VCE AccountingPractice Examination 19

This paper covers

• Recording: FIFO perpetual inventory, GST Clearing, double-entry journals & ledgers, disposal of non-current assets
• Reporting: classified Income Statement, classified Balance Sheet (accounting equation), Cash Flow Statement (direct method)
• Balance-day adjustments: prepaid/accrued items, straight-line & reducing-balance depreciation, bad & doubtful debts
• Budgeting: cash budget construction, budgeted reports and variance analysis as planning/control tools
• Analysis & interpretation: liquidity, gearing/stability, profitability and efficiency indicators over two periods
• Ethical considerations: mid-period change of depreciation method to inflate profit, tested against qualitative characteristics (comparability, faithful representation, relevance, timeliness) and assumptions

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.