Post on 08-Aug-2018
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.
©VICTORIANCURRICULUMANDASSESSMENTAUTHORITY2012
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
2012ACCNTEXAM1A(SAMPLE) 4 Version2–February2012
Question 5–continued
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
Version2–February2012 5 2012ACCNTEXAM1A(SAMPLE)
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
Debtor Invoice Number
Cost of Sales
Sales GST Debtors Control
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
2012ACCNTEXAM1A(SAMPLE) 6 Version2–February2012
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
Version2–February2012 7 2012ACCNTEXAM1A(SAMPLE)
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.
2012ACCNTEXAM1A(SAMPLE) 8 Version2–February2012
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.
©VICTORIANCURRICULUMANDASSESSMENTAUTHORITY2012
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
2012ACCNTEXAM1B(SAMPLE) 4 Version2–February2012
Question 4–continued
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
Version2–February2012 5 2012ACCNTEXAM1B(SAMPLE)
Question 4–continuedTURN OVER
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
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
General JournalDate2012
Details General Ledger Subsidiary LedgerDebit Credit Debit Credit
5marks
2012ACCNTEXAM1B(SAMPLE) 6 Version2–February2012
Question 4–continued
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
Debit Credit Debit Credit
3marks
Version2–February2012 7 2012ACCNTEXAM1B(SAMPLE)
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
Debtor Invoice Number
Cost of Sales
Sales GST Debtors Control
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
2012ACCNTEXAM1B(SAMPLE) 8 Version2–February2012
Question 5–continued
General Journal
Date 2012
Details General Ledger Subsidiary Ledger
Debit Credit Debit Credit
4marks
Debtors Controlb. Date
2012Cross-reference Amount Date
2012Cross-reference Amount
4marks
Debtor – J Simonc. Date
2012Cross-reference Amount Date
2012Cross-reference Amount
3marks
Version2–February2012 9 2012ACCNTEXAM1B(SAMPLE)
TURN OVER
d.Discussion
6marks
Question 6a.
Identification
Explanation
3marks
GST Clearingb. Date
2012Cross-reference Amount Date
2012Cross-reference Amount
3marks
2012ACCNTEXAM1B(SAMPLE) 10 Version2–February2012
Question 7a.
Analysis
4marks
b.Agree/Disagree
Justification
3marks
Question 8
Explanation
4marks
Version2–February2012 11 2012ACCNTEXAM1B(SAMPLE)
Question 9–continuedTURN OVER
Question 9
Shoe SuppliesIncome Statement (extract) for the year ended 30 June 2012
a.$ $
7marks
b.Qualitative characteristic
Explanation
3marks
2012ACCNTEXAM1B(SAMPLE) 12 Version2–February2012
Question 9–continued
c.Explanation
4marks
d.Justification
3marks
Version2–February2012 13 2012ACCNTEXAM1B(SAMPLE)
END OF ANSWER BOOK
Shoe SuppliesBalance Sheet (extract) as at 30 June 2012
e.$ $
6marks