Professional Documents
Culture Documents
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Family Name
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Other Names
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Section
Possible
20
20
60
TOTAL
100
Mark
Accounting
Sample 1
Final Examination
Time Allowed : 2 hours
Copyright 2014
Directions to
Candidates
Accounting Final Examination
Time Allowed: 2 hours
Write your Student Number and Name on the cover of this Question
Booklet and the Answer Booklet.
1.
Section A.
2.
Section B.
2 Questions.
(5 marks for Question 21)
(15 marks for Question 22)
Attempt all Questions.
Answer Questions 21 and 22 in the spaces provided
in this Question Booklet.
3.
Section C.
3 Questions.
(10 marks for Question 23)
(20 marks for Question 24)
(30 marks for Question 25)
Attempt all Questions.
Answer Questions 23, 24 and 25 in the spaces provided in the
Answer Booklet.
4. Place the Multiple Choice Answer Sheet inside this Question Booklet and
hand up all work as one together with the Answer Booklet.
Final Sample 1
BLANK PAGE
Final Sample 1
Section A:
Answer all Questions.
Use the Multiple Choice Answer Sheet provided.
A
B
C
D
A
B
C
D
A
B
C
D
A
B
C
D
delivery instructions
customers order number
name of customer
reasons for goods returned
A
B
C
D
Final Sample 1
Sold motor vehicle for cash. What is the effect of this transaction on the
accounting equation ?
A
B
C
D
A
B
C
D
general ledger
general journal
voucher
report
A
B
C
D
drawings
overdrafts
bad debts
vehicle
A
B
C
D
$98,000
$79,000
$56,000
$85,000
10
A
B
C
D
revenues decrease
liabilities increase
expenses increase
assets decrease
Final Sample 1
11
According to the double entry rule, the receipt of cash from a debtor will be
recorded as :
debit Cash at Bank as assets increase and credit Accounts Receivable as assets
decrease
debit Accounts Payable as liabilities increase and credit Cash at Bank as assets
increase
debit Accounts Payable as liabilities decrease and credit Cash at bank as assets
decrease
debit Cash at Bank as assets increase and credit Purchases as expenses decrease
12
A
B
C
D
13
Debts owing by P. Johnson are written off as bad debts and debited to :
A
B
C
D
Accounts receivable
Purchases account
Accounts payable
Bad debts account
14
A
B
C
D
stock
goods
merchandise
drawings
15
Clinton, a debtor of Kozwinski Trading, has paid $109 for an outstanding account of
$100. The Statement of Account sent to Clinton at the end of the month will show :
A
B
C
D
a credit balance of $9
a debit balance of $9
an opening balance of $109
a closing balance of $109
B
C
Final Sample 1
$270
16
For Garden Supplies Pty. Ltd., the statement that best describes the transaction
which has taken place is :
sales of trading goods by cash of $270 allowing a discount of $10 in the price for bulk
buying
payment of $270 received from a debtor and allowed $10 discount for prompt
payment
payment of $270 for account outstanding and received $10 discount for
prompt payment
purchase of trading goods on credit of $270 receiving a discount of $10 in the price
for bulk buying
B
C
D
17
When Mason Trading receives cheque no. 216 from Garden Supplies Pty. Ltd., which
of the following entries must be made in the books of Mason Trading ?
dr Cash at Bank $270, cr Accounts Receivable $270 and dr Discounts Allowed $10,
cr Accounts Receivable $10
dr Purchases $270, cr Cash at Bank $270 and dr Accounts Payable $10, cr
Discounts Received $10
B
C
D
dr Cash at Bank $280, cr Sales $280 and dr Discounts Allowed $10, cr Accounts
Receivable $10
dr Accounts Receivable $280, cr Cash at Bank $270 and dr Discounts Allowed $10,
cr Accounts Receivable $10
Final Sample 1
18
The accounting convention that ensures the equality of the accounting equation is the :
A
B
C
D
continuity convention
historical cost convention
monetary convention
double entry convention
19
A
B
C
D
20
From one accounting period to the next, the accounting cycle does not involve which
of the following functions ?
A
B
C
D
Final Sample 1
Question 21
5 marks
Section B:
Answer Questions 21 and 22 in the spaces provided in this examination booklet.
Question 21
Indicate whether each of the following statements is true or false by writing T or F in the
spaces provided:
T/F
a.
b.
c.
d.
e.
Given total assets are $15,425 and total liabilities are $1,425. Owners
equity is $17,000 when the proprietor makes an additional contribution
of capital of $3,000 cash.
Final Sample 1
Question 22
15 marks
Question 22
a) Discuss the accounting period convention and the significance of the accounting
period convention in profit determination.
5 marks
Final Sample 1
5 marks
10
Final Sample 1
c) What is a trial balance? Discuss at least four limitations of the trial balance.
5 marks
UNSW Foundation Studies
11
Final Sample 1
Question 23
10 marks
Section C:
Answer Questions 23, 24 and 25 in the spaces provided in the Answer Booklet.
Question 23
Allan Kennedy operates a camera shop. For the following transactions, prepare the
transaction analysis chart for Kennedy Trading.
June 20XX
14 The owner, Allan Kennedy withdrew $150 cash for personal use.
17 Kennedy Trading received $300 from debtor J. Mason.
27 Kennedy Trading paid Photographic Supplies $12,000.
12
Final Sample 1
Question 24
20 marks
Question 24 (a)
The following information was extracted from the books of a firm for the month of October
20XX:
$1400
Sales on credit
$8640
$5000
Sales Returns
$320
$360
$480
$100
Required:
Prepare the Debtors Control Account (or Accounts Receivable Control Account) in the
General Ledger in the T format for October 20XX.
Question 24 (b)
For each of the items listed, write the appropriate source or journal from which the figure
would be obtained.
a.
$1400
b.
Sales
$8640
c.
$5000
d.
Sales Returns
$320
e.
Discount allowed to
debtors
$360
f.
$480
g.
$100
13
Final Sample 1
Question 25
30 marks
Question 25
Given below are the transactions of K. Moss in the month of August 20XX.
20XX
1 Aug
Purchased goods for resale from ABC Retailers $900 (inv no.693A).
10
11
12
15
Total amount owing by T. Tab was $300. T. Tab paid 50 cents in a dollar
as a final settlement (rec. no. 76) and the balance was written off as bad
debts.
Cash purchases $970 (chq. No. 69203).
16
17
19
20
21
22
K. Moss withdrew $25 to buy flowers for a sick relative (chq no. 69204)
24
Purchased trading goods from J. Downey on credit $655 (inv no. 901)
25
Paid advertising $60, stationery $20 and rates $90 (chq no. 69205, 69206
and 69207 respectively).
27
14
Final Sample 1
Required:
Record the transactions into the appropriate journals. Prepare the General Journal, Cash
Receipts Journal, Cash Payments Journal, Sales Journal, Purchases Journal, Sales Returns
Journal and the Purchases Returns Journal of K. Moss. Show clearly the totals for each
journal.
15
Final Sample 1
End of Examination
Please:
Check that you have answered the required number of questions, and followed all
directions.
Check that you have printed your name and student number on the Multiple Choice
Answer Sheet, the Answer Booklet and the Question Booklet.
Hand in the Multiple Choice Answer Sheet, the Answer Booklet and the Question
Booklet as directed at the conclusion of the examination.
Thank you.