WACE Accounting and Finance Practice Exams with Worked Solutions

The 20 practice exams inside the WACE Accounting and Finance Mastery Pack, each set out like the real paper with a separate worked-solution guide. Open any paper to see what it covers.

1. Practice Exam 1235 marks · 23 questions · 3 sections
   • statement of changes in equity
   • EPS, P/E, dividend yield
   • investing cash flows
   • standard cost variances
   • cash budget
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2. Practice Exam 2235 marks · 23 questions · 3 sections
   • creditors' schedule
   • multi-product break-even
   • special order
   • statement of comprehensive income
   • liquidity ratios
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3. Practice Exam 3235 marks · 23 questions · 3 sections
   • job cost quotation
   • budgeted income statement
   • payback and NPV
   • direct-method cash flow statement
   • PPE and reserves notes
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4. Practice Exam 4235 marks · 23 questions · 3 sections
   • CVP sensitivity
   • closing a segment
   • cash budget
   • bonus issue and final dividend
   • profitability and market ratios
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5. Practice Exam 5235 marks · 23 questions · 3 sections
   • materials and labour variances
   • cash budget performance report
   • competing NPV projects
   • six-month SCI and SFP
   • recognition criteria
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6. Practice Exam 6235 marks · 23 questions · 3 sections
   • debtors' and creditors' schedules
   • product-mix break-even
   • make or buy with capacity
   • retained earnings and reserves
   • leverage and coverage ratios
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7. Practice Exam 7235 marks · 23 questions · 3 sections
   • batch cost and mark-up
   • cash vs accrual
   • NPV with installation cost
   • balance day adjustments
   • EPS weighted average
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8. Practice Exam 8235 marks · 23 questions · 3 sections
   • target profit
   • special order opportunity cost
   • cash budget with borrowings
   • statement of financial position with notes
   • cash flow interpretation
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9. Practice Exam 9235 marks · 23 questions · 3 sections
   • standard cost card
   • cash budget
   • income-statement performance report
   • statement of changes in equity
   • liquidity ratios
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10. Practice Exam 10235 marks · 23 questions · 3 sections
    • weighted average contribution
    • closing a department
    • job costing
    • SCI and SFP
    • financing cash flows
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11. Practice Exam 11235 marks · 23 questions · 3 sections
    • creditors' discount
    • NPV net of tax
    • price sensitivity
    • statement of changes in equity
    • qualitative characteristics
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12. Practice Exam 12235 marks · 23 questions · 3 sections
    • standard costing
    • budgeted income statement
    • make or buy
    • full cash flow statement
    • SFP notes
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13. Practice Exam 13235 marks · 23 questions · 3 sections
    • break-even units and dollars
    • special order
    • cash budget
    • statement of comprehensive income
    • ratio interpretation
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14. Practice Exam 14235 marks · 23 questions · 3 sections
    • two-project NPV and payback
    • cash budget performance report
    • labour variances
    • SCE with revaluation
    • EPS after mid-year issue
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15. Practice Exam 15235 marks · 23 questions · 3 sections
    • cash budget
    • sales-mix change
    • dropping a product
    • share and dividend journals
    • cash and cash equivalents
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16. Practice Exam 16235 marks · 23 questions · 3 sections
    • job quotation
    • cash vs accrual
    • NPV
    • SCE and reserves note
    • limitations of analysis
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17. Practice Exam 17235 marks · 23 questions · 3 sections
    • standard costing
    • cash budget
    • special order and make or buy
    • PPE note
    • market ratios
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18. Practice Exam 18235 marks · 23 questions · 3 sections
    • multi-product CVP
    • NPV
    • cash budget performance report
    • SCI with tax
    • retained earnings ledger
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19. Practice Exam 19235 marks · 23 questions · 3 sections
    • cash budget
    • job costing
    • closing a department
    • SCE
    • investing and financing flows
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20. Practice Exam 20235 marks · 23 questions · 3 sections
    • budgeted income statement and performance report
    • CVP
    • payback and NPV
    • SCI and SFP
    • cash flow interpretation
    See what this paper covers →