VCE AccountingPractice Examination 7

This paper covers

• FIFO perpetual inventory recording and seasonal inventory write-down to net realisable value
• Credit sales with GST, and balance-day adjustments for bad debts and a provision for doubtful debts
• Depreciation (reducing-balance and straight-line) and disposal of a non-current asset
• Preparation of a classified Income Statement incorporating balance-day adjustments
• Cash Flow Statement (direct method) and reconciliation to the closing cash balance
• Cash budget construction and budgeted analysis under strong seasonal cash-flow patterns
• Analysis and interpretation of financial indicators (liquidity, efficiency, profitability, stability) with ethical judgement

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.