VCE AccountingPractice Examination 14

This paper covers

• 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)

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.