accounting - department of education acc315111... · accounting page 8 question 3 (50 minutes) this...
TRANSCRIPT
Pages: 16 Questions: 5 Attachment: Formula Sheet 5 Answer Booklets ©
Copyright for part(s) of this examination may be held by individuals and/or organisations other than the Tasmanian Qualifications Authority.
Tasmanian Certificate of Education
ACCOUNTING
Senior Secondary
Subject Code: ACC315111
External Assessment
2012
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
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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 formula sheet provided. All written responses must be in English.
Accounting
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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. Support each of your definitions with a brief example.
Clearly identify each of your choices.
(i) Double Entry Bookkeeping (ii) Intangible Asset (iii) Accounts Receivable (iv) Cost of Goods Sold (v) Source Document (vi) Inventory (vii) Accrued Expense (viii) Owners Equity
(5 x 2 marks = 10 marks, approximately 10 minutes)
(b) Select THREE of the following and clearly distinguish between each of the terms.
(ix) cash accounting and accrual accounting; (x) bad debts and doubtful debts; (xi) a cash budget and a cash flow statement; (xii) current assets and non-current assets; (xiii) a service entity and a trading entity.
(3 x 4 marks = 12 marks, approximately 12 minutes)
Question 1 continues opposite.
Accounting
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Question 1 (continued) (c) Answer ONE of the following. Clearly identify your choice with the correct number.
(xiv) Outline each step in the flow of accounting data (accounting process or cycle). How
would inventory purchased using a cheque be represented in each step?
(xv) Explain what is meant by the terms ‘internal users’ and ‘external users’ of accounting information. Give one example of each type of user and for each user give one example of the information they might require. List two difficulties external users face when using accounting information.
(xvi) Define capital expenditure and define the concept of depreciation. What factors should be
taken into account in determining the most suitable depreciation method to use. Comment on the statement ‘There should never be a profit or loss on the sale of equipment because it should already be valued at its sale price.’
(1 x 8 marks = 8 marks, approximately 8 minutes)
Accounting
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Accounting
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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 ONE part. Your answers must be written in the space provided in the answer booklet for this question. The Electrical Shop, owned by Lawrence Watt, is a retail electrical store, with a balance date for the financial year of 30 June 2012. Accounts receivable and accounts payable control accounts are not used. The perpetual inventory system is used. The following is a list of some of the transactions that occurred during the financial year ended 30 June 2012.
Date Transaction 31 March Lawrence commences business by depositing $30 000 from his private bank
account into the business bank account. 1 April Paid cash for inventory of $13 750 inclusive of 10% GST. 1 April Bought a delivery van for $7 700 (including 10% GST) fully financed by a
loan from ABC Finance. 30 April GST-inclusive cash sales of $3 300 were made. The recorded cost of the
goods was $1 500. 13 May Paid wages of $750. 27 May Lawrence realises that freight expenses of $550 has been mistakenly
recorded in his drawings account and makes the correcting entry. 3 June Damaged inventory with a GST-free retail value of $199 and a recorded
cost of $110 was thrown out. 15 June GST-inclusive stationery of $165 which included personal items
amounting to $44 was purchased by cheque. 20 June GST-inclusive inventory with a retail value of $330 and cost of $165 was
returned to the supplier Ace Electronics. The supplier has not yet been paid.
30 June Three months interest is owing on the loan taken out on 1 April. The interest rate is a flat 10% per annum. No repayments of principal or interest have previously been made.
You are required to provide General Journal entries for the transactions shown above. Ensure you record GST in all applicable entries. (Dates and narrations are required. Debit entries must be shown first and credit entries must be offset to the right.) .
(30 marks, approximately 30 minutes)
Accounting
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Question 3 (50 minutes) This question assesses Criterion 5 and is worth 50 marks. It is recommended that you spend a total of 50 minutes on this question. This question contains TWO parts. You must answer BOTH parts. Your answers must be written in the space provided in the answer booklet for this question.
Bernies Pies Trial Balance as at 30 June 2012
Question 3 continues opposite.
Debit ($) Credit ($)
Sales 180 000 Salaries – sales 18 400 Insurance 5 400 Plant & Equipment 19 800 Salaries – office 15 300 Bank fees 1 020 Accounts receivable control 25 000 Delivery expenses 7 000 Loan to XYZ repayable 31/3/13 2 000 Advertising 5 600 Accumulated depreciation on Plant & Equipment 8 160 Capital 116 153 Bank overdraft 4 200 Interest received 1 500 GST credits received 1 200 Bad and doubtful debts 1 350 Cost of goods sold 120 000 Stationery expense 960 Land & Buildings 98 800 Superannuation (9% of salaries) 3 033 Drawings 23 000 Rates & Land Tax 2 430 Provision for doubtful debts 750 Inventory control 25 000 Telephone 750 Mortgage on building 50 000 Accounts payable control 14 000 GST collected 7 200 Electricity 1 300 Cash on hand 620 Interest on loan 4 000 $ 381 963 $ 381 963
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Question 3 (continued) Additional information 1. The following balance day adjustments have yet to be made.
• A physical stock-take on 30 June 2012 indicated stock on hand of $24 000. • The owner has withdrawn GST-free stock for personal use of $300. • Provision for doubtful debts is to be $500. • Insurance shown in the trial balance at $5400 represents 18 months expense paid on 1 July,
2011. • Depreciation on the Plant & Equipment is 15% diminishing balance.
2. Accounts need to be cleared to GST clearing. Answer the following. (a) prepare a properly classified Income Statement in narrative form for Bernies Pies for the year
ended 30 June 2012. (30 marks, approximately 30 minutes) (b) prepare a properly classified Balance Sheet in narrative form for Bernies Pies as at
30 June 2012. (20 marks, approximately 20 minutes)
Accounting
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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) The owner of Dahlia Day Care presents you with the following summary of the Cash at Bank
Account transactions for the month of April 2012.
Cash at Bank account deposits Cash at Bank account withdrawals
Date Details $$ Date Details Chq No $ 2012 2012
Apr 8 Capital 805 Apr 2 Creditors 571 82 15 22
Sales Sales
1 412 2 903
8 9
Creditors Creditors
572 574
137 1 513
29 Debtors 246 12 Insurance 575 642 30 Sub Total $5 366 15 Purchases 576 701
21 Drawings 577 240 28 Postage 578
579 580 581
194 311 293 114
30 Sub Total $4 227
Question 4 continues opposite.
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Question 4 (continued)
The bank statement for the month of April 2012 is shown below.
Dahlia Day Care In account with AustBank for the month of April 2012 Date Particulars Debit Credit Balance 2012 $ $ $
Apr 1 Balance 657 Cr 1 Deposit 687 1 344 Cr 1 568 372 972 Cr 4 570 415 557 Cr 5 Deposit 805 1362 Cr 6 572 137 1 225Cr 9 Direct deposit for rent 696 1 921 Cr
11 574 1513 408 Cr 11 575 642 234 Dr 12 Monthly lease payment 435 669 Dr 12 Deposit 1 412 743 Cr 15 571 82 661 Cr 17 Bank Fees 421 240 Cr 20 576 701 461 Dr 24 Deposit 2 903 2 442 Cr 30 578 194 2 248 Cr
Additional Information
• Cash at bank balance on 31 March was $568 credit.
• Cheque 573 for $350 was written out incorrectly and has been cancelled.
• At 31 March 2012 there was a deposit not banked of $687 and cheques 568 for $372, 569 for $1 125 and 570 for $415 were unpresented.
Answer the following.
(i) Enter any appropriate entries into and total the ‘Cash at Bank account deposits’ for the
month ended April 2012. (ii) Enter any appropriate entries into and total the ‘Cash at Bank account withdrawals’ for the
month of April 2012. (iii) Prepare and balance the Cash at Bank ledger account for April 2012. The T account
format or columnar format may be used.
(iv) Prepare the Bank Reconciliation Statement of Dahlia Day Care at 30 April 2012. (v) Explain how it is possible for the end of month credit balance of a Bank Statement to be
higher than the end of month debit balance of the Cash at Bank ledger account. Give two reasons in your answer.
(2 + 2 + 4 + 8 + 4 = 20 marks, approximately 20 minutes) Question 4 continues over the page.
Accounting
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Question 4 (continued) (b) The following information concerns the actual position and expected cash transactions of Checks
and Balances, a small bookkeeping firm.
• There is $3 000 in the business bank account on 30 September 2011. • All sales are on credit and sales charged to accounts receivable during the previous three
months were:
July $18 000 August $12 000 September $15 000
• Credit sales are expected to be:
•
October $10 000 November $12 000 December $ 9 000
• Past experience suggests that accounts receivable settle their accounts in the following
manner: •
- 60% in the first month after sale, receiving a 2% discount - 25 % in the second month following the sale - 12% in the third month following the sale. The remaining 3% is expected to be recorded as bad debts.
• Expenses are paid using a mix of cash and credit terms. The firm owes $6 000 in accounts
payable at 30 September 2011. It is the firm’s policy to pay all accounts payable in the month following purchase.
• Cash flows are expected to be as follows:
Month Credit
Expenses Cash
Expenses Drawings GST
Liability Interest
Revenue October 3 600 3 000 2 000 3 500 November 4 200 2 500 2 000 210 December 2 000 4 000 2 000
• Cash expenses include a monthly amount of $1 000 for loan repayments. • A new computer costing $15 000 is expected to be purchased in November. Payment will
be made with a 40% deposit paid in November, with the balance payable in December.
Answer the following. (vi) Complete the Statement of Estimated Receipts from Accounts Receivable for Checks and
Balances for the three months ending 31 December 2011. (vii) Prepare the Cash Budget of Checks and Balances for the three months ending 31
December 2011. (viii) Discuss two options that could be considered for financing the purchase of the new
computer system. (6 + 10 + 4 = 20 marks, approximately 20 minutes)
Accounting
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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 was selected by the owner from the financial statements of
Launceston Lumber for 2012. There were no cash sales. $ $ Average Accounts Receivable 81 000 Cost of Goods Sold 520 000 Average Inventories 211 200 Net Profit 25 950 Owners Equity 260 975 Net Credit Sales 812 000 Total Assets 513 775 Interest expense 20 000 Answer the following. (i) the Net Profit Ratio for the year ended 30 June 2012 (ii) the Debt Ratio for the year ended 30 June 2012 (iii) the Turnover of Accounts Receivable for the year ended 30 June 2012.
Show your working in each case.
(2 + 2 + 2 = 6 marks, approximately 6 minutes)
Question 5 continues over the page.
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Question 5 (continued) (b) The following table provides performance ratios for Cressy Clothing, a small retailer of second
hand clothing, and the industry averages for 2012.
Ratio
2008
2009
2010
2011
2012
Industry Average
2012 Gross Profit Ratio 50.0% 52.0% 56.0% 55.0% 60.0% 55.0% Net Profit Ratio 10.0% 9.5% 9.0% 8.7% 7.0% 10.0% Working Capital Ratio
1.80:1 1.72:1 1.56:1 1.30:1 1.15:1 1.50:1
Return on Total Assets
25.0% 27.0% 22.0% 19.0% 12.0% 15.0%
Turnover of Inventories (days)
50 44 38 35 28 35
Answer the following.
(iv) For each of the above five ratios:
• state whether it indicates an improvement or deterioration in business performance
during the period 2008 to 2012 • suggest one factor that may explain this improvement or deterioration.
(v) Outline one recommendation you would make to the owner of Cressy Clothing to improve
the profitability of the business.
(vi) Outline two limitations of using ratio analysis to measure the performance of a business.
(10 + 2 + 4 = 16 marks, approximately16 minutes)
Question 5 continues opposite.
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Question 5 (continued) (c) The owner of Graemes Gardening has supplied you with the following Cash Flow Statement:
Graemes Gardening Cash Flow Statement for the year ended 30 June 2012
$ Cash Flows from Operating Activities Inflows Receipts from debtors 15 000 Cash sales 37 000 Outflows Payments to suppliers 35 000 Other outflows 6 000 Net cash provided by operating activities 11 000 Cash Flows from Investing Activities Net cash provided by investing activities nil Cash Flows from Financing Activities Inflows Bank Loan Outflows
30 000
Drawings 40 000 Net cash provided by financing activities (10 000) Net increase/(decrease) in cash held 1 000 Cash at beginning (1 July 2011) 500 Cash at end (30 June 2012) 1500
Answer the following. (vii) Explain, in detail, how the cash position of Graemes Gardening has changed as revealed
by the Cash Flow Statement. (viii) Make two recommendations to the owner of Graemes Gardening to improve the cash flow
position of the business.
(4 + 4 = 8 marks, approximately 8 minutes)
Accounting
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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.
ACCOUNTING – SENIOR SECONDARY (ACC315111)
2012 External Examination Formula Sheet
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
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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: 8 ©
Copyright for part(s) of this examination may be held by individuals and/or organisations other than the Tasmanian Qualifications Authority.
Tasmanian Certificate of Education
ACCOUNTING
Senior Secondary
Subject Code: ACC315111
ANSWER BOOKLET — Question 1
External Assessment
2012
Marker’s Use Only:
Criterion 3 (a) (b) (c) Total
PLACE LABEL HERE
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(a)
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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: 8 ©
Copyright for part(s) of this examination may be held by individuals and/or organisations other than the Tasmanian Qualifications Authority.
Tasmanian Certificate of Education
ACCOUNTING
Senior Secondary
Subject Code: ACC315111
ANSWER BOOKLET — Question 2
External Assessment
2012
Marker’s Use Only:
Criterion 4 (a) Total
PLACE LABEL HERE
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Extract from the General Journal of The Electrical Shop
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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: 8 ©
Copyright for part(s) of this examination may be held by individuals and/or organisations other than the Tasmanian Qualifications Authority.
Tasmanian Certificate of Education
ACCOUNTING
Senior Secondary
Subject Code: ACC315111
ANSWER BOOKLET — Question 3
External Assessment
2012
Marker’s Use Only:
Criterion 5 (a) (b) Total
PLACE LABEL HERET
AS
MA
NIA
N Q
UA
LIF
ICA
TIO
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AU
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OR
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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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General & administrative expenses ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Finance expenses ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Net Profit (Net Loss)
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Page 4
Marker’s Use Only
(b)
Title: ..................................................................................................................................................... ..................................................................................................................................................... .....................................................................................................................................................
ASSETS Current Assets ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Non-Current Assets Other financial assets ............................................................................. ............................................................................. ............................................................................. ............................................................................. Property, plant and equipment ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. .............................................................................
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Page 5
Marker’s Use Only
Intangibles ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Less LIABILITIES Current Liabilities ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. Non-Current Liabilities ............................................................................. ............................................................................. ............................................................................. ............................................................................. Net Assets ............................................................................. OWNERS EQUITY ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. ............................................................................. .............................................................................
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Page 8
Q BLANK PAGE
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: 8 ©
Copyright for part(s) of this examination may be held by individuals and/or organisations other than the Tasmanian Qualifications Authority.
Tasmanian Certificate of Education
ACCOUNTING
Senior Secondary
Subject Code: ACC315111
ANSWER BOOKLET — Question 4
External Assessment
2012
Marker’s Use Only:
Criterion 6 (a) (b) Total
PLACE LABEL HERE
TA
SM
AN
IAN
QU
AL
IFIC
AT
ION
S A
UT
HO
RIT
Y
Page 2
Marker’s Use Only
(a) (i)
(ii)
Cash at Bank account deposits Date Details $$
2012 Apr 8 Capital 805
15 22
Sales Sales
1 412 2 903
29 Debtors 246
30 Sub Total $5 366
Cash at Bank account withdrawals Date Details Chq No $
2012 Apr 2 Creditors 571 82
8 9
Creditors Creditors
572 574
137 1 513
12 Insurance 575 642 15 Purchases 576 701 21 Drawings 577 240 28 Postage 578
579 580 581
194 311 293 114
30 Sub Total $4 227
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Page 3
Marker’s Use Only (a) (iii)
Extract from the General Ledger of Dahlia Day Care 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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Page 4
Marker’s Use Only
(a) (iv)
Dahlia Day Care Bank Reconciliation Statement
as at 30 April 2012
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(v)
Reason 1: ................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... Reason 2: ................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... .....................................................................................................................................
Page 5
Marker’s Use Only
(b) (vi)
Checks and Balances Statement of estimated receipts from Accounts Receivable
Credit sales in: Total Estimated Cash to be received in: $ October ($) November ($) December ($) July 18 000 August 12 000 September 15 000 October 10 000 November 12 000 December 9 000 Totals
Any other working:
Page 6
Marker’s Use Only
(b) (vii)
Checks and Balances Cash Budget for the three months ending 31 December 2011
October ($) November ($) December ($)
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
Page 7
Marker’s Use Only
(b) (viii)
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Page 8
Q BLANK PAGE
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: 8 ©
Copyright for part(s) of this examination may be held by individuals and/or organisations other than the Tasmanian Qualifications Authority.
Tasmanian Certificate of Education
ACCOUNTING
Senior Secondary
Subject Code: ACC315111
ANSWER BOOKLET — Question 5
External Assessment
2012
Marker’s Use Only:
Criterion 7 (a) (b) (c) Total
PLACE LABEL HERE
TA
SM
AN
IAN
QU
AL
IFIC
AT
ION
S A
UT
HO
RIT
Y
Page 2
Marker’s Use Only
(a) (i)
(ii)
(iii)
Net Profit Ratio: ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ Debt Ratio: ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................ Turnover of Accounts Receivable: ........................................................................................................................................ ........................................................................................................................................ ........................................................................................................................................
Page 3
Marker’s Use Only
(b) (iv)
Gross Profit Ratio: ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... Net Profit Ratio: ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... Working Capital Ratio: ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... Return on Total Assets: ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... Turnover of Inventories (days): ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... ..................................................................................................................................... .....................................................................................................................................
Page 4
Marker’s Use Only
(b) (v)
(vi)
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Page 5
Marker’s Use Only
(c) (vii)
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Page 6
.
Marker’s Use Only
(c) (viii)
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Page 7
BLANK PAGE
Page 8
Q BLANK PAGE
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.