QCE AccountingPractice Examination 17

This paper covers

• 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

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.