ATARMAxxing · Accounting
QCE Accounting Practice Questions
64 exam-style questions · full worked solutions
The 64 practice questions inside the QCE Accounting Mastery Pack, grouped by area of study. Every question comes with a full worked solution.
- Cash management
- Multiple choice × 12
- Prepare × 1
- Classify and justify × 1
- Evaluate × 1
- Calculate and interpret × 1
- Managing resources for a sole trader
- Multiple choice × 12
- Calculate and record × 1
- Apply × 1
- Evaluate × 1
- Explain × 1
- Fully classified reporting and complete accounting cycle
- Multiple choice × 12
- Prepare × 1
- Record × 1
- Reconcile and explain × 1
- Record and explain × 1
- Performance analysis of a public company
- Multiple choice × 12
- Calculate × 1
- Evaluate × 1
- Analyse × 1
- Justify × 1
Sample question
Aria Homewares records a credit sale of inventory to a customer on 28 June 2026, with the cash to be received on 20 July 2026. Under the accrual basis of accounting applied in the QCAA syllabus, in which reporting period should the sales revenue be recognised, and why?
- In the year ended 30 June 2026, because the revenue is earned when the goods are provided regardless of when cash is received
- In the year ended 30 June 2027, because revenue is only recognised when cash is actually received from the customer
- Split evenly across both reporting periods to match the timing of the sale and the receipt
- Only once the customer confirms in writing that payment will be made
Show the worked answer
Answer: A
Under accrual accounting, revenue is recognised in the period in which it is earned (when control of the goods passes to the customer), not when cash changes hands. The sale occurs on 28 June 2026, so the revenue belongs to the year ended 30 June 2026.
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 →