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EXAMINATIONQUESTIONBOOKLET

Studentname:

Campus:

AssociateDegreeofAccounting
Subjectnumber:ACACC101A

Subjectname:AccountingFoundationsI

FinalExaminationSemester1,2013

Timeallowed:3hoursplus10minutesreadingtime
Generalinstructions Marks

Writeyouranswersusingblackorbluepen Totalmarks:100

Writeyournameandcampusatthetopofthispage Section1:80Marks
4xPracticalQuestions

Answerallquestionsintheanswerbookletprovided. Section2:20Marks
4xTheoryQuestions

Allquestionsaretobeattempted

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EXAMINATIONQUESTIONBOOKLET
Studentname:

SECTION1
PracticalQuestions

QUESTION1BankReconciliations

UsinginformationprovidedforVHolmes:
a) Setuptheledgerbankaccountandposttheunadjustedcashjournaltotalstothe
account.Recordthenecessaryadjustmentsuptothe30Novemberandbalancethe
account.

b) Prepareabankreconciliationstatementat30November2012toreconcilethe
adjustedledgercashatbankbalancewiththebankstatementbalance.

Note:Assumebankstatementcontainscorrectfigures.

VHolmes
Bankreconciliationasat31October2012

$
Creditbalanceasperbankstatement 1220
Addoutstandingdeposit
554
1774
Less:Unpresentedcheques:
Chequenumber: $
234 630
238 210
239 100
240 105 1045

Debitbalanceasperbankledgeraccount 729

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EXAMINATIONQUESTIONBOOKLET
Studentname:

QUESTION1.(Contd)

VHolmes VHolmes

Cashreceiptsjournal Cashpaymentsjournal
2012 $ 2012 Chequenumber $
Nov4 Receipt 765 Nov2 241 47
11 Receipt 1300 8 242 1205
18 Receipt 1242 12 243 3420
23 Receipt 923 13 244 123
30 Receipt 1126 17 245 1687
27 246 230
29 247 1100






CommunityBank
StatementofaccountVHolmes
30November2012
Date Details Dr Cr Balance Dr/Cr
2012
Nov1 Balanceb/fwd 1220 Cr
Deposit 554 1774 Cr
2 Chequeno:238 210 1564 Cr
5 Chequeno:234 630 934 Cr
Deposit 765 1699 Cr
6 Chequeno:241 47 1652 Cr
Chequeno:240 105 1547 Cr
10 Chequeno:242 1205 342 Cr
12 Deposit 1300 1642 Cr
15 Directdeposit 1000 2642 Cr
16 Chequeno:243 3420 778 Dr
Chequeno:244 123 901 Dr
19 Deposit 1224 323 Cr
24 Deposit 923 1246 Cr
26 Chequeno:245 1687 441 Dr
30 Bankcharges 22 463 Dr

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EXAMINATIONQUESTIONBOOKLET
Studentname:

QUESTION2Accountingsystems

TheaccountsreceivableandaccountspayablesubsidiaryledgerbalancesofBellIngenResortsasat
31July2012areasfollows:

Accounts $ AccountsPayable $
Receivable
RAngourie 924 ABay 242
SBarrie 374 ECrescent 308
TPark 451 LWooloweyah 198

Total 1749 Total 748

ThePurchases,Sales,CashReceiptsandCashPaymentsJournalsforAugust2012areshownbelow:

PurchasesJournal p.1
Date Account Post Purchases GSTOutlays Accounts
Ref. Payable
2012
15/8 LWooloweah 1600 160 1760
25/8 ECrescent 1810 181 1991
$3410 $341 $3751



SalesJournal p.1
Date Inv.No. Account Post Sales GST Accounts
Ref. Collections Receivable
2012
10/8 753 RAngourie 5970 597 6567
18/8 754 TParks 3990 399 4389
22/8 755 RAngourie 1870 187 2057
26/8 756 SBarrie 3240 324 3564
$15070 $1507 $16577

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EXAMINATIONQUESTIONBOOKLET
Studentname:


QUESTION2.(Contd)
CashReceiptsJournal
p.1
Debits Credits
Date Account Post Cashat GST Sales A/cs. Other
Ref. Bank Collections Recable A/cs.
2012
8/8 TParksA/c 451 451
Receivable
16/8 RAngourieA/c 924 924
Receivable
24/8 SBarrieA/c 374 374
Receivable
28/8 CashSales 2035 185 1850
$3784 $185 $1850 $1749


CashPaymentsJournal
p.1.
Date Account Ch. Post Acc/s Purchases GSTOutlays Cashat Dis.
No. . Payable Bank Recd
Ref.
2012
5/8 ECrescentA/c 308 308
Payable
10/8 ERichmond 430 43 473
Purchases
15/8 LWooloweyah 198 198
A/cPayable
21/8 ABayA/c 242 242
Payable
$748 $430 $43 $1221


Required:
a) Openthenecessaryaccountsreceivablesubsidiaryledgeraccountsandtheaccounts
payablesubsidiaryledgeraccounts.
b) Postthedatafromthejournalstotheappropriatesubsidiaryledgeraccounts.
c) Prepare a schedule of accounts receivable and accounts payable as of 31 August
2012.


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EXAMINATIONQUESTIONBOOKLET
Studentname:

QUESTION3AccountingforRetailing

JapanOutdoorAdventuresusestheperpetualinventorysystemtoaccountforitsinventory.
ThefollowingtransactionsrelatetoJuly2013.Thebeginninginventoryon1Julyconsisted
of240,twopersontentswhichcost$25each(netofGST).

2013
July 4 Purchased40tentsfor$25eachoncreditfromTRCo,plus10%GST.
8 Returned6tentsfromthe4JulypurchasetoTRCo.
10 PaidTRCofor34tentsandwasgrantedadiscountof3.5%.
12 Sold52tentsfor$50eachoncredittoXXLtdplus10%GST.
20 XXLtdreturned2ofthetentssoldonthe12thandwasgrantedacredit.After
inspectionthetentswereplacedbackinstock.
28XXLtdpaidthefullamountowingfor50tents.

Required:
PreparegeneraljournalentriestorecordtheaboveinformationforJuly.
[Roundallcalculationstothenearestdollar]

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EXAMINATIONQUESTIONBOOKLET
Studentname:

QUESTION4Closingentries

SwallowTrainingoperatesinthesuburbs,andthetrialbalanceshownbelowsummarisestheyears
activities:

JSwallowtailTraining
AdjustedTrialBalance
Asat31December2012 Debits Credits
CashatBank 119320
AccountsReceivable 3050
GymEquipment 73050
AccumulateddepreciationGymequipment 14610
GSTCollections 2400
GSTOutlays 1500
AccountsPayable 4000
AccruedWagesandSalaries 2000
FeesEarned 417580
Wages&Salaries 117800
DepreciationonGymEquipment 7305
OtherExpenses 199600
JulieSwallowtailDrawings 15000
JulieSwallowtailCapital 96035

Total $536625 $536625

Required:
a) PrepareclosingentriesofSwallowtailTrainingfortheyearended31December2012.
b) Prepareapostclosingtrialbalanceat1January2013.
c) Prepareageneraljournalentryon1January2013fortheadjustingentrythatneedsto
bereversed.

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EXAMINATIONQUESTIONBOOKLET
Studentname:

SECTION2
TheoryQuestions

QUESTION5CashManagementandControl

Theprinciplethatreceiptsshouldbebankeddailyandallpaymentsmadebychequeor
electronictransferprovideasoundbasisforinternalcontrolovercash.Butitbreaksdown
immediatelywhencashisgiventoajunioremployeetospendthroughthepettycashfund.

Discussthisstatement.

QUESTION6Accountingforretail

a) Describetheratiosthatmaybeusedbymanagementtoassesstheprofit
performanceofaretailbusiness.

b) Explainthefactorswhichcouldcontributetoadversetrendsdevelopinginthese
ratios.

QUESTION7DecisionmakingandtheroleofAccounting

Manyaccountantsareemployedinabusinessentity.Therearedifferenttypesofbusiness
entitiesthatmaybeformed.

Brieflydescribethethreemostcommontypesofprofitseekingentities.

QUESTION8RecordingTransactions

Whatfourtypesoftransactionsaffecttheequityaccount?

Brieflylistthemanddescribehowtheyaffecttheequityaccount.

ENDOFQUESTIONBOOKLET

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