accounting vce units 3&4 working space

ACCOUNTING VCE UNITS 3&4WORKING SPACE

Neap smartstudy ExamsRobyn Christiansen

Rosalind Petrie

Copyright © Neap 2020Neap Education Pty LtdABN 43 643 499 791

ISBN 978-1-86478-272-1

All rights reserved. Except for any use as permitted under the Copyright Act 1968 ofAustralia and subsequent amendments, no part of this publication may bereproduced, stored in a retrieval system, or transmitted in any form or by any means,electronic, mechanical, photocopying, recording, or otherwise without the priorpermission of the copyright holder.

This text is independently published by Neap and is in no way connected with orendorsed by the Victorian Curriculum and Assessment Authority. Students areadvised that the questions in this text are specimens only and cannot in any wayguarantee the content or the format of the VCE Units 3&4 Accounting exam.

VCE ACCOUNTING UNITS 3&4 SMARTSTUDY EXAMS WORKING SPACE

1

Practice Exam 1

Question 1 (16 marks)

a. 7 marks

General Journal

b. 3 marks

c. 3 marks

Date2019 Details Debit Credit

Explanation:

Explanation:

VCE ACCOUNTING UNITS 3&4 SMARTSTUDY EXAMS

2

d. 3 marks


a. 6 marks

Inventory Card

b. 5 marks

General Journal

Discussion:

Item: Car seat covers Cost Assignment Method: FIFO

Date2019 Details

In Out Balance

Qty Cost Total Qty Cost Total Qty Cost Total

Jul. 1 Balance 12 35 420



3

c. 1 mark

d. 2 marks

e. 4 marks


a. 3 marks

Mal’s Mobile PhonesIncome Statement (extract) for year ending 30 June 2020

b. 2 marks

General Journal

Working space

Cost of Sales:

Explanation:

Discussion:

Working space

Other Expenses $ $



4

c. 2 marks

d. 4 marksDisposal of Vehicle

e. 3 marks

Working space

Accumulated Depreciation – Vehicle:

Date2021 Cross-reference Amount Date

2021 Cross-reference Amount

Explanation:

Qualitative Characteristic:


5


a. 9 marks

Green BagsCash Flow Statement for six months ending 31 December 2020

b. 2 marks

$ $

Cash Flow from Operating Activities

NET CASH FLOW FROM OPERATIONS

Cash Flow from Investing Activities

NET CASH FLOW FROM INVESTING ACTIVITIES

Cash Flow from Financing Activities

NET CASH FLOW FROM FINANCING ACTIVITIES

NET INCREASE/(DECREASE) IN CASH POSITION

Bank Balance 1/7/2020

Bank Balance 31/12/2020

Explanation:


6

c. 5 marks

Green BagsIncome Statement for six months ending 31 December 2020

d. 4 marks

e. 3 marks

$ $

Revenue

Explanation:

Example 1:

Example 2:

Explanation:


7


a. 4 marks

b. 4 marks

c. 2 marks

d. 2 marks

Description:

Discussion:

Explanation:

Strategy 1:

Strategy 2:


8


a. 4 marks

b. 4 marks


a. 2 marks

General Journal

b. 2 marks

Explanation:

Discussion:


Explanation:


9

c. 2 marksInterest Revenue

d. 3 marks



Title in Cash Flow Statement Classification Amount


10

Practice Exam 2


General Journal

Question 2 (18 marks)a. 2 marks

b. 10 marks

General Journal


Explanation:



11

c. 3 marks

Profit and Loss Summary

d. 3 marksCapital


a. 4 marks

Disposal of Vehicle

Working space



Date2021 Cross Reference Amount Date

2021 Cross Reference Amount

Working space




12

b. 4 marks

General Journal


a. 5 marksAccounts Receivable

b. 5 marksInventory




Cash Expected from Accounts Receivable:



Expected Cost of Sales:


13

c. 3 marksAccounts Payable


a. 3 marksInventory Card

b. 4 marks

General Journal



Expected Payments to Accounts Payable:

Item: Kindle Reader Cost Assignment Method: FIFO

Date2022 Details

In Out Balance

Qty. Cost Total Qty. Cost Total Qty. Cost Total

May 1 Balance 10 130 1 300

3 Inv. e556 15 140 2 100 1015

130140

1 3002 100

7 Inv. 334 102

130140

1 300280 13 140 1 820



14

c. 3 marks


a. 3 marks

General Journal

b. 1 mark

c. 2 marks

d. 2 marks

Analysis:


Working space

Cost Price per Deck Kit: $

Distinction:

Explanation:


15


a. 6 marksGeneral Journal

b. 3 marks


Report Classification Item Amount

Cash Flow Statement

Income Statement

Balance Sheet


16


a. 9 marks

BrightSparksBudgeted Cash Flow Statement for quarter ended 31 March 2021

$ $


17

b. 5 marks

BrightSparksBudgeted Income Statement for the quarter ended 31 March 2021

c. 2 marks


a. 2 marks

b. 6 marks

c. 2 marks

$ $

Revenue

Explanation:

Explanation:

Evaluation:

Non-financial indicator:

Benchmark:


18

Practice Exam 3


a. 2 marks

b. 6 marks

c. 2 marks

Explanation:



Explanation:


19

d. 4 marksAccounts Receivable

e. 2 marks

General Journal


a. 2 marks

General Journal

b. 2 marks



1 Jan. Balance 2 200



Explanation:


20

c. 7 marksProfit and Loss Summary

Capital


a. 2 marks

b. 1 mark





Explanation:

Working space

Depreciation – Delivery Van: $


21

c. 2 marks

d. 2 marks

e. 7 marks

General Journal

Working space

Depreciation – Equipment: $

Justification:



22


a. 2 marks

b. 6 marks


a. 4 marks

b. 3 marks

Explanation:


Description:

Transaction No. Type of transaction

1

2

3

4

Working space

Value of Inventory of imported bags: $


23

c. 2 marksInventory

d. 2 marks


a. 4 marks

b. 2 marks

Date 2019

Cross-reference AmountDate 2019

Cross-reference Amount

Discussion:

Concern 1:

Concern 2:

Limitation 1:

Limitation 2:


24


a. 8 marks

SweatmasterBudgeted Income Statement for the year ending 31 December 2022

b. 2 marks

c. 4 marks

$ $

Revenue

Net Profit (Loss)

Explanation:

Discussion:


25


Question 9 (6 marks) General Journal

Area of concern:

Strategy for improvement:

Area of concern:

Strategy for improvement:



26


a. 2 marks

General Journal

b. 2 marks

c. 4 marks

d. 2 marks


Item: Express Coffee MachinesSupplier: Caffeine Inc. Cost Assignment Method: FIFO

Date2022 Details

In Out Balance

Qty Cost Total Qty Cost Total Qty Cost Total

1 Dec. Balance 5 352 1 760

Discussion:

Explanation:


27

Practice Exam 4


a. 8 marks

General Journal

b. 4 marksPrepaid Service Agreement

Service Agreement Expense


Date 2020



Date 2020




28

c. 3 marks



a. 4 marksAngelsCash Flow Statement (extract) for year ending 30 June 2021

Discussion:

Discussion:

$ $

Cash Flow from Operating Activities

NET CASH FLOW FROM OPERATIONS


29

b. 2 marks


a. 5 marks

Inventory Card

b. 4 marksAccounts Receivable

Allowance for Doubtful Debts

Item: Jumbo Bat Cost Method: Identified Cost

Date2023 Details

In Out Balance

Qty Unit cost Value Qty Unit

cost Value Qty Unit cost Value

Jul. 1 Balance 7 450 3 150

Date 2023



1 Jul. Balance 7 700 16 Jul. Bank 660

Date 2023




30

c. 4 marks


a. 3 marks

Belle’s BookshopIncome Statement Variance Report for year ending 31 December 2019

b. 3 marks

c. 2 marks

Strategy 1:

Strategy 2:

Revenue Budget Actual Variance Variance% F/U

Cash Sales 40 000 30 000

Credit Sale 20 000 40 000 20 000 100 F

Total Sales 60 000 70 000

LESS COST OF GOODS SOLD

Cost of Sales 27 600 35 000

GROSS PROFIT 32 400 35 000 2 600 8 U

Plus Inventory Gain 300 400

Less Inventory Write-down 500 700

ADJUSTED GROSS PROFIT 32 200 34 700

Less Other Expenses 27 690 29 500 1 810 6.5 U

Net Profit/(Loss) 4 510 5 200

Explanation:

Qualitative characteristic:

Reason 1:

Reason 2:


31

d. 2 marks

e. 2 marks


a. 8 marks

Equipment

Accumulated Depreciation – Equipment

Disposal of Equipment

b. 3 marks

Reason 1:

Reason 2:

Suggestion 1:

Suggestion 2:

Date 2021




Date 2021




Date 2021



Item Report Classification

Loss on Disposal of Equipment

Proceeds from Disposal of Equipment

Annual Service Agreement


32


a.

General Journal


a. 4 marks

Accounts Receivable


Date 2021



Estimated Collections from Accounts Receivable:


33

b. 6 marks

Inventory

Accounts Payable

Date 2021



Date 2021



Estimated Cash Paid to Accounts Payable:


34


a. 8 marks

Tony’s TentsIncome Statement for year ending 31 December 2022

$ $

Revenue


35

b. 3 marks

GST Clearing

Tony’s TentsBudgeted Balance Sheet as at 31 December 2022 (extract)Equities

Working space



$ $

Total Equities


36


a. 3 marks

b. 6 marks

Discussion:

Analysis:

accounting vce units 3&4 working space

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