Download - ACCOUNTING - Department of Education ACC315111... · full and clear explanations of accounting processes to the trainees. ... Credit balance as per bank statement 2 672 Add Deposits

Pages: 16 Questions: 5 Attachment: Formula Sheet 5 Answer Booklets ©

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Tasmanian Certificate of Education

ACCOUNTING

Senior Secondary

Subject Code: ACC315111

External Assessment

2014

Time: Three Hours

On the basis of your performance in this examination, the examiners will provide results on each of the following criteria taken from the course statement: Criterion 3 Demonstrate knowledge and understanding of financial terms,

principles and concepts. Criterion 4 Apply and understand the principles of double entry accounting in the

recording of financial transactions. Criterion 5 Apply and understand accrual accounting techniques to prepare

appropriately presented accounting reports. Criterion 6 Apply and understand the use of accounting control techniques. Criterion 7 Analyse, evaluate and understand financial data and information.

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Accounting

CANDIDATE INSTRUCTIONS You MUST make sure that your responses to the questions in this examination paper will show your achievement in the criteria being assessed. This paper consists of FIVE questions and ALL FIVE must be answered. Each question must be completed in the answer booklet provided for that question. The recommended time for each question is given with the question. It is recommended that calculators be used. All formulae required for this examination are on the 2014 External Examination Formula Sheet provided. All written responses must be in English.

Accounting

Question 1 (30 minutes) This question assesses Criterion 3 and is worth 30 marks. It is recommended that you spend a total of 30 minutes on this question. This question contains THREE parts. Answer ALL THREE parts as instructed. Your answers must be written in the space provided in the answer booklet for this question. (a) Give the meaning of FIVE of the following terms, clearly identifying each of your choices with

the correct number. Support each of your answers with a brief example.

(i) Trading entity (ii) Drawings (iii) Non-current liability (iv) Capital expenditure (v) Chart of accounts (vi) Intangible assets (vii) Internal users of financial information (viii) Perpetual inventory system

(5 x 2 marks = 10 marks, approximately 10 minutes)

(b) Identify the accounting assumption or principle that has been breached in THREE of the following situations and briefly explain why it has been breached. Outline a likely implication of the breach. Clearly identify each of your choices with the correct number.

(ix) A business owner purchases a holiday package worth $12 000 for himself and his

family and records it as an expense of the business. (x) John and his partner purchased equipment two years ago. They used the straight-line

depreciation method at the end of the first year, but have used the diminishing balance depreciation method this year.

(xi) Hire-by-You rents home entertainment systems to customers under contract terms

ranging from six to 24 months. Customers pay the hire charge monthly. The business records the total amount paid for all hire contracts as revenue for the month in which the contracts are signed.

(xii) The Tranmere Service Station records its stock of petrol in litres in the Balance Sheet.


Question 1 continues.

Accounting

Question 1 (continued) (c) You are the supervisor of accounting trainees at an accounting firm. Part of your role is to give

full and clear explanations of accounting processes to the trainees. In your role as supervisor, answer ONE of the following. (xiii) List and describe two limitations of the income statement and two limitations of the

balance sheet.

(xiv) List three types of balance day adjustments. Explain why each of these is an essential part of the accrual basis of accounting.

(xv) Explain the function of the trial balance. Describe three accounting errors that are not

disclosed by the trial balance.


Accounting

Question 2 (30 minutes) This question assesses Criterion 4 and is worth 30 marks. It is recommended that you spend a total of 30 minutes on this question. This question contains TWO parts. You must answer BOTH parts. Your answers must be written in the space provided in the answer booklet for this question. (a) Foreman’s Discount Store, owned by John Foreman, is a retail bargain store, with a balance date

for the financial year of 30 June 2014. Accounts receivable and accounts payable control accounts are not used. The perpetual inventory system is used.

The following is a list of some of the transactions that occurred during the financial year ended 30 June 2014. GST of 10% is included where indicated.

Date Transaction 1 April John commences business by depositing $25 000 from his private bank account

into the business bank account. Receipt number 001. 1 April Purchased inventory of $13 200 (including GST). John signed business cheque

number 0001. 1 April Purchased fixtures and fittings for $8 800 (including GST) on credit from Retail

Supplies Ltd. A tax invoice was received (number 0982). 1 April Paid for installation of the fixtures and fittings for $715 (including GST). Cheque

number 0002. 30 April GST-inclusive cash sales of $3 300 were made (receipt number 002). The recorded

cost of these goods was $1 500. 30 April Paid wages of $1 600. Cheque number 0003. 1 May John withdrew some of the inventory from the business for personal use.

The inventory had a sales value of $220 (including GST) and a cost value of $110 (also including GST).

30 May GST-inclusive credit sales of $2 200 were made to The Party Place. The goods had a cost value of $990 (including GST). Tax invoice number 0001 was issued.

You are required to provide General Journal entries for the transactions shown above. Make sure you:

• record GST in all applicable entries • enter dates and narrations for each entry • ensure debit entries are shown first and credit entries are offset to the right.

(20 marks, approximately 20 minutes)


Accounting

Question 2 (continued) (b) Examine the following accounts from the General Ledger of Hare Transport. T-account format

Delivery van 2012 $ October 1 Bank (A) 40 000

Depreciation expense: delivery van 2013 $ June 30 Accumulated

depreciation: delivery van (B)

4 500 OR Columnar account format Delivery van Date Particulars Debit

$ Credit

$ Amount

$ 2012 October 1

Bank (A)

40 000

40 000 Dr

Depreciation expense: delivery van Date Particulars Debit

$ Credit

$ Amount

$ 2013 June 30

Accumulated depreciation: delivery van (B)

4 500

4 500 Dr

Additional information: At the time of purchase, the delivery van is estimated to have a residual value of $10 000 and a useful life of 5 years. It is to be depreciated using the straight-line method of depreciation.

You are required to answer each of the following:

(i) Explain the entry marked (A). (ii) Explain the entry marked (B). (iii) On 30 June 2014, the business used the delivery van as a trade-in on a larger model. The

trade-in value was $30 000. Calculate the gain or loss on disposal of the delivery van. Show all calculations in the space provided in the answer booklet.

(2 + 4 + 4 marks, approximately 10 minutes)

Accounting

Question 3 (50 minutes) This question assesses Criterion 5 and is worth 50 marks. It is recommended that you spend a total of 50 minutes on this question. This question contains TWO parts. You must answer BOTH parts. Your answers must be written in the space provided in the answer booklet for this question.

The following trial balance was extracted from the General Ledger of Peter Piper on 30 June 2014.

Peter Piper Trial Balance as at 30 June 2014

Debit ($) Credit ($)

Bad and doubtful debts 2 000 Mortgage

80 000

Delivery van expenses 1 500 Drawings 5 000 Capital — Peter Piper (1 July 2013)

84 000

GST collected

6 000 GST credits received 4 000

Sales

66 000 Sales returns 500

Inventory 10 800 Accounts receivable 15 000 Accounts payable

10 000

Cost of goods sold 22 000 Cash at bank

500

Buildings 100 000 Equipment 20 000 Goodwill 10 000 Interest expense 6 000 Bank charges 200 Wages 25 000 Fixtures and fittings 5 000 Accumulated depreciation: delivery van

10 000

Provision for doubtful debts

2 000 Delivery van 30 000

Insurance 1 500

258 500 258 500


Accounting

Question 3 (continued) Additional information The following balance day adjustments have yet to be made. • A physical stock-take on 30 June 2014 indicated stock on hand of $10 000. • Provision for doubtful debts at 30 June 2014 is to be $1 500. • On 30 June 2014, wages owed are $500. • Insurance expense shown in the trial balance was paid on 1 January 2014 and is for 12 months. • Depreciation on the Delivery Van is to be 15% diminishing balance. • Fixtures and Fittings have an estimated residual value of $1 000 and are to be written off over

four years. The Fixtures and Fittings were purchased on 1 July 2013.

Accounts need to be cleared to GST clearing. Prepare both of the following: (a) a properly classified Income Statement in narrative form for Peter Piper for the year ended

30 June 2014. (30 marks, approximately 30 minutes) (b) a properly classified Balance Sheet in narrative form for Peter Piper as at 30 June 2014. (20 marks, approximately 20 minutes)

Accounting

Question 4 (40 minutes) This question assesses Criterion 6 and is worth 40 marks. It is recommended that you spend a total of 40 minutes on this question. This question contains TWO parts. You must answer BOTH parts. Your answers must be written in the space provided in the answer booklet for this question. (a) The owner of Judy’s Repairs presents you with the following summary of the Cash at Bank

transactions for the business during June 2014:

Cash at Bank account deposits (Cash receipts)

Cash at Bank account withdrawals (Cash payments)

Date Details $$ Date Details Chq No $ 2014 $ 2014 $ June 1 Fees 608 June 2 Wages 489 210

13 19

Fees S. Bolt

92 1 026

10 16

Rent Electricity

490 491

110 876

30 Fees 790 Materials 492 210 Sub Total $2 516 25 Equipment 493 586 29 Insurance 494 373

Sub Total $2 365

Question 4 (a) continues.

Accounting

Question 4 (a) (continued)

The bank statement for the month of June 2014 and the bank reconciliation statement as at 31 May 2014 are shown below. Judy’s Repairs In account with ABC Bank for the month of June 2014:

Date 2014

Particulars Debit Credit Balance

June 1 Balance 2672 Cr June 2 C/c 496 3168 Cr 489 210 2958 Cr June 4 C/c 608 3566 Cr 486 139 3427 Cr June 14 C/c 92 3519 Cr 490 110 3409 Cr T. Hill (dishonoured cheque) 94 3315 Cr June 16 492 210 3105 Cr June 19 C/c 1026 4131 Cr June 29 Direct deposit 216 4347 Cr June 30 Bank fees 3 4344 Cr

Judy’s Repairs

Bank Reconciliation Statement as at 31 May 2014 $ $ Credit balance as per bank statement 2 672 Add Deposits not yet credited 496 3 168 Less Unpresented cheques No. 472 56 486 139 195 Debit balance as per Cash at Bank account $2 973

Answer all of the following. (i) Enter any appropriate entries into and total the ‘Cash at Bank account deposits’ for the

month ended June 2014. (ii) Enter any appropriate entries into and total the ‘Cash at Bank account withdrawals’ for the

month of June 2014. (iii) Prepare and balance the Cash at Bank ledger account for June 2014. The T-account format

or columnar format may be used. (iv) Prepare the Bank Reconciliation Statement of Judy’s Repairs at 30 June 2014. (v) Explain to the owner why it is necessary to undertake the bank reconciliation process.

(2 + 2 + 4 + 8 + 4 = 20 marks, approximately 20 minutes)


Accounting

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Accounting

Question 4 (continued) (b) Beverly James commenced her own business Home Décor on 1 September 2014. She needs

some help in predicting the cash situation of the business, and provides you with the following data.

• The Cash at Bank account balance at 1 October 2014 is $6 000 Dr.

• From past experience, accounts receivable usually pay as follows.

- 70% is paid in the first month after sale and receives a 5% discount. - 28% is paid in the second month following the sale. - The remaining 2% is expected to be recorded as bad debts.

• Actual or estimated credit sales were or are as follows:

Month Amount ($) September 20 000 October 15 000 November 20 000 December 25 000

• Actual or estimated credit purchases were or are as follows.

Month Amount ($) September 20 000 October 5 000 November 7 000 December 10 000

Accounts payable are paid in the month following purchase, and as a result Home Décor receives a 10% discount.

• Beverley has cash drawings of $450 each month. • Other estimates for the budget period are:

Month Cash sales $

Cash purchases $

Operating expenses $

GST liability $

October 5 000 3 000 2 000 * November 15 000 4 000 4 000 * December 20 000 6 000 5 000 * 1 200

Additional information: Each monthly figure for Operating expenses (*) includes an amount of $500 for depreciation.

Answer all of the following. (vi) Complete the Statement of Estimated Receipts from Accounts Receivable for Home Décor

for the three months ending 31 December 2014. (vii) Prepare the Cash Budget of Home Décor for the three months ending 31 December 2014. (viii) Beverley has not prepared a cash budget in the past. Explain two advantages of preparing a

cash budget in the future. (6 + 10 + 4 = 20 marks, approximately 20 minutes)

Accounting

Question 5 (30 minutes) This question assesses Criterion 7 and is worth 30 marks. It is recommended that you spend a total of 30 minutes on this question. This question contains THREE parts. You must answer ALL THREE parts. Your answers must be written in the space provided in the answer booklet for this question. (a) The following information was provided by the owner from the financial statements of Hobart

Central Hardware for 2014:

$ Cost of goods sold 450 000 Average inventories 202 200 Owner’s equity 190 975 Net sales 852 000 Total assets 420 900

For the year ended 30 June 2014, calculate to two decimal places:

(i) the Gross Profit Ratio (ii) the Equity Ratio

(iii) the Turnover of Inventories, in both number of days and number of times per year.

(3 + 3 + 4 = 10 marks, approximately 10 minutes) (b) The following ratios were provided by the owner of Liawenee Holiday Cottages:

Ratio 2012 2013 2014 Industry Average

Net Profit 8.51% 12.40% 15.18% 18.95% Rate of Return on Owner’s Equity

2.74% 3.37% 5.92% 4.73%

Working Capital 1.31 : 1 1.25 : 1 0.90 : 1 2 : 1

(iv) Make two observations about the trend in the profitability of Liawenee Holiday Cottages. Ensure you refer to the industry average in your answer.

(v) Make one observation about the trend in the financial stability of Liawenee Holiday

Cottages. Ensure you refer to the industry average in your answer.

(6 + 2 = 8 marks, approximately 8 minutes)


Accounting

Question 5 (continued) (c) The following Cash Flow Statement was provided to you by the owner of Rover Industries.

Rover Industries Cash Flow Statement for the period ended 30 June 2014

Cash flows from operating activities $ Inflows

Receipts from customers 102 000 Dividends received 15 000 Other operating revenue 22 000

Outflows Payments to suppliers for purchases 47 750

Payments to employees 61 000 Interest paid 8 000 Net cash provided by operating activities 22 250

Cash flows from investing activities Inflows Proceeds from sale of non-current assets 38 600

Outflows Payments for non-current assets 86 500

Net cash provided by investing activities (47 900)

Cash flows from financing activities Inflows Proceeds from capital contributions 20 000

Proceeds from borrowings 20 000 Outflows

Repayment of borrowings 15 000 Payment of drawings 38 000 Net cash provided by financing activities (13 000) Net increase (decrease) in cash held (38 650) Cash at beginning of the reporting period 36 500 Cash at end of the reporting period (2 150)

Answer all of the following.

(vi) Identify and give reasons for the change that has occurred in the cash position of Rover

Industries as revealed by the Cash Flow Statement.

(vii) Briefly explain two recommendations you would make to the owner of Rover Industries to improve the cash flow of the business.

(viii) Explain why being aware of the cash situation of the business is as important as knowing

whether or not the business is making a profit.

(4 + 4 + 4 = 12 marks, approximately 12 minutes)

Accounting

This question paper and any materials associated with this examination (including answer booklets, cover sheets,

rough note paper, or information sheets) remain the property of the Tasmanian Qualifications Authority.

Accounting


2014 External Examination Formula Sheet

Page 1 of 2

Analysis & interpretation formulas: Measures of earning capacity or profitability Gross Profit Ratio = Gross Profit x 100 Net Sales 1 Net Profit Ratio = Net Profit x 100 Net Sales 1 Rate of Return on Owner’s Equity = Net Profit x 100 Average Owner’s Equity 1 Rate of Return on Total Assets = Net Profit + Interest Expense x 100 Average Total Assets 1 Expenses to Sales Ratio = Expense x 100 Net Sales 1 Measures of financial stability Current (or Working Capital) Ratio = Current Assets Current Liabilities Quick Asset (or Acid Test) Ratio = Cash Assets + Receivables Current Liabilities Equity Ratio = Owner's Equity x 100 Total Assets 1 Debt Ratio = Total Liabilities x 100 Total Assets 1 Measures of management effectiveness Turnover of Accounts Receivable = Net Credit Sales Average Accounts Receivable Turnover of Inventories = Cost of Goods Sold Average Inventories Depreciation formulas: Diminishing Balance Method = Rate of Depreciation x (Original Cost – Accumulated Depreciation) Straight Line Method = Original Cost – Estimated Residual Value Estimated Life

of 2

This question paper and any materials associated with this examination (including answer booklets, cover sheets, rough note paper, or information sheets) remain the property of the Tasmanian Qualifications Authority.

Pages: 8 ©



ACCOUNTING

Senior Secondary


ANSWER BOOKLET — Question 1

External Assessment

2014

Marker’s Use Only:

Criterion 3 (a) (b) (c) Total

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ACCOUNTING

Senior Secondary



External Assessment

2014


Criterion 4 (a) (b) Total

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Extract from the General Journal of Foreman’s Discount Store

Date Particulars Debit ($) Credit ($)

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Pages: 8 ©



ACCOUNTING

Senior Secondary



External Assessment

2014



PLACE LABEL HERET

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Title: ..................................................................................................................................................... ..................................................................................................................................................... .....................................................................................................................................................

Net Sales ............................................................................ ............................................................................ ............................................................................ Less Cost of Sales ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ Gross Profit

Add Other Revenue ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ Less Other Expenses Selling and distribution expenses ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................

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(a) (continued)

General & administrative expenses ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Finance expenses ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Net Profit/(Net Loss)

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Title: ..................................................................................................................................................... ..................................................................................................................................................... .....................................................................................................................................................

ASSETS Current Assets ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ Add Non-Current Assets Other financial assets ............................................................................ ............................................................................ Property, plant and equipment ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ Intangibles ............................................................................ ............................................................................ ............................................................................ ............................................................................ Total Assets

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$ .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... $ ..................

Marker’s Use Only

(b)

(continued)

Less LIABILITIES Current Liabilities ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Non-Current Liabilities ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Total Liabilities NET ASSETS OWNER’S EQUITY ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. .............................................................................

$ .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... ....................

$ .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... ....................

$ ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ...................

$ .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... .................... $ .................. $ .................. .................... .................... .................... .................... .................... .................... .................... .................... ....................

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Pages: 12 ©



ACCOUNTING

Senior Secondary



External Assessment

2014



PLACE LABEL HERE

TA

SM

AN

IAN

QU

AL

IFIC

AT

ION

S A

UT

HO

RIT

Y

Marker’s Use Only

(a) (i)

(ii)

Cash at Bank account deposits (Cash receipts) Date Details $$

2014 June 1 Fees 608

13 Fees 92 19 S. Bolt 1 026 30 Fees 790

Sub Total $2 516

Cash at Bank account withdrawals (Cash payments) Date Details Chq No $

2014 June 2 Wages 489 210

10 Rent 490 110 16 Electricity 491 876 16 Materials 492 210 25 Equipment 493 586 29 Insurance 494 373

Sub Total $2 365

$

$

Marker’s Use Only

(a) (iii)

EITHER – T-account format Extract from the General Ledger of Judy’s Repairs Cash at Bank Account

Date Particulars $ Date Particulars $

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OR – Columnar Format

Extract from the General Ledger of Judy’s Repairs Cash at Bank Account

Date Particulars Debit ($) Credit ($) Balance ($)

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Marker’s Use Only

(a) (iv)

Judy’s Repairs Bank Reconciliation Statement

as at 30 June 2014

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Marker’s Use Only

(a) (v)

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Marker’s Use Only

(b) (vi)

Home Décor Statement of Estimated Receipts from Accounts Receivable for the three months ending 31 December 2014

Credit sales in: Total Estimated Cash to be received in: $ October ($) November ($) December ($) September 20 000 October 15 000 November 20 000 December 25 000 Totals

Any other working:

Marker’s Use Only

(b) (vii)

Home Décor Cash Budget for the three months ending 31 December 2014

October ($) November ($) December ($)

Estimated Cash Receipts ................. .......................................................... .......................................................... ..........................................................

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Total Estimated Receipts

Estimated Cash Payments ............... .......................................................... .......................................................... .......................................................... .............................................................................

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Total Estimated Payments

Bank Balance at Start ...................... Excess Receipts over Payments ...... Excess Payments over Receipts ......

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Bank Balance at End

Marker’s Use Only

(b) (viii)

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Pages: 12 ©



ACCOUNTING

Senior Secondary



External Assessment

2014


Criterion 7 (a) (b) (c) Total

PLACE LABEL HERE

TA

SM

AN

IAN

QU

AL

IFIC

AT

ION

S A

UT

HO

RIT

Y

Marker’s Use Only

(a) (i)

Gross Profit Ratio

Calculations

(a) (ii)

Equity Ratio

Calculations

Marker’s Use Only

(a) (iii)

Turnover of Inventories

Calculations

Marker’s Use Only

(b) (iv)

Observation 1: ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ Observation 2: ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................

Marker’s Use Only

(b) (v)

Observation 1: ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................

Marker’s Use Only

(c) (vi)

........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................

Marker’s Use Only

(c) (vii)

Recommendation 1: ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ Recommendation 2: ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................

Marker’s Use Only

(c) (viii)

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Download - ACCOUNTING - Department of Education ACC315111... · full and clear explanations of accounting processes to the trainees. ... Credit balance as per bank statement 2 672 Add Deposits

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