VCE AccountingPractice Examination 10

This paper covers

• 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

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.