QCE AccountingPractice Examination 1

This paper 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)

Students are permitted to bring into the examination the materials normally allowed for this subject. Answer all questions in the spaces provided.

This is an ATARMAxxing practice paper. It is not an official examination and is not affiliated with, endorsed by, or produced by the VCAA, NESA or the QCAA.