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QUESTION 1 James’s Business Loweoms [ s Comomios |0 Following the completion of all closing entries the owner’s equity would increase by (A) $31300. (B) $38100. (©) $39200. (D) $42 600.
QUESTION 2 Which of the following processes will happen when closing entries are prepared? (A) (B) ©) (D) Drawings will be closed to the Profit or Loss Summary Account. Asset accounts will be closed to the Profit or Loss Summary Account. The Profit or Loss Summary Account will be closed to the Cash Account. All relevant expense accounts will be closed to the Profit or Loss Summary Account.
QUESTION 3 Statement of Cash Flows (extract) Previous year Current year Cash flows from financing activities Proceeds from loans and borrowings 25000 Capital contributions 5000 30000 own [ || | Payment of drawings (2750) - (10 000) Repayment of loans and borrowings (10000) | (12750) | (25000) | (35000) . . . . . Net cash provided by financing activities Based on the data the financial stability of the business has (A) weakened as there was an increase in debt finance. (B) remained consistent as the business has increased its payments to suppliers. (C) strengthened as the net cash provided from financing activities has increased. (D) 1improved as the owner did not contribute any further capital in the current year.
QUESTION 4 Industry benchmarks are useful for (A) analysing the effectiveness of a marketing campaign. (B) explaining variations in financial data across industries. (C) 1dentifying areas of financial performance that can be improved. (D) evaluating the appropriateness of pricing strategies in the local market.
QUESTION 5 BAR Ltd TGF Ltd and AQP Ltd operate within the same industry. BAR Ltd TGF Ltd AQP Ltd Market price per share Operating profit (after tax) Earnings per share $0.80 $1.19 $10.56 An investor seeking growth would choose shares in (A) AQP Ltd because its higher market price per share indicates future growth. (B) TGEF Ltd because its high price to earnings ratio indicates high growth potential. (C) BAR Ltd because its low price to earnings ratio indicates it is a lower risk investment. (D) BAR Ltd because its market price per share provides the best indicator for upward movement.
QUESTION 6 A motor vehicle was purchased on 1 July 2018 for $50 000 and sold on 31 October 2020 for $18 000. The depreciation method used is straight line. The useful life is five years and there is no residual value. As at 30 June 2020 the accumulated depreciation for the motor vehicle was recorded as $20 000. Based on this data and rounding to the nearest whole number the general journal entry to record the disposal would be (A) Loss on disposal of motor vehicle Disposal of motor vehicle (B) Loss on disposal of motor vehicle Disposal of motor vehicle Dr $28667 Cr $28 667 Dr $12000 Cr $12.000 ©) Loss on disposal of motor vehicle Disposal of motor vehicle (D) Loss on disposal of motor vehicle Disposal of motor vehicle Dr $8 667 Cr $8 667 Dr $2000 Cr $2000
QUESTION 7 General Journal (extract) 30 June Inventory adjustment 2 500 This inventory adjustment was made because (A) astocktake revealed that the physical count was less than the stock register. (B) 1inventory was damaged on arrival and an adjustment note was issued. (C) apurchase order of inventory was received but not recorded. (D) asales return was processed but not recorded.
QUESTION 8 Companies A and B operate within the same industry. Comparative Statement of Profit or Loss for the year ending 30 June 2020 (extract) S ww ] | wwe| St | wow| | ewe| Gomprtimio ||| | By comparing the results of the two businesses management of Company A can conclude that (A) Company A’s selling prices are competitive. (B) both companies have the same gross profit result. (C) the quality of Company A’s inventory should be reviewed. (D) Company A’s purchasing policy is better than Company B’s purchasing policy.
QUESTION 9 The following company data has been collected. Rate of turnover of inventories 6.65 times 9.17 times Rate of turnover of accounts receivable 6.44 times 8.69 times This data shows that (A) short-term financial stability has decreased. (B) the earning capacity of the company has improved. (C) 1improvements to the company’s credit policies are required. (D) strategies for improving sales and collection of outstanding debts were effective.
QUESTION 10 A public company’s turnover of accounts receivable is 45 days. The industry average is 30 days. The company most likely has (A) alenient credit policy. (B) high demand for stock. (C) strict credit sales protocols. (D) poor internal controls over creditors.
QUESTION 11 (10 marks) Read Case study 1 (Stimulus 1) in the stimulus book. a) Explain why Thomas has used the accrued revenue and prepaid expenses accounts in the ledger. How does this decision impact the next accounting period? [7 marks] b) Record the opening entries for the month of September in the general journal. [3 marks] General Journal --
QUESTION 12 (22 marks) Read Case study 2 (Stimulus 2-3) in the stimulus book. a) Prepare a fully classified Statement of Profit or Loss to project the profitability of Business 1 at 30 June 2021 after implementing the proposed changes. Round to the nearest dollar. [12 marks] Business 1 Statement of Projected Profit or Loss for the year ended 30 June 2021 b) List all underlying assumptions you have made in 12a). [2 marks] c¢) Use Stimulus 2 and 3 to propose and justify two strategies to fund the purchase of the second delivery vehicle. [8 marks]
QUESTION 13 (9 marks) Read Case study 3 (Stimulus 4—6) in the stimulus book. Bus Company has gradually expanded its fleet to increase the number of routes it can cover. In the financial year ended 30 June 2019 the company finalised its purchase of offices across Queensland. In the 2019-2020 financial year it completed the expansion of its Queensland routes. The company’s Board of Directors wants to determine the impact of expanding operations into New South Wales. Evaluate the company’s financial stability in order to support its future expansion. Propose recommendations for the future operations and direction of the business.
QUESTION 1 On 1 June 2021 a small business paid $13 200 (GST inclusive) for 3 months rent (in advance) for their warehouse storage facility. On 30 June 2021 the balance of the Prepaid rent account will be (A) $8800 (B) $8000 (C) $4400 (D) $4 000
QUESTION 2 A times interest earned ratio 1s used (A) to measure a business’s fixed debt obligations on lease payments. (B) by lenders to ascertain whether a business can afford additional debt. (C) to count net earnings against total outstanding shares over a fixed period of time. (D) to measure financial leverage indicating the degree to which a firm’s operations are funded by equity.
QUESTION 3 EBITDA ($m) for XYZ Company Ltd - 2017 2018 2019 2020 2021 415.3 298.2 499.5 374.7 511.9 420.7 566.7 320.6 479.8 507.3 354.6 323.4 399.5 465.4 499.2 Which statement 1s correct? (A) Western Australia had a 43% growth in EBITDA from 2018 to 2020. (B) XYZ Company Ltd had the most unstable EBITDA trend in 2018. (C) New South Wales had a 28% EBITDA result from 2017 to 2018. (D) Queensland had a total EBITDA of $578.8 m from 2017 to 2021.
QUESTION 4 The shareholder equity ratio is used by external stakeholders to determine (A) the extent to which a company’s profit is affected by shareholder contributions. (B) the total amount owed to shareholders on liquidation. (C) how much of a company’s assets shareholders own. (D) the return on dividends provided to shareholders.
QUESTION 5 Petra is having her home painted. She gives the painters three 10-litre cans of paint from the hardware store she owns. Each can was originally purchased for $165. This would be recorded by the hardware store as ” - (B) | Operating expenses $495 - © ] Operating expenses - $450
QUESTION 6 To review its performance a sole trader clothing retail business in Queensland should compare its (A) net profit ratio with clothing retailers listed on the ASX. (B) gross profit ratio with clothing retailers with a similar turnover. (C) cost of goods sold with clothing retailers considered to have world’s best practice. (D) commission revenue with sales revenue for all other Queensland clothing retailers.
QUESTION 7 The following company data has been collected. Trial Balance as at 30 June 2021 (extract) _ Accounts recelvable control 45000 - Provision for doubtful debts - 5000 Bad and doubtful debts 8 000 - The balance of the provision for doubtful debts is to be set as 20% of accounts receivable. The entry to record the provision for doubtful debts is (A) | Bad and doubtful debts $3 000 - Provision for doubtful debts - $3 000 (B) | Bad and doubtful debts $4000| | Provision for doubtful debts - $4 000 (©) | Bad and doubtful debts $9000 | Provision for doubtful debts - $9 000 Bad and doubtful debts $12 000 - Provision for doubtful debts - $12 000
QUESTION 8 In January 2021 a public company acquired a business using cash basis accounting which (A) changed when the company reported its end of financial year results. (B) complicated the comparison of its financial statements over time. (C) had no effect on horizontal ratio analysis. (D) affected the industry benchmarks.
QUESTION 9 A business has provided the following information from its Statement of Profit or Loss Statement of Financial Position and Statement of Cash Flows. 2021 2020 S S In 2021 the Statement of Financial Position will show non-current assets of $550 000 and the Statement of Cash Flows will show outflows for the purchase of the non-current assets of (A) $90 000 (B) $150000 (C) $160000 (D) $240 000
QUESTION 10 The following company data has been collected. Account Balances as at 30 June (extract) Account 2021 2020 S $ The Rate of turnover of inventories for this business is A) 1.21 (B) 1.24 C) 1.26 (D) 1.27
QUESTION 11 (22 marks) Read Case study 1 (Stimulus 1-4) in the stimulus book. a) Record the additional balance day adjustments in the general journal. Narrations are not required. [7 marks] Business 1 General Journal (extract) b) Calculate the adjusted net profit as at 30 June 2021. [4 marks]
QUESTION 12 (16 marks) Read Case study 2 (Stimulus 5-6) in the stimulus book. a) Identify and explain the errors in Stimulus 6. [4 marks] b) Use your answer for Question 12a) to record the general ledger accounts as they should have been presented. [12 marks] Business 2 General Ledger (extract) $ $ $ Machinery
QUESTION 13 (17 marks) Read Case study 3 (Stimulus 7-8) in the stimulus book. In 2019 Business 3 expanded into India. a) Using Stimulus 7 evaluate the profitability of Business 3 for the year ended 30 June 2021. Propose recommendations regarding the future operations and direction of the business. [9 marks] b) Analyse Stimulus 8 using trend analysis to determine the business’s stability and liquidity. [8 marks]
QUESTION 1 The following company data has been collected. s Electricity Interest expense Inventory adjustment (for lower NRV) The gross profit figure is (A) $180500. (B) $185000. (C) $189500. (D) $195000.
QUESTION 2 Vertical analysis is useful in (A) (B) ©) (D) assessing the adequacy of the return to owners on their investment. highlighting exposure to potential increases in interest rates. determining how effectively assets are used to earn income. predicting future direction based on past performance.
QUESTION 3 The following information has been provided by Business A as at 31 March 2022. Sales 146 000 Cost of goods sold 102 000 Gross profit 31000 The missing $13 000 can be attributed to the (A) GST payable account. (B) cartage on sales account. (C) commission revenue account. (D) sales returns and allowances account.
QUESTION 4 Return on owner’s equity The Return on owner’s equity for Business B indicates that (A) the owner’s investment into the business is yielding increased returns. (B) the business is undercapitalised and the owner should invest further funds. (C) the owner has been effective in maximising net profit and managing equity. (D) the business is overcapitalised and the owner should investigate other investments.
QUESTION 5 This General Ledger has been provided. General Ledger (extract) $ $ $ Inventories Account Cgsh at hak 2400 _ 14900 Cost of goods sold 4600 10300 Cash at bank _ 11500 _ Cost of goods sold 2200 9300 19 | Cashatbank 32000 12500 Cost of goods sold 3800 8700 These transactions were not entered in the General Ledger (GST not included). June 30 Purchased goods from supplier: $3 500 Return of goods sold on June 22: $1 200 (cost price was $400) Stocktake sale confirmed inventory short by $250. Calculate the closing balance for Inventories at the end of June using the data provided. (A) $10750 (B) $11250 (C) $12050 (D) $12350
QUESTION 6 The Rate of turnover of accounts receivable for a business is 45 days. The industry average is 28 days. This means the business (A) should make more sales on credit terms. (B) pays its accounts 45 days after purchase. (C) 1s outperforming the industry average by 17 days. (D) could improve its collection rate of credit accounts.
QUESTION 7 The Debt ratio of a business indicates the (A) extent of the business’s borrowing and risk implications. (B) debt that needs to be repaid in the next financial period. (C) percentage of debt to be covered by the ownet/s. (D) investment made by the owner/s of the business.
QUESTION 8 Calculate the Price-earnings ratio using the data in the table (round to one decimal place). Gross profit 220000 Other revenue 2000 Depreciation Advertising Administration expenses Loss on sale of motor vehicle Number of ordinary shares Price per share (A) 13.1 (B) 148 (C) 16.3 (D) 16.5
QUESTION 9 Statement of Cash Flows (extract) 0 sotmentofCwhFlowslemaed) | T e e Cash flows from operating activities _— Receipts from customers Payments to suppliers Interest and other costs of finance —18458 —7565 —14162 Net cash flows from operating activities 920421 1103970 1218420 A trend analysis of the extract of Statement of Cash Flows indicates (A) a failure to tighten credit policies. (B) areduction in the amount owing to lenders. (C) an increase in the number of staff employed and/or wage rates. (D) an improvement in the business’s ability to meet long-term debts.
QUESTION 11 (13 marks) Read Case study 1 (Stimulus 1-5) in the stimulus book. a) Prepare the General Journal entries to reflect all transactions for June 2020 (narrations not required). [2 marks] General Journal m“ $ $ b) Prepare a fully classified Statement of Financial Position (T format) for the business as at 30 June 2020. [11 marks] Statement of Financial Position as at 30 June 2020
QUESTION 12 (17 marks) a) Read Case study 1 (Stimulus 6-8) in the stimulus book. Prepare a fully classified Statement of Profit or Loss for the years ended 30 June 2021 and 2022. [8 marks] Statement of Profit or Loss for year ended 30 June b) Stimulus 6 identifies a goal-oriented problem for Kurt’s Kovers. Using Stimulus 6—8 and your response to Q12a) justify your advice to Kurt. [9 marks]
QUESTION 13 (10 marks) Read Case study 2 (Stimulus 9-10) in the stimulus book. Analyse and evaluate the performance of The Motel Company to propose two recommendations to improve the profitability of the company.
QUESTION 1 On 30 June 2023 a business conducted a stocktake that revealed a shortage of $6 600 (including GST) between its actual inventories and the book value of inventories. Completing the required balance day adjustment would result in the business’s net profit figure (A) increasing by $6000. (B) decreasing by $6000. (C) increasing by $6 600. (D) decreasing by $6 600.
QUESTION 2 A business is making good profits but the owners have raised concerns regarding the trend in the turnover of inventory ratio. 2021 2022 2023 Industry benchmark Turnover of 4.5 times 4.3 times 4.0 times 5.15 times inventory ratio The data shows that the (A) inventory is slow moving and could affect the business’s liquidity. (B) business has strong sales and is making profits so the trend is not a concern. (C) turnover of inventory ratio is likely to fluctuate from year to year so is not a concern. (D) trend is not a concern because the turnover ratios are close to the industry benchmark.
QUESTION 3 Financial information for a business is provided. Partial list of balances for the year ended 30 June 2023 Account $ Loss from theft 520 Cash at bank (8 000) Loan to Business Y 12 000 (due to be repaid 30 September 2023) Unearned revenue Accounts payable Shares in Company A 6 800 Accounts receivable (net) 2 600 GST clearing (receivable) Cost of goods sold Credit/debit card fees Provision for doubtful debts a) Loan from bank 15 000 (due to be repaid 01 January 2025) Gain on disposal of equipment The working capital calculated from the information provided is (A) $15093 (B) $15293 (C) $15393 (D) $15 493
QUESTION 4 A business purchased furniture for $16 500 (including GST) on 30 September 2020. The furniture was to be depreciated at 10% using the straight-line method over 10 years. The owner decided to sell the furniture on 30 June 2023 for $12 500 cash. Calculate the accumulated depreciation balance to be transferred to the disposal account. (A) $3000 (B) $4125 (C) $4500 (D) $4538
QUESTION 5 Taylor is considering investing some money in shares of a publicly listed company. To determine which company may be the most financially stable in the long-term the most relevant ratio is the (A) current ratio. (B) net profit ratio. (C) gross profit ratio. (D) shareholder equity ratio.
QUESTION 6 Business A is a suburban hairdressing salon that recetves 25% commission paid at the end of each quarter for sales of a shampoo. To 31 March commission of $560 has been recorded by Business A. Sales A/C (extract) for quarter ended 30 June 2023 April May June $40.00 $45.00 $52.00 Determine the entry for the Commission account to close off to the Profit or Loss Summary Account. Commission revenue Profit or Loss Summary Profit or Loss Summary 594.25 Commission revenue 594.25 (C) Commission revenue 590.00 Profit or Loss Summary 590.00 (D) Profit or Loss Summary 697.00 Commission revenue | 697.00
QUESTION 7 The price—earnings ratio would realistically be reduced by an increase in the (A) average number of ordinary shares issued. (B) amount of preference dividends. (C) operating profit after tax. (D) share price.
QUESTION 8 Information on a company’s shareholdings is provided. Shareholder’s equity (10 365 shares @ $2.40 per share) Reserves Retained earnings Market value per share $24 876.00 $12 160.00 $16 873.00 $3.12 Dividends paid $20 146.00 What is the dividend yield ratio? (A) 0.51 (B) 0.62 (C) 0.77 (D) 0.81
QUESTION 9 The following information is provided for a business. Cash flows from operating activities $634 000 Cash inflows from investing activities $425 000 Cash inflows from financing activities $50 000 For this business the greatest increase in the cash generating power ratio would be caused by a (A) $500 000 loan from a bank. (B) $485 000 increase in net profit. (C) $320 000 increase in cash sales. (D) $324000 injection from the sale of a building.
QUESTION 10 A similarity in accounting for a sole trader and accounting for a public company is that (A) both structures require bank accounts that are separate from those of the owner/s. (B) dividends and drawings are withdrawals from the business by the owner/s. (C) owners under both structures are personally liable for business debts. (D) under both structures finance can be raised by debt and/or equity.
QUESTION 11 (10 marks) Read Case study 1 (Stimulus 1) in the stimulus book. a) Record the balance day adjustments in the worksheet for the two issues identified. Add the further accounts required and complete the Adjusted Balance column for the affected accounts. [8 marks] Worksheet (extract) for Whitegoods Retailer as at 30 June 2023 Unadjusted Balance of Accounts CR CR OT Depreciation on retail fittings Cost of goods sold Sales $ Sales returns and allowances Repairs and maintenance of delivery vehicle Cash at bank Depreciation on delivery vehicle b) Explain one limitation and one benefit of recording inventories at net realisable value. [2 marks]
QUESTION 12 (29 marks) Read Case study 2 (Stimulus 2-3) in the stimulus book. a) Prepare a fully classified Statement of Profit or Loss for the years ended 30 June 2022 and 30 June 2023. [12 marks] Camilla’s Coffee Van Statement of Profit or Loss for year ended 30 June 2023 b) Prepare a fully classified Statement of Financial Position for the years ended 30 June 2022 and 30 June 2023. [10 marks] Camilla’s Coffee Van Statement of Financial Position for year ended 30 June pd 2023 | 2022 a ee se ee) ee ee SH c) Advise Camilla of the business’s potential to reach its goal. Refer to the bank’s requirements and two other ratios in your response. Calculations should be rounded to two decimal points. [7 marks]
QUESTION 13 (29 marks) Read Case study 3 (Stimulus 4) in the stimulus book. The Supermarket Company is considering expansion through the purchase of local grocery stores in regional Queensland towns in the next financial year. The board of directors has approached you with their comparative financial statements for analysis and evaluation and is seeking your advice on the feasibility of the proposed expansion plans. a) Using four relevant ratios analyse and interpret the liquidity of The Supermarket Company across the financial years 2022 and 2023. Show your working for the ratio calculations. _//2 marks] b) Using Stimulus 4 trend analysis and two relevant ratios analyse and interpret the stability of the company across the four years. Show your working for the ratio calculations. [12 marks] c) Evaluate the performance of the company using Stimulus 4 and your analysis from Questions 13a) and 13b) to provide a justified decision and recommendation to the board of directors about the proposed plans. [5 marks]
QUESTION 1 The disclosure of the 2019 and 2020 account balances for ‘Discontinued operations’ enables (A) a vertical analysis revealing that $828.50 m was spent to acquire the subsidiary business/es. (B) a cost-benefit analysis revealing that the loss of $828.50 m in 2020 was included in the ‘Total expenses’ account of —$33 101 m. (C) evidence revealing that the loss of $828.50 m from South East Grocer Ltd helped to return an overall profit after tax for the 2020 reporting period. (D) ahorizontal analysis revealing an increase in loss after tax for South East Grocer Ltd of $778 m indicating the company sold off or ceased specific operations within that company.
QUESTION 2 Which ratio analysis tool could be used to inform management of whether a change to the accounts payable policy would have been feasible in the 2020 reporting period? (A) The debt ratio could be used to measure the company’s liquidity. (B) The current ratio could be used to measure the company’s liquidity. (C) The earnings per share ratio could be used to measure the company’s performance. (D) The earnings before interests and taxes margin ratio could be used to measure the company’s profitability.
QUESTION 3 Which of the following reveals an inter-relationship between South East Grocer Ltd’s financial statements? (A) The equity dividends paid amount of —=$1 264 m for 2020 in the Statement of Cash Flow explains the reduced profit figure for the same reporting period. (B) The inventory balance of —$22 859 m in the Statement of Profit or Loss takes into consideration the $3 005.50 m of inventories in the Statement of Financial Position. (C) The cash and cash equivalents in the Statement of Cash Flow at end of year 2020 discloses $341.50 m which verifies the company’s cash at bank account balance. (D) The finance costs account balance of —$105.50 m for 2020 in the Statement of Profit or Loss is used to reduce the retained earnings account in the Statement of Financial Position.
QUESTION 4 Which of the following factors could complicate the 2019-2020 comparison of South East Grocer Ltd’s financial statements? (A) The items in the 2020 revenue account balance were not itemised as in 2019. (B) The state of the economy between 2019 and 2020 is not directly reflected in the company’s financial statements. (C) The change to account classification names between 2019 and 2020 made it difficult to understand the account entries. (D) The 2019 and 2020 profits disclosed in the Statement of Profit or Loss were not reflected in the Statement of Financial Position.
QUESTION 5 Salaries and wages expense is disclosed in the Statement of Profit or Loss for South East Grocer Ltd as (A) other expenses. (B) 1impairment expenses. (C) employee benefits expense. (D) occupancy related expenses.
QUESTION 6 If the website was operational from 1 July 2020 what would have been the expected sales that the website shopping cart would have attracted in the year ended 30 June 20217 (A) $8377.80 (B) $8913.40 (C) $10053.36 (D) $10 696.08
QUESTION 7 How will the additional cost of repairing the website affect the balance day adjustment for this non-current asset account in 20217 (A) There would be no balance day adjustment process for this account in 2021 as the item would be recorded as a normal expense item. (B) Since this would be recorded as a capital expenditure the value would be added to the historical asset and therefore no balance day adjustment would be generated. (C) The upgrade of the firewall and virus protection would be treated as a prepaid expense in 2020 and one month’s value of this subscription would be an expense for the 2021 reporting period. (D) The straight-line depreciation method would be used to determine the depreciation for the year and this would then be added to the accumulated depreciation amount to offset the historical cost value.
QUESTION 8 Based on the current accounting data for Little Fruit Shop what was the gross profit ratio? (A) 35.73% (B) 37.88% (C) 40.30% (D) 56.12%
QUESTION 9 The gross profit ratio is used to evaluate (A) the rate at which goods are sold. (B) the value of cash sales to sales on credit. (C) how quickly accounts receivable are paid. (D) the operational performance of a business.
QUESTION 10 Why would the ‘Inventory adjustment’ account be recorded as $0.00 as at 30 June 2020? (A) The records have been developed based on the cash basis and not the accrual basis of accounting. (B) Stocktake differences over the years were subtracted from the ‘Inventories’ account. (C) There was no shrinkage or spoilage of inventory items for that reporting period. (D) No returns of inventory were recorded in the reporting period.
QUESTION 11 (4 marks) Using Case study 1 (Stimulus 1-7 in the stimulus book) complete the following calculations for the ratios that would inform the feasibility of changing South East Grocer Ltd’s accounts payable policy. a) Calculate the 2020 accounts payable turnover ratio for South East Grocer Ltd. Show your working. [3 marks]
QUESTION 12 (6 marks) Using Case study 1 (Stimulus 1-7 in the stimulus book) explain how the accounts payable turnover ratio and current ratio could be used to support the change to South East Grocer Ltd’s accounts payable policy. Provide two explanations for each ratio.
QUESTION 13 (8 marks) Analyse and interpret the financial data and information of South East Grocer Ltd in Case study 1 (Stimulus 1-7 in the stimulus book) to evaluate the effect of changing the accounts payable policy to net 7 days. Little Fruit Shop Statement of Financial Position as at 30 June 2020
QUESTION 14 (6 marks) Using Case study 2 Stimulus 9-12 in the stimulus book apply accounting principles and processes to disclose how these source documents would have been recorded in the general journal on the relevant dates. Date Particulars o Dr Cr 2020 Ref
QUESTION 15 (23 marks) Using Stimulus 13 from Case study 2 in the stimulus book apply accounting principles and processes to prepare the fully classified Statement of Profit or Loss and Statement of Financial Position for the year ended 30 June 2020. Note: If you make a mistake in these statements cancel it by ruling a single diagonal line through your work and use the statements on pages 14—15 of this question and response book. Little Fruit Shop Statement of Profit or Loss for year ended 30 June 2020 Little Fruit Shop Statement of Financial Position as at 30 June 2020
QUESTION 16 (8 marks) Construct the most feasible solution to the accounting problem in Case study 2 using the financial data and other information available from Stimulus 8-14 in the stimulus book. ADDITIONAL PAGE FOR STUDENT RESPONSES Write the question number you are responding to. ADDITIONAL PAGE FOR STUDENT RESPONSES Write the question number you are responding to. ADDITIONAL RESPONSE SPACE FOR QUESTION 14 If you want this general journal to be marked rule a diagonal line through the general journal on page 6. Date Particulars S Dr Cr 2020 Ref
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