ATARMAxxing · Accounting
QCE Accounting Practice Exams with Worked Solutions
20 full-length papers · worked solutions for every question
The 20 practice exams inside the QCE Accounting Mastery Pack, each set out like the real paper with a separate worked-solution guide. Open any paper to see what it covers.
- Perpetual inventory transactions and cost-of-sales recognition for a GST-registered sole trader (Unit 3)
- GST accounting and BAS reporting on purchases and sales (Unit 4)
- Balance day adjustments: prepayments, accruals, straight-line depreciation, doubtful debts and accrued interest (Unit 4)
- Preparation of fully classified Income Statement and Balance Sheet under accrual accounting (Unit 4)
- Bank reconciliation and reversing-entry theory (Unit 4)
- Direct-method cash flow classification and why cash differs from profit (Unit 3)
- Ratio analysis of a listed public company: profitability, liquidity, stability/gearing and efficiency (Unit 4)
- Evaluative judgement of financial performance against prior-period results and benchmarks using specific figures (Analyse/Evaluate cognitions)
- Accrual vs cash accounting: why a business can report a profit yet suffer declining operating cash flows
- Direct-method Statement of Cash Flows (operating, investing, financing) and cash flow ratio analysis
- Balance day adjustments: depreciation, prepayments, accrued expenses and doubtful debts
- Fully classified Income Statement preparation for a GST-registered sole-trader wholesaler
- GST/BAS treatment and reversing-entry / bank-reconciliation concepts
- Ratio analysis of an ASX-listed public company: profitability, liquidity, stability and cash-flow ratios
- Evaluative judgement linking accounting profit, cash flow and financial position to business decision-making in the Queensland/Australian context
- Balance day adjustments — doubtful debts (ageing-of-receivables), bad-debt write-off with GST decreasing adjustment, depreciation (straight-line and reducing-balance), accruals and prepayments
- Accounts receivable management, credit-policy evaluation and net realisable value of debtors
- Direct-method Statement of Cash Flows for a GST-registered sole trader (receipts from customers, payments to suppliers and employees, operating/investing/financing classification)
- Cash-flow ratio analysis and the reconciliation of accounting profit to operating cash flow
- GST/BAS mechanics on credit sales, purchases and bad-debt adjustments (÷11 rule)
- Bank reconciliation and adjusted cash-at-bank
- Fully classified financial statement presentation and net-realisable-value reporting
- Public-company performance analysis — profitability, liquidity, efficiency and stability ratios with justified comparative judgements against prior period and industry benchmarks
- QCAA cognitive verbs across Recall, Understand, Apply, Analyse and Evaluate in the Queensland/Australian agribusiness context
- Statement of Cash Flows (direct method) classification and preparation for non-current asset transactions
- Acquisition cost capitalisation of non-current assets (list price, installation, delivery) with GST
- Depreciation: straight-line and reducing-balance methods, part-year calculations
- Disposal of non-current assets: carrying amount, proceeds, gain/loss on disposal
- Balance day adjustments: prepayments, accrued wages, doubtful debts (Allowance method)
- GST/BAS: net GST payable/refundable on sales, purchases and capital acquisitions
- General journal entries and ledger posting for asset purchase, depreciation and disposal
- Fully classified financial statements and the impact of NCA purchases on financial position
- Cash flow and financial ratio analysis (cash flow ratio, current ratio, debt ratio, cash flow to sales)
- Analyse and evaluate: why cash flow differs from profit; justified decision-making using QCAA cognitive verbs (assess, justify, recommend)
- Perpetual and periodic inventory valuation: FIFO vs weighted average during rising supplier costs (Unit 3, computerised trading)
- Effect of inventory method choice on cost of goods sold, closing inventory, gross profit and gross-profit margin
- Balance day adjustments: straight-line and diminishing-balance depreciation, doubtful debts and the allowance method, accruals, prepayments and unearned revenue (Unit 4)
- GST/BAS reporting for a GST-registered sole trader (GST on sales, GST on purchases, net GST payable)
- Fully classified financial statements and correct financial-statement classification
- Reversing entries and the accrual-versus-cash distinction
- Statement of Cash Flows classification and why operating cash flow diverges from net profit
- Public-company performance analysis: profitability, liquidity, stability, efficiency and cash-flow ratios with comparative (prior-period) judgement
- Evaluative decision-making using QCAA cognitive verbs (assess, justify, recommend, conclude) supported by quantitative evidence
- Australian accounting conventions and the Queensland retail business context
- Accrual vs cash-based accounting on transition to a computerised system
- Direct-method Statement of Cash Flows and closing cash position
- GST accounting on cash and credit transactions (10% Australian GST)
- Perpetual inventory recording and cost of sales
- Balance day adjustments — accruals, prepayments, depreciation (straight-line), doubtful debts and inventory write-down
- Preparation of a fully classified Income Statement for a sole trader
- Profitability, liquidity, stability and cash-flow ratio analysis of a public company
- Evaluative judgement of financial performance and position against prior-period comparatives
- Internal controls and source documents in a computerised environment
- QCAA cognitive verbs — apply, analyse, assess, justify, recommend, conclude
- Balance day adjustments (accruals, prepayments, depreciation, doubtful debts) and their effect on profit
- GST/BAS treatment and adjustment notes on Australian trading transactions
- Perpetual inventory system journals and accounts receivable/payable in a computerised trading environment
- Straight-line and reducing-balance depreciation calculations
- Bank reconciliation and adjustment of the cash at bank ledger
- Direct-method Statement of Cash Flows and classification of operating cash flows
- Full-suite ratio analysis (profitability, liquidity, stability, efficiency) of an ASX-listed public company
- Comparative and evaluative judgement of financial performance and position against prior year and industry benchmarks
- QCAA cognitions: recall, understand, apply, analyse and evaluate across Units 3 (Managing resources) and 4 (Accounting - the big picture)
- Perpetual-inventory recording for a GST-registered trading business: FIFO cost flow, GST Clearing, general journal and ledger postings (Unit 3)
- Balance day adjustments: straight-line and reducing-balance depreciation, disposal of a non-current asset, prepayments, accruals and doubtful debts (Unit 4)
- Fully classified financial statement preparation and the direct-method Statement of Cash Flows classification (Units 3 & 4)
- Full suite of ratio analysis - profitability, liquidity, stability and efficiency - for an ASX-listed public company (Unit 4, Topic 3)
- Comparative and evaluative judgement of financial performance and position against prior-period results and industry benchmarks
- Queensland / Australian context: a Perth-based mining-services public company (Pilbara Drill & Blast Ltd) benchmarked against a Queensland competitor (Bowen Basin Mining Services Ltd)
- QCAA cognitions Recall, Understand, Apply, Analyse and Evaluate assessed through combination-response format (10 MC + 3 short/extended response)
- Balance day adjustments for a sole trader GST-registered trading business: straight-line depreciation of delivery vehicles and leasehold improvements, prepayments, accrued wages and doubtful debts (QCAA Units 3 & 4)
- Depreciation theory and application: straight-line vs reducing-balance, part-year depreciation, accumulated depreciation as a contra-asset, and carrying amount
- Disposal of a non-current asset by trade-in, including the Disposal of Delivery Vehicle ledger account, gain/loss on disposal and GST treatment
- Reversing entries and the accrual-vs-cash distinction
- Preparation of fully classified financial statements (Income Statement and Balance Sheet) with correct classification of adjusted figures
- Ratio analysis and evaluation: profitability, liquidity and stability ratios interpreted against prior-period comparatives to support a justified decision (Evaluate cognition)
- GST/BAS reporting and perpetual inventory in a computerised environment
- Queensland/Australian regional small-business (sole trader bookshop) context
- Balance day adjustments — accruals (wages, interest revenue), prepayments (insurance) and unearned revenue (gift vouchers)
- Unearned/prepaid revenue recognition and GST treatment of gift vouchers under Australian conventions
- General journal entries and posting in a perpetual, GST-registered sole-trader environment
- Preparation of fully classified financial statements (Income Statement and Balance Sheet) after BDAs
- Reversing entries for accruals and their purpose
- Profitability, liquidity and stability ratio analysis of a public company with comparative (prior-period) judgements
- Evaluate cognition — justified recommendations linking ratios to business decisions using specific stimulus figures
- Queensland/Australian tourism context (Sunshine Coast operator) integrating financial and non-financial information
- Bank reconciliation for a GST-registered sole trader (unpresented cheques, unrecorded direct debit, dishonoured cheque, bank error) - Unit 4
- Correcting/adjusting general journal entries flowing from the bank reconciliation
- Balance day adjustments: reducing-balance and straight-line depreciation, doubtful debts (Allowance method), accrued wages, prepaid expenses, accrued interest - Unit 4
- GST payable/receivable and BAS reporting on cash and credit transactions - Unit 4
- Preparation of a fully classified Income Statement and Balance Sheet extract for a sole trader trading business - Unit 4
- Cost of goods sold, gross profit and net profit determination in a perpetual/periodic trading environment - Units 3-4
- Direct-method Statement of Cash Flows classification and cash vs profit reasoning - Unit 3
- Internal controls over cash and the purpose of bank reconciliation - Unit 3
- Full-suite ratio analysis of a public company (profitability, liquidity, stability, efficiency, per-share) with comparative and benchmark judgement - Unit 4
- QCAA cognitions Recall, Understand, Apply, Analyse and Evaluate using cognitive verbs assess, justify, recommend, conclude
- GST journalising for a GST-registered sole trader: extracting GST from tax-inclusive figures, GST Clearing debits/credits and BAS net position (Unit 4 Topic 2)
- Perpetual FIFO inventory and cost of sales in a computerised trading environment (Unit 3 Topic 2)
- Balance day adjustments: straight-line and reducing-balance depreciation, accrued expenses, prepayments and the allowance for doubtful debts (Unit 4 Topic 1)
- Closing the ledger and preparing reversing entries at 1 July, with the rationale for reversing accruals (Unit 4 Topic 2)
- Fully classified Statement of Profit or Loss (selling, administrative and finance expense classification) for a sole trader (Unit 4 Topic 1)
- Fully classified Statement of Financial Position and the accounting equation / statement of changes in equity (Unit 4 Topic 1)
- Liquidity, profitability and stability ratio analysis with comparison to prior-period results, and evaluative judgement linking ratios to business decisions (Unit 4 Topics 1 and 3)
- Distinguishing accrual profit from cash flow and interpreting non-financial information for decision-making in an Australian/Queensland retail context
- Analysis and interpretation of a public company's declining profitability (gross profit margin, net profit margin, expense ratio) against prior periods and industry benchmarks
- Stability and liquidity ratio analysis (interest cover, debt ratio, debt-to-equity, current and quick ratios) for an ASX-listed retail chain
- Balance day adjustments for a GST-registered sole trader: diminishing-balance depreciation, allowance for doubtful debts, accrued wages, prepaid insurance and accrued interest revenue
- Perpetual-inventory journal entries with GST: credit sales and COGS, credit purchases, sales returns and settlement discount received
- Direct-method Statement of Cash Flows components and the reconciliation of accounting profit to net cash flow
- GST/BAS net position, reversing entries, internal controls and fully classified financial statement classification
- Evaluative, evidence-based judgements linking calculated ratios to business decision-making using QCAA cognitive verbs (assess, justify, recommend, conclude)
- Direct-method Statement of Cash Flows and reconciling cash flow from operations to net profit
- Debtors turnover (times and days) and the link between collection efficiency and operating cash flow
- Balance day adjustments: bad debts, allowance for doubtful debts, depreciation (SL and diminishing balance), prepayments, accrued expenses
- GST treatment on bad debt write-offs and BAS remittance in cash flow
- Journal entries, ledger posting and net realisable value of accounts receivable
- Fully classified financial statements and liquidity ratios (current, quick)
- Bank reconciliation and reversing-entry rationale
- Evaluative analysis: assessing collection practices and recommending improvements using stimulus figures (QLD plumbing SME context)
- Financial statement analysis for lending decisions (Unit 4): debt ratio, current ratio, quick asset ratio, times interest earned, profitability and cash-flow ratios
- Comparative and trend analysis against prior-period results and industry benchmarks using QCAA formula-book conventions
- Balance day adjustments: doubtful debts (allowance method), straight-line and reducing-balance depreciation, prepayments and accrued interest
- Preparation of fully classified financial statements for a GST-registered business
- Direct-method Statement of Cash Flows and reconciliation of net profit to net operating cash flow
- GST recording, bad-debt write-offs, reversing entries and the accounting equation (Units 3 & 4 procedural core)
- Evaluative decision-making: assessing solvency, stability and creditworthiness for a prospective lender with quantitative evidence
- Accounts payable control account vs subsidiary ledger reconciliation for a GST-registered sole trader gift shop
- Identifying and correcting control-account errors versus subsidiary-ledger-only errors, with general journal corrections
- Perpetual inventory recording of purchases, purchases returns and discount received with GST
- Balance day adjustments: straight-line and diminishing-balance depreciation, accrued expenses, prepayments, allowance for doubtful debts (negative asset) and accrued revenue
- Reversing entries and their effect on expense accounts
- GST/BAS net position (GST collected less GST paid)
- Direct-method Statement of Cash Flows: cash received from customers and cash paid to suppliers via receivable/payable movements
- Cash flow ratio analysis (operating cash flow to current liabilities; cash flow to sales) with prior-period comparison
- Analysis of why operating cash flow differs from profit and evaluation of financial performance using stimulus figures
- Internal control weaknesses in the accounts payable cycle and recommendations for improvement
- GST/BAS conversion: opening GST Clearing accounts, GST-exclusive vs inclusive conversion, first BAS with a net GST refund driven by a first-period capital purchase
- Balance-day adjustments: straight-line and reducing-balance depreciation, doubtful debts via Allowance account, accrued wages, accrued interest, prepaid insurance
- Fully classified financial statements for a GST-registered sole trader and correct debit/credit treatment of GST accounts
- Perpetual inventory recording, accrual vs cash accounting rationale, and the direct-method cash flow ratio
- Public-company ratio analysis (profitability, liquidity, stability, cash-flow) with justified comparative judgement against prior year and industry benchmarks
- QCAA cognitions Recall, Understand, Apply, Analyse and Evaluate in a Queensland agricultural-cooperative context
- Balance day adjustments (depreciation, prepayments, accruals, doubtful debts) and their effect on classified financial statements
- Direct-method Statement of Cash Flows and cash flow ratio analysis for a public company
- Perpetual inventory, GST, reversing entries and bank reconciliation concepts
- Comparative profitability, liquidity and stability ratio analysis (CY vs PY) for a post-merger Queensland healthcare public company
- Evaluative decision-making: justified judgements about performance and position supported by calculated evidence and horizontal/vertical analysis
- Reconciling why operating cash flow differs from accrual net profit
- Balance day adjustments (prepayments, accruals, depreciation, doubtful debts) and reversing entries
- General journal and ledger recording in a perpetual GST-registered trading environment
- Fully classified financial statements (Income Statement and Balance Sheet) for a sole trader
- Liquidity ratio analysis - current ratio and acid-test (quick) ratio - for a credit-extension decision
- Profitability and efficiency ratios (GP margin, NP margin, inventory turnover, debtors collection period)
- GST/BAS treatment on trading transactions
- Evaluative decision-making linking calculated ratios to business implications with QCAA cognitive verbs (assess, justify, recommend, conclude)
- Balance day adjustments (depreciation, doubtful debts, prepayments, accruals, accrued revenue) and adjusting journal entries for a GST-registered sole trader (Q11)
- Direct-method Statement of Cash Flows, cash flow ratio and internal control commentary for a trading business (Q12)
- Full-suite ratio analysis of a public company - profitability, liquidity, stability and efficiency - with justified comparison against prior period and industry benchmarks (Q13)
- Perpetual inventory (weighted average), GST/BAS input credits, reducing-balance and straight-line depreciation (Section A)
- Liquidity and stability ratio mechanics: current ratio, quick/acid-test ratio, times interest earned, debt-to-equity (Section A)
- Evaluative decision-making: linking slow inventory turnover and thin quick-asset cover to business risk in a Hervey Bay marine-dealership context
Included in the QCE Accounting Mastery Pack
20 full-length practice exams with worked solutions, 20 revision notes, 64 practice questions and 200 flashcards.
Preview a sample note and question free on the QCE Accounting hub →