vce accounting 1 – specifications and sample questions · the examination will consist of a...

VCE Accounting 2012Written examination 1 – June

Examination specifications

Overall conditionsThe mid-year examination will be sat at a time and date to be set annually by the Victorian Curriculum and Assessment Authority. VCAA examination rules will apply. Details of these rules are published annually in the VCE and VCAL Administrative Handbook.There will be 15 minutes reading time and 90 minutes writing time.The examination will be marked by a panel appointed by the VCAA.The examination will contribute 33 per cent to the Study Score.

ContentThe VCE Accounting Study Design 2012–2016 is the document for the development of the examination. The study design includes the Characteristics of the Study (pages 12 to 16). Questions will be based on the key knowledge and key skills that underpin the outcomes in Unit 3. Students will not be required to use information and communications technology (ICT) in the examination.

FormatThe examination will consist of a series of short and extended response questions. These may include a variety of item types including scenarios, questions with multiple parts, short answer questions and extended response questions. All questions in the examination will be compulsory.The total marks for the examination will be 90.The examination will be in the form of a question book and an answer book.

Approved materials and equipment• Normalstationeryrequirements(pens,pencils,highlighters,erasers,sharpenersandrulers)• Onescientificcalculator

AdviceThe2012mid-yearAccountingexaminationwillbepreparedaccordingtotheexaminationspecificationsabove.Theexaminationwillconformtothesespecificationsandwilltestarepresentativesampleofkeyknowledge and key skills from Unit 3.The following sample examination is intended to demonstrate the new format of the Accounting examination, as well as new aspects of Unit 3 Accounting. Teachers and students should be aware of the Characteristics of the Study, including accounting principles and qualitative characteristics of accounting information, as described on pages 12 to 16 of the study design. The VCAA does not publish answers for sample examinations.The following documents should be referred to in relation to the 2012 Accounting examination.• VCE Accounting Study Design and Advice to Teachers 2012–2016• VCE Accounting Assessment Handbook 2012–2016• VCAA Bulletin, VCE, VCAL and VET

©VICTORIANCURRICULUMANDASSESSMENTAUTHORITY2012

Version 2 – February 2012

S A M P L E

ACCOUNTINGWritten examination 1

Day Date 2012 Reading time: *.** to *.** (15 minutes) Writing time: *.** to *.** (1 hour 30 minutes)

QUESTION BOOK

Structure of bookNumber of questions

Number of questions to be answered

Number of marks

9 9 90

• Studentsarepermittedtobringintotheexaminationroom:pens,pencils,highlighters,erasers,sharpeners,rulersandonescientificcalculator.

• StudentsareNOTpermittedtobringintotheexaminationroom:blanksheetsofpaperand/orwhiteoutliquid/tape.

Materials supplied• Questionbookof8pages.• Answerbookof13pages.

Instructions• Writeyourstudent numberinthespaceprovidedonthefrontpageoftheanswerbook.• Answerallquestionsintheanswerbook.

• AllwrittenresponsesmustbeinEnglish.

At the end of the examination• Youmaykeepthisquestionbook.

Students are NOT permitted to bring mobile phones and/or any other unauthorised electronic devices into the examination room.


Version2–February2012

Victorian Certificate of Education 2012

2012ACCNTEXAM1A(SAMPLE) 2 Version2–February2012

Question 4–continued

Question 1Define theterm doubleentryaccountingsystem.

2marks

Question 2On15January2012SashaacquiredStationery&Such,anexistingbusinessthatsellsmodernstationery.OnthesamedaySashatookoutaloantopayforthepurchaseofnewdisplayfittingswhichcost$6000(+$600GST).OntheadviceofheraccountantSashaagreedtopurchasetheexistingstock(value$3500),whichshepaidforon18January2012usingherpersonalchequeaccount.Sashaalsotookovertherentalagreementofthebusinesspremisesat$2200(includingGST)permonth,whichwaspaidtwomonthsinadvanceon1February2012usingherpersonalchequeaccount.Sashacontributedherpersonalcomputer,whichshepurchasedfor$2500(+$250GST)inDecember2010;ithadanagreedvalueon15January2012of$1500.Thebusinesswillcommenceoperationson1February2012.PreparetheGeneralJournalentrynecessarytoestablishthedoubleentryaccountingsystemforStationery&Suchon1February2012.Anarrationisnotrequired.

7marks

Question 3On1March2012abusinesssignedandpaidforanadvertisingcontractof$8000(notincludingGST)(chq.89).Theadvertisingcontractprovidedforeightadvertisements–onepermonthovereightmonths,withthefirstadvertisementoccurringinApril2012.Thebusinessreportsannuallyon30June.a. Recordthepaymentfortheadvertisingcontracton1March2012(chq.89)intheCashPayments

Journal.1mark

b. ShowhowtherelevantledgeraccountswouldappearintheGeneralLedgerat30June2012aftertheadjustingentrywasrecorded. Preparetheaccountsforthenextreportingperiod.

4marks

Question 4ChrisLaurenceownsandoperatesChrisso’sFitnessWarehouse,asmallbusinesssellingavarietyoffitnessequipment.Featuresofthebusiness’saccountingsystemincludethefollowing.• Thebusinesssellstocustomersonbothacashandcreditbasis.Creditisofferedtoreliablecustomersat

credittermsof5/14,n/30.TheperpetualmethodofstockrecordingandtheFIFOcostassignmentmethodareused.

• Stockismarkedupatarateof50%.• Thebusinesspreparesfinancialreportsattheendofeachmonth.Chrishasrecordedalltransactionsintotherelevantjournals.Asummaryoftheseisprovided.

Version2–February2012 3 2012ACCNTEXAM1A(SAMPLE)

Question 4–continuedTURN OVER

Cash Payments Journal (summary)

Date 2012

Details Chq. No.

Bank Disc. Rev.

Creditors Control

Stock Control

Wages Sundries GST

30June Totalstodate 34200 1300 27000 4 000 3000 1000 500

Sales Journal (summary)

Date 2012

Debtor Invoice Number

Cost of Sales

Sales GST Debtors Control

30June Totalstodate 30000 45000 4500 49500

Purchases Journal (summary)

Date 2012

Creditor Invoice Number

Stock Control GST Creditors Control

30June Totalstodate 29000 2900 31900

Cash Receipts Journal (summary)

Date 2012

Details Rec. No.

Bank Disc. Exp.

Debtors Control

Cost of Sales

Sales Sundries GST

30June Totalstodate 39300 700 18000 12000 20000 – 2000

AttheendofthereportingperiodChrisrealisedthatthefollowingdocumentshadnotbeenrecorded.

CFWInvoice CFW234 Date: 19 June 2012

Charge To: Rob’s Gym

Sale: 2 ZX7 Treadmills

Amount GST Invoice

$4200 $420 $4620

Terms: 5/14, n/30

CFWMemo 9

Date: 27 June 2012

Instruction: 1 ZX7 Treadmill, at a cost of $1500, was used at a recent fitness expo and will now be used solely for advertising purposes.

CFWReceipt 105

Date: 28 June 2012

Details: Received payment in full from Rob’s Gym for invoice CFW234.

a. ExplainwhatismeantbytheFIFOcostassignmentmethod.2marks

b. Update andtotaltherelevantjournalswiththeinformationcontainedintheabovedocuments. Narrationsarenotrequired.

5marks

c. ExplainwhythestockreferredtoinMemo9shouldbetreatedasanexpense.2marks



FollowingaphysicalcountoftheModelZX7Treadmillsat30June2012,Chrispreparesthefollowingmemo.

CFW

Memo 10

Date: 30 June 2012

Details: A physical stocktake showed 1 ZX7 Treadmill on hand.

ChrisprovidedthefollowingStockCardfortheZX7Treadmill.

Stock Item: ZX7 Treadmill Supplier: TreadiesLocation: E4 Cost Assignment Method: FIFO

Date 2012

Details IN OUT BALANCE

Qty Cost Total Qty Cost Total Qty Cost Total

1June Balance 8 1300 10400

8June Inv.CFW230 4 1300 5200 4 1300 5200

12June Rec.103 3 1300 3900 1 1300 1300

18June Inv.ZX42 4 1500 6000 14

13001500

13006000

d. CompletetheStockCardforZX7Treadmillswithallrelevanttransactionsuptoandincluding30June2012.

3marks

e. PreparetheGeneralJournalentrytorecordthenecessaryadjustingentryforstockat30June2012. Anarrationisrequired.

3marks

f. Calculate theAdjustedGrossProfitonthesaleofZX7TreadmillsforthemonthofJune2012.4marks

Question 5CourtneyHaylesistheownerofHaylesHomeEntertainment,abusinessthatsellshomeentertainmentproducts.At1June2012thebusinesshadthefollowingdebtors.

$JSimon 880MAvis 2200 3080


TURN OVER

ExtractsoftheCashReceiptsJournalandSalesJournalforJune2012areprovidedbelow.

Cash Receipts Journal

Date 2012

Details Rec. No.

Bank Disc. Exp.

Debtors Control

Cost of Sales

Sales Sundries GST

1June Sales 234 1320 800 1200 120

3June JSimon 235 792 88 880

9June GSTClearing 236 3600 3600

14June Sales 237 1650 1000 1500 150

16June SSlater 238 594 66 660

21June MAvis 239 1000 1000

28June Sales 240 1320 800 1200 120

Totalstodate 10 276 154 2 540 2 600 3 900 3 600 390

Sales Journal

Date 2012


Cost of Sales


4June SSlater 123 400 600 60 660

10June JSimon 124 600 900 90 990

19June SSlater 125 300 450 45 495

22June JSimon 126 200 300 30 330

Totalstodate 1 500 2 250 225 2 475

Additional information• On30June,Courtneytransferred$10000fromherpersonalbankaccounttothebusinessbank

account(asnotedontheBankStatement).• On30June,thebusinesswasadvisedthattheamountoutstandingforDebtor,MAvis,shouldbe

writtenoff(Memo5).a. Recordtheadditionalinformationintheappropriatejournals.Totalthejournalswhereappropriate. Narrationsarenotrequired.

4marks

b. CompletetheDebtorsControlaccountasitwouldappearintheGeneralLedgerafteralljournalshavebeenpostedon30June2012.

Youarerequiredtobalancetheaccount.4marks

c. ShowtheDebtorsSubsidiaryLedgerforDebtor–JSimon,at30June2012. Youarenotrequiredtobalancetheaccount.

3marks

d. Manybusinessesusecontrolaccountsandsubsidiaryledgersintheiraccountingsystems. Discussthebenefitsandlimitationsofusingcontrolaccountsandsubsidiaryledgers.

6marks


Question 6ThefollowinginformationrelatingtoGSThasbeenextractedfromthejournalsat31December2012.Thebusinesspreparesreportsonamonthlybasis.

$• CashPaymentsJournal 190• SalesJournal 350• CashReceiptsJournal 275• CashReceiptsJournal(sundries) 125• PurchasesJournal 195

a. IdentifyhowtheGSTClearingaccountwouldhavebeenreportedintheBalanceSheetasat30November2012.Explainwhythisisthecase.

3marks

b. Usingtheinformationfromthejournalsprovidedabove,complete theGSTClearingaccountintheGeneralLedger.

Youarenotrequiredtobalancetheaccount.3marks

Question 7GusGilliesistheownerofGus’sGreenery.Thebusinesscurrentlyhasanoverdraftlimitof$20000.DuringNovember2011Gusexpandedhisbusiness.Gushasprovidedyouwiththefollowinginformation.

Cash Flow Statement (extract) for November 2010 (pre-expansion) November 2011 $ $NetCashFlowsfromOperatingActivities 6400 (21500)NetCashFlowsfromInvestingActivities NIL (42000)NetCashFlowsfromFinancingActivities (12000) 36000NetIncrease/NetDecreaseinCashPosition (5600) (27500)BankBalanceasat1November 18000 12400BankBalanceasat30November 12400 (15100)

a. Usingtheinformationprovided,analysetheimpactoftheexpansiononthecashflowofthebusiness.4marks

GusfeelsthattheextractsfromtheCashFlowStatementaboveprovidehimwiththeinformationherequirestomakerelevantdecisionsaboutthecashflowofGus’sGreenery.b. Doyouagree?Justifyyouranswer.

3marks


Question 9 –continuedTURN OVER

Question 8Abusinessownerhasstated‘IamnotsureIwanttomakeaprofitthisyear.LastyearImadealossbutmybankbalanceincreasedby$8900despitehavingnonewloansorcapitalcontributions’.Explain,givingtwoexamples,howthiscouldoccur.

4marks

Question 9LisaHamilton,theownerofShoeSupplies,hasextractedthefollowinginformationfromtheaccountingsystemfortheyearended30June2012. $• AccruedWagesat30June2012 4100• Wages 30000• BuyingExpenses 2100(plus$210GST)• CashatBank (15100)• CashSales 120000(excludingGST)• Capital 360000• CreditSales 72000(excludingGST)• CreditorsControl 45000• CostofSales Allstockissoldata50%markup• DebtorsControl 14800• DiscountRevenue 1050• DiscountExpense 1800• Drawings 2700 (cash2400,Stock300)• FreightInwards 8800 (includingGST)• GSTClearing 3250DR• Loan 140000 (repayable2500permonthincluding900ofinterest)• ReceiptsfromDebtors 62500• Advertising 1500• Net Profit 17 250

Memo 43

Date:30June2012

Instruction:Aphysicalstocktakerevealedastocklossof9pairsofChloeSlingbacks(cost$900)andastockgainof1pairofAbbySandals(cost$50).

Memo 44

Date:30June2012

Instruction:Apaymentof$1100(includingGST)foradvertisingwasincorrectlydebitedtotheDebtorsControlaccount.

Memo 45

Date: 30June2012

Instruction:Theownercontributedavehiclewhichwaspurchasedon1January2009for$35000+$3500GSTandwhichtheaccountanthassincevaluedat$20000.


a. Prepare anIncomeStatement(extract)fortheyearended30June2012,uptoandincludingotherrevenues.

7marks

b. Withreferencetoonequalitativecharacteristic,explainyourreportingofMemo43intheIncomeStatement.

3marks

c. ExplaintheimpactofMemo44ontheaccountingreportsfortheyearended30June2012.4marks

d. JustifythevalueofthevehiclethatwouldbeshownintheBalanceSheetat30June2012.3marks

e. PreparetheLiabilitiesandOwner’sEquitysectionoftheclassifiedBalanceSheetasat30June2012.6marks

END OF QUESTION BOOK

S A M P L E

Instructions

• Aquestionbookisprovidedwiththisanswerbook.• Answerallquestionsinthespacesprovidedinthisbook.• Writeyourstudent numberinthespaceprovidedaboveonthispage.• RefertoInstructionsonthefrontcoverofthequestionbook.

Students are NOT permitted to bring mobile phones and/or any other unauthorised electronic devices into the examination room.


Version2–February2012

ACCOUNTINGWritten examination 1

Day Date 2012 Reading time: *.** to *.** (15 minutes) Writing time: *.** to *.** (1 hour 30 minutes)

ANSWER BOOK

SUPERVISOR TO ATTACH PROCESSING LABEL HERE

Figures

Words

STUDENT NUMBER Letter

Victorian Certificate of Education 2012

2012ACCNTEXAM1B(SAMPLE) 2 Version2–February2012

This page is blank

Version2–February2012 3 2012ACCNTEXAM1B(SAMPLE)

TURN OVER

Question 1

Definition

2marks

Question 2General Journal

Date 2012

Details General Ledger Subsidiary Ledger

Debit Credit Debit Credit

1 Feb.

7marks



Question 3 Cash Payments Journal

a. Date 2012

Details Chq. No.

Bank Disc. Rev.

Creditors Control

Stock Control

Sundries GST

1markAdvertising Expense

b. Date 2012

Cross-reference Amount Date 2012

Cross-reference Amount

Prepaid Advertising Expense

Date 2012

Cross-reference Amount Date 2012

Cross-reference Amount

4marks

Question 4a.

Explanation

2marks



Cash Payments Journal (summary)b. Date

2012Details Chq.

No.Bank Disc.

Rev.Creditors Control

Stock Control

Wages Sundries GST

30June Totalstodate 34200 1300 27000 4000 3000 1000 500

Sales Journal (summary)Date 2012


Cost of Sales


30June Totalstodate 30000 45000 4500 49500

Purchases Journal (summary)Date 2012

Creditor Invoice Number

Stock Control

GST Creditors Control

30June Totalstodate 29000 2900 31900

Cash Receipts Journal (summary)Date 2012

Details Rec. No.

Bank Disc. Exp.

Debtors Control

Cost of Sales

Sales Sundries GST

30June Totalstodate 39300 700 18000 12000 20000 – 2000

General JournalDate2012

Details General Ledger Subsidiary LedgerDebit Credit Debit Credit

5marks



c.Explanation

2marksd. Date

2012Details IN OUT BALANCE

Qty Cost Total Qty Cost Total Qty Cost Total

1June Balance 8 1300 10400

8June Inv.CFW230 4 1300 5200 4 1300 5200

12June Rec.103 3 1300 3900 1 1300 1300

18June Inv.ZX42 4 1500 6000 14

13001500

13006000

3marks

General Journale. Date

2012Details General Ledger Subsidiary Ledger


3marks


Question 5 –continuedTURN OVER

f.Calculation

Adjusted Gross Profit $

4marks

Question 5 Cash Receipts Journala. Date

2012Details Rec.

No.Bank Disc.

Exp.Debtors Control

Cost of Sales

Sales Sundries GST

1June Sales 234 1320 800 1200 120

3June JSimon 235 792 88 880

9June GSTClearing 236 3600 3600

14June Sales 237 1650 1000 1500 150

16June SSlater 238 594 66 660

21June MAvis 239 1000 1000

28June Sales 240 1320 800 1200 120

Totalstodate 10 276 154 2 540 2 600 3 900 3 600 390

Sales Journal

Date 2012


Cost of Sales


4June SSlater 123 400 600 60 660

10June JSimon 124 600 900 90 990

19June SSlater 125 300 450 45 495

22June JSimon 126 200 300 30 330

Totalstodate 1 500 2 250 225 2 475



General Journal

Date 2012

Details General Ledger Subsidiary Ledger


4marks

Debtors Controlb. Date

2012Cross-reference Amount Date

2012Cross-reference Amount

4marks

Debtor – J Simonc. Date



3marks


TURN OVER

d.Discussion

6marks

Question 6a.

Identification

Explanation

3marks

GST Clearingb. Date



3marks


Question 7a.

Analysis

4marks

b.Agree/Disagree

Justification

3marks

Question 8

Explanation

4marks



Question 9

Shoe SuppliesIncome Statement (extract) for the year ended 30 June 2012

a.$ $

7marks

b.Qualitative characteristic

Explanation

3marks



c.Explanation

4marks

d.Justification

3marks


END OF ANSWER BOOK

Shoe SuppliesBalance Sheet (extract) as at 30 June 2012

e.$ $

6marks

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