VCE AccountingPractice Examination 18

This paper covers

• 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

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.