VCE AccountingPractice Examination 1

This paper 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

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.