accounting - cma.education.tas.gov.au acc315111... · accounting page 8 question 3 ... drawings 28...

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

2013

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 ensure that you have addressed ALL of the externally assessed criteria on this examination paper. 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 2013 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) Define FIVE of the following terms, clearly identifying each of your choices. Support each of

your definitions with a brief example.

(i) GST credits received (ii) Source document (iii) Accounting entity assumption (iv) Non-current liabilities (v) Accrued revenues (vi) Net realisable value (vii) Limited liability (viii) Matching principle

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

(b) Select THREE of the following and clearly distinguish between each of the terms.

(ix) revenue recognition and revenue realisation (x) relevance principle and materiality principle (xi) capital expenditure and revenue expenditure (xii) net profit and cash flow of a business (xiii) general ledger and subsidiary ledger


Question 1 continues opposite.

Accounting

Question 1 (continued) (c) Answer ONE of the following. Clearly identify your choice with the correct number.

(xiv) Why is it necessary for a business to have a good system of internal control? Explain what

is meant by the term ‘internal control’ of a business enterprise, giving two examples of effective internal controls over inventories.

(xv) Explain what is meant by the term ‘qualitative characteristics’ of financial information and

why they are important. Identify which qualitative characteristic of financial information has been breached in the following situation and explain why:

‘The accountant for the business has retired and a new one has been

appointed to keep the records. The new accountant decides to adopt a different approach to recording transactions’.

(xvi) Assets are classified as either current or non-current. Explain the difference between

current and non-current assets and give an example of each. Outline the main reasons for classifying assets as either current or non-current.


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) The Lampshade Palace, owned by Gordon Watts, is a new store specialising in rare and exotic

lamps. The balance date for the business is 30 June 2013.

The following is an extract from a list of transactions that occurred during the financial year ended 30 June 2013.

Accounts receivable and accounts payable control accounts are not used. The perpetual inventory system is used. All GST is calculated at the rate of 10%.

Date Transaction

2 February Gordon commences his business with the following assets and liabilities: Cash at Bank $1 000; Inventory $2 000; Accounts Payable: Lamps For You $600.

13 February Gordon purchased $1 320 (GST-inclusive) worth of inventory in cash from Lamps For You.

17 February Gordon sold $330 (GST-inclusive) worth of inventories to Belinda Hellyer on credit. The cost price of the goods was $150.

1 March Gordon paid an annual subscription to the magazine Light Dealers. The subscription expires on 1 March 2014. The subscription cost $120.

5 March Gordon returned $150 (GST-inclusive) worth of inventory to Lamps For You due to the product being faulty.

8 March Gordon purchased a motor vehicle for $6 600 (GST-inclusive) with a loan from Best Rates Finance.

12 March A cash sale customer returned an item purchased for $80 (GST-inclusive) with a cost price of $50.

21 April Gordon realises that he has mistakenly recorded $220 of insurance expense to the prepaid insurance account. He makes a correcting entry.

12 May Gordon took $30 GST-free inventory at cost for personal use.

30 June Gordon sold $500 inventory on commission in June. He is still owed the 15% commission.

30 June Gordon prepares an adjusting entry for the transaction on 1 March.

You are required to provide General Journal entries for the transactions shown above. Ensure you record GST in all applicable entries. (Dates and narrations are required. Show debit entries first and offset credit entries to the right).

(22 marks, approximately 22 minutes)


Accounting

Question 2 (continued) (b) Examine the following accounts from the General Ledger of Channel Farm Produce.

Inventory Adjustment 2013 $ June 30 Inventories Control (A) 210

Inventories Control 2013 $ 2013 $ June 1 Balance b/d 300 June 30 Cost of Goods Sold (C) 5 000

30 Cash/Accounts Payable (B) 7 000 30 Inventory Adjustment 210 30 Drawings (D) 50 Answer each of the following. (i) Explain the entries marked (A), (B), (C), and (D). (ii) Balance the Inventories Control account in the General Ledger of Channel Farm Produce.

(2 + 1 + 2 + 2 + 1 = 8 marks, approximately 8 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.

Kelly operates Kelly’s Boutique and provides you with the trial balance and additional information for the year ended 30 June 2013.

Kelly’s Boutique Trial Balance as at 30 June 2013

Debit ($) Credit ($) Accounting Costs 3 675 Accounts Payable Control 18 000 Accounts Receivable Control 12 825 Accumulated Depreciation on Motor Vehicle 5 500 Accumulated Depreciation on Office Equipment 2 500 Advertising 500 Bad & Doubtful Debts 1 020 Capital 155 833 Cash at Bank 56 000 Cost of Goods Sold 25 800 Credit/debit Card Fees 250 Drawings 28 580 Electricity Expense 6 860 Goodwill 18 000 GST Collected 3 380 GST Credits Received 580 Insurance Expense 600 Interest Expense 2 280 Interest Revenue 5 850 Inventories 82 680 Loan from Launceston Bank (maturity 2015) 38 000 Motor Vehicle 38 000 Office Equipment 21 260 Provision for Doubtful Debts 487 Rent Expense 9 600 Sales 123 700 Sales Returns & Allowances 10 400 Short-term Loan 5 000 Stationery Expense 720 Wages and Salaries 38 620 358 250 358 250


Accounting

Question 3 (continued) Additional information • Wages and salaries still owing amount to $2 300. • Advertising paid in advance is $200. • Stationery expenses include an amount of $600 paid towards the personal expenses of the owner. • Interest due but not yet received is $2 700. • Provision for doubtful debts is to be 4% of Accounts Receivable Control.

• Accounts need to be cleared to GST Clearing. Prepare both of the following for Kelly’s Boutique: (a) a properly classified Income Statement in narrative form for the year ended 30 June 2013. (30 marks, approximately 30 minutes) (b) a properly classified Balance Sheet in narrative form as at 30 June 2013. (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) Alannah from Alannah’s Recycling presents you with the following summary of the Cash at

Bank account transactions for the month of September 2013.

Cash at Bank account deposits Cash at Bank account withdrawals

Date Details $$ Date Details Chq No $ 2013 $ 2013 $

Sept 2 Sales 456 Sept 2 Advertising 310 200 5

11 Sales Debtors

870 850

3 8

Creditors Wages

311 312

157 600

17 Sales 741 15 Creditors 313 150 22 Capital 632 19 Purchases 314 561 30 Sub Total $3 549 22 Creditors 315 283

27 Purchases 316 317 318

284 25

145 30 Sub Total $2 405


Accounting

Question 4 (continued)

The bank statement for the month of September 2013 is shown below. Alannah’s Recycling In account with Downtown Bank for the month of September 2013

Date Particulars Debit Credit Balance 2013 $ $ $

Sept 1 Balance

1 485 Cr 2 Deposit

752 2 237 Cr

3 309 250

1 987 Cr 5 Direct deposit for dividends

320 2 307 Cr

6 Deposit

456 2 763 Cr 7 310 200

2 563 Cr

8 312 600

1 963 Cr 10 Deposit

870 2 833 Cr

16 Bank fees 15

2 818 Cr 19 Monthly rent payment 1 000

1 818 Cr

20 Deposit

741 2 559 Cr 22 314 561

1 998 Cr

16 Half-yearly insurance payment 2 500

–502 Dr 19 Overdrawn fee 15

–517 Dr

27 Deposit

632 115 Cr 27 315 283

–168 Dr

Additional information

• Cash at bank balance on 31 August 2013 was $1 798 debit.

• At 31 August 2013 there was a deposit not banked of $752 and cheques 308 for $189 and 309 for $250 were unpresented.

Answer all of the following.

(i) Enter any appropriate entries into and total the ‘Cash at Bank account deposits’ for the

month ended September 2013. (ii) Enter any appropriate entries into, and total, the ‘Cash at Bank account withdrawals’ for

the month ended September 2013. (iii) Prepare and balance the Cash at Bank account for September 2013. The T account format

or columnar format may be used. (iv) Prepare the Bank Reconciliation Statement of Alannah’s Recycling at 30 September 2013. (v) Explain why it is important for a business to prepare bank reconciliation statements.

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

Question 4 continues over the page.

Accounting

Question 4 (continued) (b) The following information concerns the actual position and expected cash transactions of

Rowan’s Fireplaces, a small business that sells heating products. It has both cash and credit sales.

• There is $5 000 in the business bank account on 31 March 2013.

• Experience has shown that accounts receivable usually pay as follows:

- 50% in the month following the sale - 30% in the second month following the sale - 15% in the third month following the sale The remaining 5% is expected to be recorded as bad debts.

• The actual and estimated credit sales are as follows:

Month Actual Credit Sales $

Estimated Credit Sales $

January 15 000 February 17 000 March 14 000 April 18 000 May 22 000 June 21 000

• The cash sales for the same period last year were as follows:

- April 2012 - $6 700 - May 2012 - $8 000 - June 2012 - $7 500 It is estimated that cash sales will be 5% higher this year.

• The business owes $900 in accounts payable at 31 March 2013. It is the policy of the business to settle all accounts payable in the month following purchase.

• Estimated credit purchases are as follows:

Month Estimated Credit Purchases $

April 3 600 May 7 500 June 7 100

• Other cash flows expected during the period are as follows:

Month Cash

Purchases $

Drawings $

GST Liability

$

Interest Received

$

Mortgage Payment

$ April 4 000 1 000 1 200 10 000 May 6 500 4 305 June 6 000 1 000 800


Accounting

Question 4 (continued) • The business expects to purchase a motor vehicle in April. A down payment of $5 000 will

be made in April with two further payments of $4 000 each made over the following two months.

• Other expenses to be charged include an interest payment of $1 500 per month and

depreciation of $2 000 per month.

Answer all of the following. (vi) Complete the Statement of Estimated Receipts from Accounts Receivable for Rowan’s

Fireplaces for the three months ending 30 June 2013. (vii) Prepare the Cash Budget of Rowan’s Fireplaces for the three months ending 30 June 2013. (viii) Discuss the implications of the Cash Budget for the financial position of Rowan’s

Fireplaces. (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 is provided for Dewhurst’s Stationery Store, a business commenced

by Bill Dewhurst in 2012.

2012 $

2013 $

Net sales 270 000 320 000 Gross profit 108 000 96 000 Net profit 29 700 32 000 Average total assets 100 000 100 000 Interest expense Nil Nil Turnover of accounts receivable 36 days 43 days

Answer all of the following, showing your working in each case.

(i) Calculate the gross profit ratio for 2012 and 2013. (ii) Calculate the net profit ratio for 2012 and 2013.

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

(b)

(iii) Explain how net sales have increased, yet during the same period the gross profit ratio has decreased.

(iv) The business offers credit to some of its regular customers and extends credit terms

of 30 days. Bill Dewhurst is concerned about the rate of turnover of accounts receivable achieved by his business. State two tactics that Bill could adopt in an attempt to improve the accounts receivable turnover.

(v) Bill is unsure whether the rate of return on total assets is satisfactory. How could Bill

determine whether or not the rate of return achieved on total assets is satisfactory?

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

Question 5 continues over the page.

Accounting

Question 5 (continued) (c) The owner of Bannockburn Industries has supplied you with the following Statement of Cash

Flows.

Bannockburn Industries Statement of Cash Flows

for the year ended 30 June 2013

$

Cash Flows from Operating Activities Inflows Receipts from customers 450 000

Outflows Payments to suppliers and employees 460 000

Net cash provided by operating activities –10 000 Cash Flows from Investing Activities

Inflows Proceeds from sale of vehicle 8 000

Outflows Payments for vehicles 23 000

Payments for property 65 000 Net cash provided by investing activities –80 000 Cash Flows from Financing Activities

Inflows Proceeds from additional capital 32 500

Proceeds from loans 65 000 Outflows

Drawings 25 000 Net cash provided by financing activities 72 500 Net increase/decrease in cash held –17 500 Cash at beginning of reporting period 5 000 Cash at end of reporting period –$12 500

Answer all of the following.

(vi) Outline what the above Statement of Cash Flows indicates about the liquidity of

Bannockburn Industries.

(vii) Make two recommendations to the owner of Bannockburn Industries based on your analysis of its Statement of Cash Flows.

(5 + 5 = 10 marks, approximately10 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.

Pages: 12 ©



ACCOUNTING

Senior Secondary


ANSWER BOOKLET — Question 1

External Assessment

2013

Marker’s Use Only:

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

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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: 12 ©



ACCOUNTING

Senior Secondary



External Assessment

2013


Criterion 4 (a) (b) Total

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(a)

Extract from the General Journal of The Lampshade Palace

Date Particulars Debit ($) Credit ($)

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(continued)

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(b) (ii)

Inventories Control 2013 $ 2013 $

June 1 30

Balance b/d Cash/Accounts Payable

300 7 000

June 30 30 30

Cost of Goods Sold Inventory Adjustment Drawings

5 000 210 50

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BLANK PAGE

Pages: 8 ©



ACCOUNTING

Senior Secondary



External Assessment

2013



PLACE LABEL HERET

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(a)

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

Sales ............................................................................ ............................................................................ ............................................................................ Less Cost of Goods Sold ............................................................................ ............................................................................ ............................................................................ ............................................................................ ............................................................................ 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)

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

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

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

Marker’s Use Only

(b)

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

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

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

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

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

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

Marker’s Use Only

(b)

(continued)

Less LIABILITIES Current Liabilities ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Non-Current Liabilities ............................................................................. ............................................................................. ............................................................................. ............................................................................. Total Liabilities ............................................................................. Net Assets ............................................................................. ............................................................................. OWNER’S EQUITY ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. .............................................................................

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

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

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

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

BLANK PAGE

Pages: 8 ©



ACCOUNTING

Senior Secondary



External Assessment

2013



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 Date Details $$

2013 Sept 2 Sales 456

5 Sales 870 11 Debtors 850 17 Sales 741 22 Capital 632

30 Sub Total $3 549

Cash at Bank account withdrawals Date Details Chq No $

2013 Sept 2 Advertising 310 200

3 Creditors 311 157 8 Wages 312 600

15 Creditors 313 150 19 Purchases 314 561 22 Creditors 315 283 27 Purchases 316

317 318

284 25

145

30 Sub Total $2 405

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

$

$

Marker’s Use Only

(a) (iii)

Extract from the General Ledger of Alannah’s Recycling Cash at Bank Account EITHER – T account format

Date Particulars $ Date Particulars $

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OR – Columnar Format

(a) (iii)

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

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

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Marker’s Use Only

(a) (iv)

Alannah’s Recycling Bank Reconciliation Statement

as at 30 September 2013

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

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(a) (v)

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

Marker’s Use Only

(b) (vi)

Rowan’s Fireplaces Statement of Estimated Receipts from Accounts Receivable

Credit sales in: Total Estimated Cash to be received in: $ April ($) May ($) June ($) January February March April May June Totals

Any other working:

Marker’s Use Only

(b) (vii)

Rowan’s Fireplaces Cash Budget for the three months ending 30 June 2013

April ($) May ($) June ($)

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

2013


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)

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

Marker’s Use Only

(a) (ii)

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

Marker’s Use Only

(b) (iii)

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

Marker’s Use Only

(b) (iv)

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

Marker’s Use Only

(b) (v)

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

Marker’s Use Only

(c) (vi)

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

Marker’s Use Only

(c) (vi)

(continued)

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

Marker’s Use Only

(c) (vii)

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

Marker’s Use Only

(c) (vii)

(continued)

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

BLANK PAGE

Accounting


2013 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


accounting - cma.education.tas.gov.au acc315111... · accounting page 8 question 3 ... drawings 28...

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