VCE AccountingPractice Examination 20

This paper covers

• Recording: opening entries, double-entry general & specialised journals, GST Clearing, perpetual inventory (FIFO), subsidiary records
• Reporting: classified Income Statement, classified Balance Sheet (accounting equation), Cash Flow Statement (direct method)
• Balance-day adjustments: prepaid & accrued expenses/revenues, straight-line & reducing-balance depreciation, disposal of non-current assets, bad debts & provision for doubtful debts
• Budgeting: budgeted Income Statement, cash budget construction, and variance (flexible) reporting as planning and control tools
• Analysis & interpretation: the eight financial indicators across liquidity, efficiency, profitability and financial stability, integrating non-financial information
• Ethical considerations and the four qualitative characteristics (relevance, faithful representation, comparability, timeliness) and four accounting 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.