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VCE Accounting 2013–2016
Written examination
Examination specifcations
Overall conditions
The examination will be sat at a time and date to be set annually by the Victorian Curriculum and Assessment
Authority. VCAA examination rules will apply. Details of these rules are published annually in the VCE and
VCAL Administrative Handbook .
There will be 15 minutes reading time and 2 hours writing time.
The examination will be marked by a panel appointed by the VCAA.
The examination will contribute 50 per cent to the Study Score.
Content
The VCE Accounting Study Design 2013–2016 is the document for the development of the examination. The
study design includes the Characteristics of the Study (pages 12–16). Questions will be based on the key
knowledge and key skills that underpin the outcomes in Units 3 and 4. Students will be required to apply the
knowledge and skills of the accounting processes undertaken in Units 3 and 4.
Students will not be required to use information and communications technology (ICT) in the examination.
Students will not be required to undertake calculations relating to fnancial indicators in the examination;
however, the underpinning knowledge, interpretation and analysis associated with these indicators are
examinable.
Students will not be required to prepare graphical representations in the examination; however, the
explanation and interpretation of graphical representations are examinable.
Format
The examination will consist of a series of short answer and extended response questions. These may include
a variety of item types, including scenarios, questions with multiple parts, short answer questions and
extended response questions.
All questions in the examination will be compulsory.
The total marks for the examination will be 100.
The examination will be in the form of a question book and an answer book.
Approved materials and equipment
• normal stationery requirements (pens, pencils, highlighters, erasers, sharpeners and rulers)
• one scientifc calculator
Advice
During the 2013–2016 accreditation period for the VCE Accounting Study Design, examinations will be
prepared according to the examination specifcations above. The examination will assess a representative
sample of the key knowledge and key skills from Unit 3 and Unit 4.
© VICTORIAN CURRICULUM AND ASSESSMENT AUTHORITY 2012
July 2012
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VCE Acounting (Specifcations and sample) – July 2012 2
The following sample examination is intended to demonstrate the format and type of questions that teachers
and students can expect on the end-of-year Accounting examination. Teachers and students should be
aware of the Characteristics of the Study, including accounting principles and qualitative characteristics, as
described on pages 12–16 of the study design.
The VCAA does not publish answers for sample examinations.
The following documents should be referred to in relation to the VCE Accounting examination.
• VCE Accounting Study Design 2013–2016 • VCE Accounting Assessment Handbook 2013–2016
• VCAA Bulletin VCE, VCAL and VET
It is recommended that students write in pencil when answering questions that involve calculations.
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S A M
P L E
ACCOUNTING
Written examination
Day Date
Reading time: *.** ** to *.** ** (15 minutes)
Writing time: *.** ** to *.** ** (2 hours)
QUESTION BOOK
Structure of book
Number of
questions
Number of questions
to be answered
Number of
marks
11 11 100
• Studentsarepermittedtobringintotheexaminationroom:pens,pencils,highlighters,erasers,
sharpeners,rulersandonescienticcalculator.
• StudentsareNOTpermittedtobringintotheexaminationroom:blanksheetsofpaperand/orwhite
outliquid/tape.
Materials supplied• Questionbookof10pages.
• Answerbookof17pages.
Instructions
• Writeyourstudent numberinthespaceprovidedonthefrontpageoftheanswerbook.
• Answerallquestionsintheanswerbook.
• AllwrittenresponsesmustbeinEnglish.
At the end of the examination
• Youmaykeepthisquestionbook.
Students are NOT permitted to bring mobile phones and/or any other unauthorised electronic
devices into the examination room.
©VICTORIANCURRICULUMANDASSESSMENTAUTHORITY2012
July2012
Victorian Certicate of Education
Year
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ACCNTEXAMQB(SAMPLE) 2 July2012
Question 3–continued
Question 1 (2 marks)
Dene theterm ‘doubleentryaccountingsystem’.
Question 2 (11 marks)
MarkBrownownsandoperatesMark’sMegaMovers.Hehasprovidedhisaccountantwiththefollowing
graphdisplayingdetailsofhisNon-CurrentAssets.Hepurchasedthemallon1July2009.
Historical Cost
Depreciation – 2009–10
Depreciation – 2010–11
Depreciation – 2011–12
Depreciation – 2012–13
Accumulated Depreciation
– 30 June 2013
Construction
Equipment
Computer
Equipment
Tools and
Equipment
Fixtures and
Fittings
45 000
40 000
35 000
30 000
25 000
20 000
15 000
10 000
5 000
0
a. Usingthegraph,identifyandjustifytheselectionofthedepreciationmethodusedforthe• ConstructionEquipment
• FixturesandFittings.
4marks
b. GiventhattheConstructionEquipmentwasdepreciatedusingarateof30%perannum,calculateand
showhowtheConstructionEquipmentwouldbereportedintheBalanceSheetasat30June2013.
3marks
c. Markstated‘wecanchangemethodsofdepreciationnextyearifwewantto’.Usinganaccounting
principleandaqualitativecharacteristic,explainwhetherthiswouldbeadvisable.
4marks
Question 3 (15 marks)
CourtneyHaylesistheownerofHaylesHomeEntertainment,abusinessthatsellshomeentertainment
products.At1June2013thebusinesshadthefollowingdebtors.
$
JSimon 880
MAvis 2200
3080
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July2012 3 ACCNTEXAMQB(SAMPLE)
TURN OVER
ExtractsoftheCashReceiptsJournalandSalesJournalforJune2013areprovidedbelow.
Cash Receipts Journal
Date
2013
Details Rec.
No.
Bank Disc.
Exp.
Debtors
Control
Cost of
Sales
Sales Sundries GST
1June Sales 234 1320 800 1200 120
3June JSimon 235 792 88 880
9June GSTClearing 236 3600 3600
14June Sales 237 1650 1 000 1500 150
16June SSlater 238 594 66 660
21June MAvis 239 1 000 1 000
28June Sales 240 1320 800 1200 120
Totals to date 10 276 154 2 540 2 600 3 900 3 600 390
Sales Journal
Date
2013
Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control
4June SSlater 123 400 600 60 660
10June JSimon 124 600 900 90 990
19June SSlater 125 300 450 45 495
22June JSimon 126 200 300 30 330
Totals to date 1 500 2 250 225 2 475
Additional information
• On30June,Courtneytransferred$10000fromherpersonalbankaccounttothebusinessbank
account(asnotedontheBankStatement).
• On30June,thebusinesswasadvisedthattheamountoutstandingforDebtor–MAvis,shouldbe
writtenoff(Memo5).
• On30June,JSimonreturnedthegoodshehadpurchasedon22June,becausetheywerefaulty
(CN538).
a. Recordtheadditionalinformationintheappropriatejournals.Totalthejournalswhereappropriate.
Narrationsarenotrequired.
5marks
b. CompletetheDebtorsSubsidiaryLedgerforDebtor–JSimonasitwouldappearafteralljournalshave
beenpostedforJune2013.
Youarerequiredtobalancetheaccount.
4marks
c. Manybusinessesusecontrolaccountsandsubsidiaryledgersintheiraccountingsystems.
Discussthebenetsandlimitationsofusingcontrolaccountsandsubsidiaryledgers.
6marks
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ACCNTEXAMQB(SAMPLE) 4 July2012
Question 4 –continued
Question 4 (19 marks)
ChrisLaurenceownsandoperatesChrisso’sFitnessWarehouse,asmallbusinesssellingavarietyoftness
equipment.
Featuresofthebusiness’saccountingsystemincludethefollowing.
• Thebusinesssellstocustomersonbothacashandcreditbasis.Creditisofferedtoreliablecustomersat
credittermsof5/14,n/30.TheperpetualmethodofstockrecordingandtheFIFOcostassignmentmethod
areused.• Stockismarkedupatarateof50%.
• Thebusinesspreparesnancialreportsattheendofeachmonth.
Chrishasrecordedalltransactionsintotherelevantjournals.Asummaryoftheseisprovided.
Cash Payments Journal (summary)
Date
2013
Details Chq.
No.
Bank Disc.
Rev.
Creditors
Control
Stock
Control
Wages Sundries GST
30June Totalstodate 34200 1300 27000 4 000 3000 1 000 500
Sales Journal (summary)
Date
2013
Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control
30June Totalstodate 30000 45000 4500 49500
Purchases Journal (summary)
Date
2013
Creditor Invoice
Number
Stock
Control
GST Creditors
Control
30June Totalstodate 29000 2900 31900
Cash Receipts Journal (summary)
Date
2013
Details Rec.
No.
Bank Disc.
Exp.
Debtors
Control
Cost of
Sales
Sales Sundries GST
30June Totalstodate 39300 700 18000 12000 20000 – 2000
Attheendofthereportingperiod,Chrisrealisedthatthefollowingdocumentshadnotbeenrecorded.
CFW
Invoice CFW234 Date: 19 June 2013
Charge to: Rob’s Gym
Sale: 2 ZX7 Treadmills
Amount GST Invoice
$4200 $420 $4620
Terms: 5/14, n/30
CFW
Memo 9
Date: 27 June 2013
Instruction: 1 ZX7 Treadmill, at a cost of $1500,was used at a recent tness expo and will now
be used solely for advertising purposes.
CFW
Receipt 105
Date: 28 June 2013
Details: Received payment in full from Rob’s
Gym for invoice CFW234.
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July2012 5 ACCNTEXAMQB(SAMPLE)
TURN OVER
a. ExplainwhatismeantbytheFIFOcostassignmentmethod.
2marks
b. Update andtotaltherelevantjournalswiththeinformationcontainedintheabovedocuments.
Narrationsarenotrequired.
5marks
c. ExplainwhythestockreferredtoinMemo9shouldbetreatedasanexpense.2marks
FollowingaphysicalcountoftheModelZX7Treadmillsat30June2013,Chrispreparedthefollowing
memo.
CFW
Memo 10
Date: 30 June 2013
Details: A physical stocktake showed 1 ZX7Treadmill on hand.
ChrisprovidedthefollowingStockCardfortheZX7Treadmill.
Stock Item: ZX7 Treadmill Supplier: Treadies
Location: E4 Cost Assignment Method: FIFO
Date
2013
Details IN OUT BALANCE
Qty Cost Total Qty Cost Total Qty Cost Total
1June Balance 8 1300 10 400
8June Inv.CFW230 4 1300 5200 4 1300 5200
12June Rec.103 3 1300 3900 1 1300 1300
18June Inv.ZX42 4 1500 6000 1
4
1300
1500
1300
6000
d. CompletetheStockCardforZX7Treadmillswithallrelevanttransactionsuptoandincluding
30June2013.
3marks
e. PreparetheGeneralJournalentrytorecordthenecessaryadjustingentryforstockat30June2013.
Anarrationisrequired.
3marks
f. Calculate theAdjustedGrossProtonthesaleofZX7TreadmillsforthemonthofJune2013.
4marks
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ACCNTEXAMQB(SAMPLE) 6 July2012
Question 5 (5 marks)
a. Denenetrealisablevalue(NRV).
2marks
b. ExplaintheeffectsonthenancialreportsifabusinessfailstorecogniseNRVwhenvaluingitsstock.
3marks
Question 6 (18 marks)
Timownsandoperatesatoolshop,Tim’sTools.Hehasprovidedyouwiththefollowingbudgeted
informationfromthecashjournalsfortheyear1July2013to30June2014.
Cash Receipts Journal
• Bank 311200
• DiscountExpense 1700
• DebtorsControl 180900
• CostofSales 60000
• Sales 120000
• GST 12000
Cash Payments Journal
• Bank 159500
• DiscountRevenue 1500
• CreditorsControl 45000
• StockControl 24000
• Wages 53000
• Sundries
Drawings 6000
Expenses 15000
FixturesandFittings 3000
CustomsDuties 2000
PrepaidRentExpense 8000
AccruedWages 2000
• GST 3000
Additional information (expected for year)
• Bankbalanceat1July2013was$26800
• CreditSales50%greaterthanCashSales
• Stockmarkedupby100%
• StockLosstobe3%oftotalsales
• SalesReturnstobe5%oftotalsales
• Accruedinterestof$200relatingtoatermdeposit
• Wagesowing30June2014estimatedtobe$3100
• BalanceinPrepaidRentexpensewillbe$1000asat30June2014
a. PrepareaBudgetedIncomeStatementfortheyearending30June2014.
9marks
b. PrepareaBudgetedCashFlowStatementfortheyearending30June2014.
6marks
Timispleasedwiththelevelofexpectedprotandcashindicatedbythebudgets;however,heisconcerned
thattheseresultswillnotbeachievedin12monthstime.
c. ExplainhowTimcouldusethesebudgetstomonitorhisprogress.
3marks
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July2012 7 ACCNTEXAMQB(SAMPLE)
TURN OVER
Question 7 (4 marks)
Abusinessownerhasstated,‘IamnotsureIwanttomakeaprotthisyear.LastyearImadealossbutmy
bankbalanceincreasedby$8900despitehavingnonewloansorcapitalcontributions’.
Explain,givingtwoexamples,howthiscouldoccur.
Question 8 (8 marks)On1October2013,GenDomesticstradedinitsolddeliveryvanforanewdeliveryvanfromClubMotors.
Theolddeliveryvanwaspurchasedatthebeginningof2007for$28000andhadacarryingvalueat
1October2013of$3500.Detailsofthepurchaseandtrade-inforthenewdeliveryvanaredocumentedin
theinvoicebelow.
Club Motors
Date 1October2013
Invoice no. 79
Sold to GenDomestics
DESCRIPTION $
DeliveryVan 42000
plusGST 4200
46200
Lesstrade-in 2000
TOTAL PRICE 44200
Terms: Net 30 days
a. ShowhowthefollowingaccountswillappearintheGeneralLedgerafterallentrieshavebeenposted.
• DeliveryVan
• AccumulatedDepreciation–DeliveryVan
• DisposalofDeliveryVan
Youarenotrequiredtobalancetheaccounts.
6marks
b. Explain,usingtheinformationfromGenDomestics,whytheprotorlossondisposalofthevan
occurred.
2marks
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ACCNTEXAMQB(SAMPLE) 8 July2012
Question 9 (6 marks)
Abusinessownerisconcernedthatherbusiness’scashowandliquidityaredeteriorating,soheraccountant
hasprovidedsomeinformationregardingthebusiness’sshort-termnancialposition.
Indicator 2010 2011 2012
WorkingCapitalRatio 2.15:1 2.25:1 2.79:1
QuickAssetRatio 1.42:1 1.05:1 0.79:1
CreditorsTurnover 17days 16days 15days
StockTurnover 58days 79days 98days
DebtorsTurnover 47days 44days 42days
Thebusiness’scredittermshavebeen2/14,n/30since2009.
Suppliers’credittermsarealln/30.
a. ExplainhowitispossiblethattheWorkingCapitalRatiotrendisfavourablewhiletheQuickAsset
Ratiotrendisunfavourable.
2marksb. Suggesttwotypesofinformation,otherthannancialindicators,thatcouldbeusefultothebusiness
ownerinanalysingtheperformanceofherbusiness.
2marks
c. Statetwostrategies,excludingadditionaladvertising,thatthebusinessownercouldimplementtoimprove
theStockTurnover(thatis,reduceStockTurnoverdays)withoutaffectingtheGrossProtmargin.
2marks
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July2012 9 ACCNTEXAMQB(SAMPLE)
TURN OVER
Question 10 (8 marks)
BelindaBrowncommencedbusinesson1January2013underthenameofBubbleBaths.Heraccountant
providedthefollowingPre-adjustmentTrialBalanceat30June2013.
Bubble Baths
Pre-adjustment Trial Balance as at 30 June 2013
Account Debit Credit
Capital 26800
CashatBank 12360
CostofSales 76000
CreditorsControl 63000
DebtorsControl 34000
DiscountExpense 480
DiscountRevenue 800
Drawings 32800
FreightInward 1 000
GSTClearing 20
InterestExpense 2400
Loan 42000
PrepaidAdvertisingExpense 1800
PrepaidSalesRevenue 1 000
Sales 152000
ShopFittings 2000
StockControl 77500
Vehicle 46000
WagesExpense 24000
297 980 297 980
Theaccountantnotedthefollowing.
• ThePrepaidAdvertisingExpenserelatestosixadvertisements(onepermonthforsixmonths)in‘Beautiful
Bathrooms’magazine,commencingJune2013.
• Wagesincurredforthesix-monthperiodare$25000.
• PrepaidSalesRevenuerepresentsadepositonacustom-madebath,whichwasdeliveredtothecustomer
on30June2013.
a. PrepareGeneralJournalentriestorecordtheseadjustmentsat30June2013.
Narrationsarenotrequired.
6marks
b. ExplaintherelationshipbetweentheGoingConcernprincipleandtheneedforbalancedayadjustments.
2marks
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ACCNTEXAMQB(SAMPLE) 10 July2012
Question 11 (4 marks)
BucklesandBeltshasprovidedthefollowinginformation,whichwasextractedfromtheCashFlow
StatementVarianceReportforthemonthended31October2013.
Budgeted Actual Variance Fav/Unfav
CashSaleofVehicle 6000 7500 1500 F
ReceiptsfromDebtors 95000 90000 5000 U
Loan (9000) (8000) 1 000 F
Interest 300 375 75 U
a. Referringtotheextractabove,statewhethertheinterestisacashinoworcashoutow.
Explainyouranswer.
2marks
b. ExplainhowBucklesandBeltscouldusetheinformationcontainedintheextractfromtheCashFlow
StatementVarianceReport.
2marks
END OF QUESTION BOOK
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Instructions
• Aquestionbookisprovidedwiththisanswerbook.
• Answerallquestionsinthespacesprovidedinthisbook.
• Writeyourstudent numberinthespaceprovidedaboveonthispage.
• RefertoInstructionsonthefrontcoverofthequestionbook.
Students are NOT permitted to bring mobile phones and/or any other unauthorised electronic
devices into the examination room.
©VICTORIANCURRICULUMANDASSESSMENTAUTHORITY2012
July2012
ACCOUNTING
Written examination
Day Date
Reading time: *.** ** to *.** ** (15 minutes)Writing time: *.** ** to *.** ** (2 hours)
ANSWER BOOK
SUPERVISOR TO ATTACH PROCESSING LABEL HERE
Figures
Words
STUDENT NUMBER Letter
Victorian Certicate of Education
Year
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ACCNTEXAMAB(SAMPLE) 2 July2012
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July2012 3 ACCNTEXAMAB(SAMPLE)
Question 2–continued
TURN OVER
Question 1 (2 marks)
Denition
Question 2 (11 marks)
a. 4marks
Construction EquipmentMethod of depreciation
Fixtures and Fittings
Method of depreciation
Justication
b. 3marks
Calculation
Mark’s Mega Movers
Balance Sheet (extract) as at 30 June 2013
Non-Current Assets $ $
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ACCNTEXAMAB(SAMPLE) 4 July2012
Question 3–continued
c. 4marks
Explanation
Question 3 (15 marks)
a. 5marks
Cash Receipts Journal
Date
2013
Details Rec.
No.
Bank Disc.
Exp.
Debtors
Control
Cost of
Sales
Sales Sundries GST
1June Sales 234 1320 800 1200 120
3June JSimon 235 792 88 880
9June GSTClearing 236 3600 3600
14June Sales 237 1650 1000 1500 150
16June SSlater 238 594 66 660
21June MAvis 239 1000 1000
28June Sales 240 1320 800 1200 120
Totals to date 10 276 154 2 540 2 600 3 900 3 600 390
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July2012 5 ACCNTEXAMAB(SAMPLE)
Question 3–continued
TURN OVER
Sales Journal
Date
2013
Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control
4June SSlater 123 400 600 60 660
10June JSimon 124 600 900 90 990
19June SSlater 125 300 450 45 495
22June JSimon 126 200 300 30 330
Totals to date 1 500 2 250 225 2 475
General Journal
Date2013
Details General Ledger Subsidiary LedgerDebit Credit Debit Credit
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ACCNTEXAMAB(SAMPLE) 6 July2012
b. 4marks
Debtor – J Simon
Date
2013
Cross-reference Amount Date
2013
Cross-reference Amount
c. 6marks
Discussion
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July2012 7 ACCNTEXAMAB(SAMPLE)
Question 4–continued
TURN OVER
Question 4 (19 marks)
a. 2marks
Explanation
b. 5marks
Cash Payments Journal (summary)
Date2013
Details Chq.No.
Bank Disc.Rev.
CreditorsControl
Stock Control
Wages Sundries GST
30June Totalstodate 34200 1300 27000 4000 3000 1000 500
Sales Journal (summary)
Date
2013
Debtor Invoice
Number
Cost of
Sales
Sales GST Debtors
Control30June Totalstodate 30000 45000 4500 49500
Purchases Journal (summary)
Date
2013
Creditor Invoice
Number
Stock
Control
GST Creditors
Control
30June Totalstodate 29000 2900 31900
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ACCNTEXAMAB(SAMPLE) 8 July2012
Question 4–continued
Cash Receipts Journal (summary)
Date
2013
Details Rec.
No.
Bank Disc.
Exp.
Debtors
Control
Cost of
Sales
Sales Sundries GST
30June Totalstodate 39300 700 18000 12000 20000 – 2000
General Journal
Date
2013
Details General Ledger Subsidiary Ledger
Debit Credit Debit Credit
c. 2marks
Explanation
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July2012 9 ACCNTEXAMAB(SAMPLE)
TURN OVER
d. 3marks
Stock Item: ZX7 Treadmill Supplier: Treadies
Location: E4 Cost Assignment Method: FIFO
Date
2013
Details IN OUT BALANCE
Qty Cost Total Qty Cost Total Qty Cost Total
1June Balance 8 1300 10400
8June Inv.CFW230 4 1300 5200 4 1300 5200
12June Rec.103 3 1300 3900 1 1300 1300
18June Inv.ZX42 4 1500 6000 1
4
1300
1500
1300
6000
e. 3marks
General Journal
Date
2013
Details General Ledger Subsidiary Ledger
Debit Credit Debit Credit
f. 4marks
Calculation
Adjusted Gross Prot $
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ACCNTEXAMAB(SAMPLE) 10 July2012
Question 5 (5 marks)
a. 2marks
Denition
b. 3marks
Explanation
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July2012 11 ACCNTEXAMAB(SAMPLE)
Question 6–continued
TURN OVER
Question 6 (18 marks)
a. 9marks
Tim’s Tools
Budgeted Income Statement for the year ending 30 June 2014
$ $
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ACCNTEXAMAB(SAMPLE) 12 July2012
b. 6marks
Tim’s Tools
Budgeted Cash Flow Statement for the year ending 30 June 2014
$ $
Question 6–continued
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July2012 13 ACCNTEXAMAB(SAMPLE)
TURN OVER
c. 3marks
Explanation
Question 7 (4 marks)
Explanation
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ACCNTEXAMAB(SAMPLE) 14 July2012
Question 8 (8 marks)
a. 6marks
Delivery Van
Date
2013
Cross-reference Amount Date
2013
Cross-reference Amount
Accumulated Depreciation – Delivery Van
Date
2013
Cross-reference Amount Date
2013
Cross-reference Amount
Disposal of Delivery Van
Date
2013
Cross-reference Amount Date
2013
Cross-reference Amount
b. 2marks
Explanation
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July2012 15 ACCNTEXAMAB(SAMPLE)
TURN OVER
Question 9 (6 marks)
a. 2marks
Explanation
b. 2marks
Other information 1
Other information 2
c. 2marks
Strategy 1
Strategy 2
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ACCNTEXAMAB(SAMPLE) 16 July2012
Question 10 (8 marks)
a. 6marks
General Journal
Date
2013
Particulars General Ledger Subsidiary Ledger
Debit
$
Credit
$
Debit
$
Credit
$
b. 2marks
Explanation
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July2012 17 ACCNTEXAMAB(SAMPLE)
Question 11 (4 marks)
a. 2marks
Cash Inow or Cash Outow
Explanation
b. 2marks
Explanation
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