ATARMAxxing · Accounting
VCE Accounting Practice Exams with Worked Solutions
20 full-length papers · worked solutions for every question
The 20 practice exams inside the VCE Accounting Mastery Pack, each set out like the real paper with a separate worked-solution guide. Open any paper to see what it covers.
- Recording: double-entry journals, subsidiary records, GST Clearing, perpetual FIFO inventory (Units 3)
- Reporting: classified Income Statement, classified Balance Sheet, Cash Flow Statement (direct method)
- Balance-day adjustments: prepaid/accrued items, straight-line & reducing-balance depreciation, disposal of non-current assets, bad debts & provision for doubtful debts
- Budgeting: cash budget construction and budgeted-report variance analysis
- Analysis & interpretation: liquidity, efficiency, profitability and financial-stability indicators with non-financial data
- Ethical considerations and the four qualitative characteristics / four accounting assumptions applied to judgements
- Trading-business scenario: a Melbourne sporting-goods retailer with rapid inventory turnover and rising doubtful debts from credit customers
- Recording: double-entry journals, perpetual FIFO inventory, GST Clearing, source documents (tax invoices)
- Reporting: classified Income Statement, classified Balance Sheet, Cash Flow / cash budget, accounting equation
- Balance-day adjustments: prepaid & accrued items, straight-line & reducing-balance depreciation, disposal of non-current assets, bad & doubtful debts
- Budgeting: cash budget construction and budgeted analysis for a trading business
- Analysis & interpretation: liquidity, efficiency, profitability and financial-stability indicators (WCR, QAR, ITO, ARTO, APTO, GPM, NPM, ROA, ROE, ATO, Debt Ratio)
- Ethical considerations plus the four qualitative characteristics (relevance, faithful representation, comparability, timeliness) and four accounting assumptions (entity, going concern, period, accrual)
- Trading-business scenario: a regional hardware & building-supplies store with significant GST obligations and long-term mortgage financing
- Unit 3 recording — source documents, double-entry journals, GST Clearing and FIFO perpetual inventory
- Unit 3 & 4 reporting — classified Income Statement, Balance Sheet and Cash Flow Statement (direct method)
- Unit 4 balance-day adjustments — high prepaid advertising, accrued expenses and accrued revenue under the accrual assumption
- Unit 4 depreciation (straight-line and reducing-balance) and disposal of a non-current asset
- Unit 4 bad debts and the provision for doubtful debts, with Balance Sheet presentation of a contra asset
- Unit 4 budgeting — a seasonal cash budget and budgeted-vs-actual variance analysis
- Unit 4 analysis and interpretation — the eight financial indicators across profitability, liquidity, efficiency and stability, integrated with non-financial information
- Ethical considerations and the qualitative characteristics (relevance, faithful representation, comparability, timeliness) applied to a single online homewares trading business
- Recording: double-entry general/specialised journals, GST Clearing, perpetual inventory (FIFO), ledger posting and balancing
- Balance-day adjustments: prepaid and accrued expenses, straight-line and reducing-balance depreciation, disposal of non-current assets
- Accounting for bad debts and the provision for doubtful debts (net realisable value of Accounts Receivable)
- Reporting: classified Income Statement, classified Balance Sheet (accounting equation), Cash Flow Statement (direct method)
- Budgeting: Budgeted Income Statement, Cash Budget construction and variance (budget vs actual) analysis
- Analysis and interpretation: liquidity, efficiency, profitability and stability indicators with trend-based evaluation
- Ethical considerations and the qualitative characteristics (relevance, faithful representation, comparability, timeliness) and assumptions (entity, going concern, period, accrual)
- Trading-business scenario: a suburban cafe-supplies wholesaler selling on credit, managing bad debts and variable raw-material (coffee-bean) costs
- Recording: double-entry journals (general & specialised), GST Clearing treatment, FIFO perpetual inventory, drawings of inventory, settlement discount with GST adjustment
- Balance-day adjustments: prepaid & accrued expenses, reducing-balance vs straight-line depreciation, bad debts and Allowance for Doubtful Debts
- Disposal of non-current assets: carrying value, loss/profit on disposal, GST on sale of a depreciating asset
- Reporting: classified Income Statement, classified Balance Sheet satisfying A = L + OE, Cash Flow Statement (direct method) reconciling to the Cash ledger
- Budgeting: cash budget construction across a quarter and interpretation as a planning/control tool
- Analysis & interpretation: liquidity (WCR, QAR), gearing (Debt Ratio), profitability (ROA, NPM, GPM) with two-year trend analysis and integration of non-financial information
- Ethical considerations and accounting principles/qualitative characteristics: entity, going concern, period, accrual; relevance, faithful representation, comparability, timeliness; matching and consistency
- Unit 3 recording: FIFO perpetual inventory, specialised & general journals, GST Clearing treatment, cost of sales
- Unit 4 balance-day adjustments: prepaid & accrued items, straight-line & reducing-balance depreciation, disposal of non-current assets, bad and doubtful debts
- Reporting: classified Income Statement, classified Balance Sheet satisfying the accounting equation, Cash Flow Statement (direct method)
- Unit 4 budgeting: budgeted Income Statement, three-month Cash Budget, variance analysis (favourable/unfavourable)
- Analysis & interpretation: the eight financial indicators across profitability, efficiency, liquidity and financial stability with two-year trend evaluation
- Qualitative characteristics (relevance, faithful representation, comparability, timeliness), accounting assumptions (entity, going concern, period, accrual) and ethical considerations
- Trading-business scenario: a pet-accessories distributor (sole trader) preparing its first full-year budget after a loss-making prior period and analysing variances
- FIFO perpetual inventory recording and seasonal inventory write-down to net realisable value
- Credit sales with GST, and balance-day adjustments for bad debts and a provision for doubtful debts
- Depreciation (reducing-balance and straight-line) and disposal of a non-current asset
- Preparation of a classified Income Statement incorporating balance-day adjustments
- Cash Flow Statement (direct method) and reconciliation to the closing cash balance
- Cash budget construction and budgeted analysis under strong seasonal cash-flow patterns
- Analysis and interpretation of financial indicators (liquidity, efficiency, profitability, stability) with ethical judgement
- Unit 3 recording: source documents, double-entry general/specialised journals, GST Clearing, and a perpetual FIFO inventory card
- Unit 3 reporting: classified Income Statement (trading format), classified Balance Sheet satisfying Assets = Liabilities + Owner's Equity, and Cash Flow Statement (direct method)
- Unit 4 balance-day adjustments: prepaid and accrued expenses/revenues, straight-line and reducing-balance depreciation, disposal of a non-current asset by trade-in, and bad and doubtful debts
- Unit 4 budgeting: three-month Cash Budget, Budgeted Income Statement, and reconciliation of budgeted cash movement to budgeted net profit
- Unit 4 analysis and interpretation: liquidity, profitability, efficiency and financial-stability indicators computed over two years with trend synthesis
- Ethical considerations and non-financial information integrated with the qualitative characteristics (relevance, faithful representation, comparability) and accounting assumptions (entity, accrual, going concern, period)
- Scenario thread: a second-hand furniture retailer disposing of delivery vehicles and acquiring new assets mid-year within the same reporting period
- Perpetual FIFO inventory recording and reconciling records to a physical stocktake (inventory loss/gain, write-down)
- Balance-day adjustments: prepaid and accrued expenses, straight-line and reducing-balance depreciation
- General Journal, ledger and disposal of a non-current asset with correct GST treatment
- Cash Flow Statement (direct method) reconciling to the Cash at Bank ledger
- Classified Income Statement with balance-day adjustments and profitability indicators
- Cash budget construction and interpretation as a planning/control tool
- Classified Balance Sheet satisfying the accounting equation, with liquidity and gearing analysis
- Ethical considerations and the qualitative characteristics / accounting assumptions underpinning judgements
- Recording: perpetual FIFO inventory, specialised & general journals, GST Clearing, subsidiary/control accounts (Units 3)
- Reporting: classified Income Statement, classified Balance Sheet satisfying A = L + OE, Cash Flow Statement (direct method)
- Balance-day adjustments: prepaid/accrued expenses & revenues, straight-line & reducing-balance depreciation, disposal of a non-current asset, bad & doubtful debts / provision
- Budgeting: cash budget construction with running bank balance and budgeted-report interpretation under tight liquidity
- Analysis & interpretation: liquidity (current & quick ratios), profitability (NPM, ROE), efficiency and gearing (debt ratio) with non-financial integration
- Ethical considerations & qualitative characteristics/assumptions: relevance, faithful representation, comparability, timeliness; entity, going concern, period, accrual
- Recording: double-entry journals, subsidiary/specialised journals, General Ledger and GST Clearing (Unit 3)
- Perpetual inventory using FIFO cost assignment (Unit 3)
- Balance-day adjustments: prepaid/accrued items, straight-line & reducing-balance depreciation, disposal of non-current assets, bad and doubtful debts (Unit 4)
- Reporting: classified Income Statement, classified Balance Sheet satisfying the accounting equation, Cash Flow Statement (direct method)
- Budgeting: cash budget construction and budgeted-report/variance interpretation (Unit 4)
- Analysis & interpretation: the eight financial indicators across liquidity, efficiency, profitability and financial stability, integrated with non-financial information
- Ethical considerations and the qualitative characteristics (relevance, faithful representation, comparability, timeliness) and assumptions (entity, going concern, period, accrual) — applied to the deliberate understatement of closing inventory to reduce tax payable
- Unit 3 recording — perpetual FIFO inventory, double-entry journals and GST Clearing from source documents
- Unit 3 reporting — classified Income Statement and Balance Sheet satisfying the accounting equation
- Unit 4 balance-day adjustments — prepaid/accrued items, doubtful debts, reducing-balance depreciation and disposal of a non-current asset
- Unit 4 budgeting — a Cash Budget revealing a projected bank deficit across three consecutive months, with a Budgeted Income Statement contrast
- Unit 4 analysis and interpretation — liquidity, gearing, profitability and efficiency indicators over two years with integration of non-financial information
- Ethical considerations and the four qualitative characteristics / accounting assumptions applied to recording, reporting and decision-making
- Recording: general-journal entries from source documents with correct GST Clearing treatment (credit purchase, cash sale under perpetual inventory, capital contribution, creditor payment with discount received)
- Perpetual inventory using FIFO cost assignment — inventory card, cost of sales and closing balance
- Balance-day adjustments: prepaid expense, accrued wages, increase in Allowance for Doubtful Debts, accrued interest, and their effect on the accounting equation
- Disposal of a non-current asset using reducing-balance depreciation, with general-journal entries and calculation of profit/loss on disposal
- Analysis and interpretation of profitability and efficiency indicators after a price-discounting strategy (Gross Profit Margin, Net Profit Margin, Return on Owner's Investment, Inventory Turnover) with non-financial evaluation
- Cash budgeting — a three-month cash budget with debtor-collection patterns, and interpretation for planning and control
- Budgeted reporting — a budgeted classified Income Statement and a budgeted Cash Flow Statement (direct method) with reconciliation to closing cash
- Ethical considerations and the accounting assumptions and qualitative characteristics (entity, going concern, period, accrual; relevance, faithful representation, comparability, timeliness) applied to recording, reporting and decision-making
- Recording: credit purchases with GST Clearing, FIFO perpetual inventory cards, subsidiary and general journals (Unit 3)
- Balance-day adjustments: prepaid & accrued expenses, straight-line and reducing-balance depreciation, disposal of non-current assets, bad and doubtful debts (Unit 4)
- Reporting: classified Income Statement, classified Balance Sheet satisfying A = L + OE, Cash Flow Statement (direct method)
- Budgeting: cash budget construction and budgeted-vs-actual variance analysis as planning and control tools (Unit 4)
- Analysis & interpretation: gearing/financial-stability (debt ratio over two years), liquidity (WCR, QAR, cash flow cover), profitability (NPM, ROA) and efficiency indicators
- Ethical considerations and syllabus-accurate written justification citing qualitative characteristics (relevance, faithful representation, comparability, timeliness) and assumptions (entity, going concern, period, accrual)
- Unit 3 recording: FIFO perpetual inventory with foreign-exchange and freight costs embedded in landed cost, credit purchase and sale journals, GST Clearing
- Unit 4 balance-day adjustments: prepaid insurance, accrued wages, accrued interest revenue, reducing-balance depreciation and their General Ledger effect
- Unit 4 disposal of a non-current asset: straight-line depreciation to date of disposal, carrying value, trade-in, loss on disposal, GST, journals and Disposal ledger account
- Unit 4 bad debts write-off and Provision for Doubtful Debts (percentage of net receivables), GST treatment and Balance Sheet presentation of net realisable value
- Unit 3 reporting: fully classified Income Statement and Balance Sheet from an adjusted trial balance, verifying Assets = Liabilities + Owner's Equity
- Unit 4 budgeting: three-month Cash Budget for a toy importer, receipts and payments classification, reconciliation of opening to closing cash
- Unit 4 analysis and interpretation: efficiency indicators (inventory / receivables / payables turnover in days) with profitability (Net Profit Margin, Return on Owner's Investment) over a two-year trend
- Ethical considerations: the temptation to delay an inventory write-down to protect reported profit, evaluated against relevance, faithful representation and the reporting-period assumption
- Accounting principles and assumptions and the four qualitative characteristics applied to recording, reporting and ethical judgement for a trading business
- Recording under the double-entry system: specialised & general journals, GST Clearing, perpetual inventory (FIFO), General Ledger posting and balancing
- Balance-day adjustments: prepaid & accrued items, straight-line & reducing-balance depreciation, disposal of non-current assets, bad debts and the Allowance for Doubtful Debts
- Reporting: classified Income Statement, classified Balance Sheet (Assets = Liabilities + Owner's Equity), and Cash Flow / cash-budget construction under the direct method
- Budgeting and variance analysis as planning and control tools for a trading business
- Analysis & interpretation: liquidity, gearing/financial stability, profitability (esp. Return on Owner's Equity vs an industry benchmark following a capital injection) and efficiency indicators
- Ethical considerations and syllabus-accurate justification naming the four qualitative characteristics (relevance, faithful representation, comparability, timeliness) and four assumptions (entity, going concern, period, accrual)
- Recording under the double-entry system with GST Clearing and FIFO perpetual inventory (purchases, credit sales, inventory card)
- Reporting: classified Income Statement, classified Balance Sheet (accounting equation) and Cash Flow Statement (direct method) for a sole-trader trading business
- Balance-day adjustments: prepaid and accrued expenses, and the provision for doubtful debts, under the accrual assumption and matching
- Depreciation of non-current assets by the reducing-balance method and the disposal of a non-current asset (loss on disposal)
- Budgeting: constructing a cash budget across a quarter and using variance analysis as a planning and control tool
- Analysis and interpretation: the eight financial indicators (liquidity, gearing, profitability, efficiency) integrated with non-financial information (customer-return rate, staff turnover)
- Ethical considerations and the qualitative characteristics (relevance, faithful representation, comparability, timeliness) and accounting assumptions (entity, going concern, period, accrual)
- Recording: primary source documents, specialised/general journals, double-entry, GST Clearing, settlement discount
- Perpetual inventory using FIFO cost assignment; inventory card, cost of sales, gross profit
- Balance-day adjustments: reducing-balance depreciation and disposal of a non-current asset
- Balance-day adjustments: bad debts, allowance for doubtful debts, accrued expense, prepaid expense
- Reporting: classified Income Statement and classified Balance Sheet (accounting equation)
- Analysis and interpretation: liquidity, profitability and efficiency indicators over two years, with non-financial information
- Budgeting: Cash Budget with a complex accounts-receivable collection and accounts-payable payment pattern
- Qualitative characteristics, accounting assumptions and ethical considerations applied throughout
- Recording: FIFO perpetual inventory, GST Clearing, double-entry journals & ledgers, disposal of non-current assets
- Reporting: classified Income Statement, classified Balance Sheet (accounting equation), Cash Flow Statement (direct method)
- Balance-day adjustments: prepaid/accrued items, straight-line & reducing-balance depreciation, bad & doubtful debts
- Budgeting: cash budget construction, budgeted reports and variance analysis as planning/control tools
- Analysis & interpretation: liquidity, gearing/stability, profitability and efficiency indicators over two periods
- Ethical considerations: mid-period change of depreciation method to inflate profit, tested against qualitative characteristics (comparability, faithful representation, relevance, timeliness) and assumptions
- Recording: opening entries, double-entry general & specialised journals, GST Clearing, perpetual inventory (FIFO), subsidiary records
- Reporting: classified Income Statement, classified Balance Sheet (accounting equation), Cash Flow Statement (direct method)
- Balance-day adjustments: prepaid & accrued expenses/revenues, straight-line & reducing-balance depreciation, disposal of non-current assets, bad debts & provision for doubtful debts
- Budgeting: budgeted Income Statement, cash budget construction, and variance (flexible) reporting as planning and control tools
- Analysis & interpretation: the eight financial indicators across liquidity, efficiency, profitability and financial stability, integrating non-financial information
- Ethical considerations and the four qualitative characteristics (relevance, faithful representation, comparability, timeliness) and four accounting assumptions (entity, going concern, period, accrual)
Included in the VCE 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 VCE Accounting hub →