Explore WACE Year 11 Accounting and Finance practice exams and worked solutions

Two original synoptic practice exams and 12 separate 20-mark topic tests, with worked solutions. These are school-study practice resources, not official examination formats. Open any paper to see what it covers.

1. Original synoptic practice exam 1 (Units 1 and 2)100 marks · 13 questions · 2 sections
   • Sources of finance for small business
   • Business ownership and types of business undertakings
   • Accounting concepts, conventions and GST principles
   • Double entry recording, trial balance and simple financial statements
   • Internal control
   • Legislation, bankruptcy and responsible small business
   • Electronic processing and payment systems
   • Accrual accounting, the Conceptual Framework and balance day adjustments
   • Depreciation and inventory costing concepts
   • Recording adjustments, depreciation and accrual-based financial statements
   • Ratio preparation and interpretation
   • Professional associations and codes of conduct
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2. Original synoptic practice exam 2 (Units 1 and 2)100 marks · 13 questions · 2 sections
   • Sources of finance for small business
   • Business ownership and types of business undertakings
   • Accounting concepts, conventions and GST principles
   • Double entry recording, trial balance and simple financial statements
   • Internal control
   • Legislation, bankruptcy and responsible small business
   • Electronic processing and payment systems
   • Accrual accounting, the Conceptual Framework and balance day adjustments
   • Depreciation and inventory costing concepts
   • Recording adjustments, depreciation and accrual-based financial statements
   • Ratio preparation and interpretation
   • Professional associations and codes of conduct
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3. Topic assessment: Sources of finance for small business20 marks · 4 questions
   • Unit 1 Financial institutions and systems: Financial institutions
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4. Topic assessment: Business ownership and undertakings20 marks · 4 questions
   • Unit 1 Financial institutions and systems: Financial systems and fundamental principles (ownership and undertakings)
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5. Topic assessment: Concepts, conventions and GST principles20 marks · 5 questions
   • Unit 1 Financial institutions and systems: Financial systems and fundamental principles (concepts, conventions, GST, trial balance, elements)
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6. Topic assessment: Double entry recording and simple statements20 marks · 4 questions
   • Unit 1 Recording, using and evaluating financial information: Recording, processing and communicating financial information
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7. Topic assessment: Internal control20 marks · 4 questions
   • Unit 1 Recording, using and evaluating financial information: Evaluating financial information for planning, coordinating, controlling and investing
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8. Topic assessment: Legislation, bankruptcy and responsible business20 marks · 4 questions
   • Unit 1 Government and the community: The role and influence of governments and other bodies; The influence of social, environmental and ethical factors
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9. Topic assessment: Electronic processing and payment systems20 marks · 4 questions
   • Unit 2 Financial institutions and systems: Financial institutions
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10. Topic assessment: Accrual accounting and the Conceptual Framework20 marks · 4 questions
    • Unit 2 Financial institutions and systems: Financial systems and fundamental principles (accrual basis, elements, recognition, balance day adjustments)
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11. Topic assessment: Depreciation and inventory costing20 marks · 4 questions
    • Unit 2 Financial institutions and systems: Financial systems and fundamental principles (depreciation and inventory costing)
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12. Topic assessment: Recording adjustments and accrual-based statements20 marks · 4 questions
    • Unit 2 Recording, using and evaluating financial information: Recording, processing and communicating financial information
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13. Topic assessment: Ratio preparation and interpretation20 marks · 4 questions
    • Unit 2 Recording, using and evaluating financial information: ratio preparation (Recording, processing and communicating) and Evaluating financial information for planning, coordinating, controlling and investing
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14. Topic assessment: Professional associations and codes of conduct20 marks · 4 questions
    • Unit 2 Government and the community: The role and influence of governments and other bodies; The influence of social, environmental and ethical factors
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