VCE AccountingPractice Examination 11

This paper covers

• 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

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.