts could use the information contained in the extract from the Cash Flow
Statement Variance Report.
2 marks
END OF QUESTION BOOK
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Instructions
A question book is provided with this answer book.
Answer all questions in the spaces provided in this book.
Write your student numberin the space provided above on this page.
Refer to Instructionson the front cover of the question book.
Students are NOT permitted to bring mobile phones and/or any other unauthorised electronic
devices into the examination room.
VICTORIAN CURRICULUM AND ASSESSMENT AUTHORITY 2012
July 2012
ACCOUNTING
Written examination
Day Date
Reading time: *.** ** to *.** ** (15 minutes)Writing time: *.** ** to *.** ** (2 hours)
ANSWER BOOK
SUPERVISOR TO ATTACH PROCESSING LABEL HERE
Figures
Words
STUDENT NUMBER Letter
Victorian Certicate of Education
Year
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ACCNT EXAM AB (SAMPLE) 2 July 2012
This page is blank
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July 2012 3 ACCNT EXAM AB (SAMPLE)
Question 2 continued
TURN OVER
Question 1 (2 marks)
Denition
Question 2 (11 marks)
a. 4 marks
Construction EquipmentMethod of depreciation
Fixtures and Fittings
Method of depreciation
Justication
b. 3 marks
Calculation
Marks Mega Movers
Balance Sheet (extract) as at 30 June 2013
Non-Current Assets $ $
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ACCNT EXAM AB (SAMPLE) 4 July 2012
Question 3 continued
c. 4 marks
Explanation
Question 3 (15 marks)
a. 5 marks
Cash Receipts Journal
Date
2013
Details Rec.
No.
Bank Disc.
Exp.
Debtors
Control
Cost of
Sales
Sales Sundries GST
1 June Sales 234 1 320 800 1 200 120
3 June J Simon 235 792 88 880
9 June GST Clearing 236 3 600 3 600
14 June Sales 237 1 650 1 000 1 500 150
16 June S Slater 238 594 66 660
21 June M Avis 239 1 000 1 000
28 June Sales 240 1 320 800 1 200 120
Totals to date 10 276 154 2 540 2 600 3 900 3 600 390
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July 2012 5 ACCNT EXAM AB (SAMPLE)
Question 3 continued
TURN OVER
Sales Journal
Date
2013
Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control
4 June S Slater 123 400 600 60 660
10 June J Simon 124 600 900 90 990
19 June S Slater 125 300 450 45 495
22 June J Simon 126 200 300 30 330
Totals to date 1 500 2 250 225 2 475
General Journal
Date2013
Details General Ledger Subsidiary LedgerDebit Credit Debit Credit
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ACCNT EXAM AB (SAMPLE) 6 July 2012
b. 4 marks
Debtor J Simon
Date
2013
Cross-reference Amount Date
2013
Cross-reference Amount
c. 6 marks
Discussion
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July 2012 7 ACCNT EXAM AB (SAMPLE)
Question 4 continued
TURN OVER
Question 4 (19 marks)
a. 2 marks
Explanation
b. 5 marks
Cash Payments Journal (summary)
Date2013
Details Chq.No.
Bank Disc.Rev.
CreditorsControl
StockControl
Wages Sundries GST
30 June Totals to date 34 200 1 300 27 000 4 000 3 000 1 000 500
Sales Journal (summary)
Date
2013
Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control30 June Totals to date 30 000 45 000 4 500 49 500
Purchases Journal (summary)
Date
2013
Creditor Invoice
Number
Stock
Control
GST Creditors
Control
30 June Totals to date 29 000 2 900 31 900
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ACCNT EXAM AB (SAMPLE) 8 July 2012
Question 4 continued
Cash Receipts Journal (summary)
Date
2013
Details Rec.
No.
Bank Disc.
Exp.
Debtors
Control
Cost of
Sales
Sales Sundries GST
30 June Totals to date 39 300 700 18 000 12 000 20 000 2 000
General Journal
Date
2013
Details General Ledger Subsidiary Ledger
Debit Credit Debit Credit
c. 2 marks
Explanation
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July 2012 9 ACCNT EXAM AB (SAMPLE)
TURN OVER
d. 3 marks
Stock Item: ZX7 Treadmill Supplier: Treadies
Location: E4 Cost Assignment Method: FIFO
Date
2013
Details IN OUT BALANCE
Qty Cost Total Qty Cost Total Qty Cost Total
1 June Balance 8 1 300 10 400
8 June Inv. CFW230 4 1 300 5 200 4 1 300 5 200
12 June Rec. 103 3 1 300 3 900 1 1 300 1 300
18 June Inv. ZX42 4 1 500 6 000 1
4
1 300
1 500
1 300
6 000
e. 3 marks
General Journal
Date
2013
Details General Ledger Subsidiary Ledger
Debit Credit Debit Credit
f. 4 marks
Calculation
Adjusted Gross Prot $
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ACCNT EXAM AB (SAMPLE) 10 July 2012
Question 5 (5 marks)
a. 2 marks
Denition
b. 3 marks
Explanation
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July 2012 11 ACCNT EXAM AB (SAMPLE)
Question 6 continued
TURN OVER
Question 6 (18 marks)
a. 9 marks
Tims Tools
Budgeted Income Statement for the year ending 30 June 2014
$ $
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ACCNT EXAM AB (SAMPLE) 12 July 2012
b. 6 marks
Tims Tools
Budgeted Cash Flow Statement for the year ending 30 June 2014
$ $
Question 6 continued
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July 2012 13 ACCNT EXAM AB (SAMPLE)
TURN OVER
c. 3 marks
Explanation
Question 7 (4 marks)
Explanation
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ACCNT EXAM AB (SAMPLE) 14 July 2012
Question 8 (8 marks)
a. 6 marks
Delivery Van
Date
2013
Cross-reference Amount Date
2013
Cross-reference Amount
Accumulated Depreciation Delivery Van
Date
2013
Cross-reference Amount Date
2013
Cross-reference Amount
Disposal of Delivery Van
Date
2013
Cross-reference Amount Date
2013
Cross-reference Amount
b. 2 marks
Explanation
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July 2012 15 ACCNT EXAM AB (SAMPLE)
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Question 9 (6 marks)
a. 2 marks
Explanation
b. 2 marks
Other information 1
Other information 2
c. 2 marks
Strategy 1
Strategy 2
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ACCNT EXAM AB (SAMPLE) 16 July 2012
Question 10 (8 marks)
a. 6 marks
General Journal
Date
2013
Particulars General Ledger Subsidiary Ledger
Debit
$
Credit
$
Debit
$
Credit
$
b. 2 marks
Explanation
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July 2012 17 ACCNT EXAM AB (SAMPLE)
Question 11 (4 marks)
a. 2 marks
Cash Inow or Cash Outow
Explanation
b. 2 marks
Explanation