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2016 ACM Sem 2 Final Exam

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2016 ACM Sem 2 Final Exam

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Alistair

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POSTGRADUATE

Examination Paper – Semester 2, November 2016

103259 ACCOUNTING CONCEPTS AND METHODS (M)

ACCTING 7019

LECTURER: NICOLE MOSCHAKIS

Official Reading Time: 10 mins

Writing Time: 180 mins
Total Duration 190 mins

Instructions to Candidate
1. Answer all twenty (20) multiple choice questions in Part A.
2. Answer all seven (7) questions in Part B.
3. This paper consists of twenty-one (21) pages PLUS a separate answer sheet for Part A.
4. This is a Closed Book examination.
5. You should answer all questions in the spaces provided on this paper. If you need more
space, continue your answer on the back of the page and clearly indicate that the
answer is continued.
6. Please allocate your time according to the percentage contribution of the questions.
Allocated marks are given at the beginning of the writing space for each question.
7. Examination materials must NOT be removed from the examination room.
8. Fill in your student ID and name in the space provided below.

Materials:

Non-programmable calculator allowed.

Question Possible Marks

Marks Received
Part A 20
Part B 1 10 Student ID:
2 14
3 8 Last Name:
4 16
5 12 First Name:
6 14
7 6
Total 100

PLEASE DO NOT COMMENCE WRITING UNTIL INSTRUCTED TO DO SO

103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 2 of 21

PART A: Twenty Questions - Each Question is Worth 1 Mark.

Answer each of the following questions on the separate answer sheet

provided.

Ensure you fill your name and student number details on the answer sheet as
it will be separated from your exam scrip for marking.

1. Alpha Company reports the following balance sheet information for 2016:

1 January 2016 31 December 2016

Assets $160,000 $170,000
Liabilities $112,000 $114,000

Assuming the capital contribution made by the owners during 2016 was $2,000
and withdrawals were $12,000, the Profit for 2016 must have been:

a) ($2,000)
b) $2,000
c) $8,000
d) $18,000
e) None of the above

2. The Baseball Company uses an accounts receivable subsidiary ledger from which a
summary of customers and the amount they owe is prepared at the end of the period. This
summary is prepared to:

a) Prove that the subsidiary ledger agrees with the control account
b) Determine whether debits equal credits
c) Provide information that is necessary for trial balance preparation
d) Determine the amount that should be posted to the accounts payable control account
e) All of the above.

3. Segregation of duties involves:

a) Ensuring that only qualified accountants are employed in the accounting department
b) Separation of record-keeping from handling of assets
c) Providing each staff member with an individual password
d) All of the above
e) None of the above
103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 3 of 21

4. Shareholders’ equity does not include:

a) Liabilities
b) Reserves
c) Retained profits
d) Preference shares
e) Ordinary shares

5. An essential requirement for an asset to exist for accounting purposes is

a) It must be legally owned by the entity

b) It must be tangible
c) It must be under the control of the entity
d) An exchange has occurred
e) It was purchased at cost

6. The following information relates to the inventory of Jones Ltd for June 2016.

Units Unit cost Total cost

Opening balance 300 $2.00 $ 600
12/6 Purchase (excluding GST) 600 $2.25 $1,350
20/6 Purchase (excluding GST) 500 $2.40 $1,200
26/6 Purchase (excluding GST) 400 $2.50 $1,000

A physical stocktake on 30 June 2016 verified that 500 units of inventory were on hand.
From the above information, and assuming a weighted average cost flow assumption,
determine the amount (rounded to the nearest dollar) of inventory on hand as at 30 June
2016.

a) $1,153
b) $1,513
c) $1,531
d) $1,055
e) $1,510

7. Which item should not be included in the income statement’s cost of inventory?

a) Goods and Services Tax (GST)

b) Insurance costs on goods in transit to company
c) Costs associated with receiving and inspecting the goods
d) Costs incurred in preparing the goods for sale
e) The invoice price of the goods
103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 4 of 21

8. Which of the following is an example of an operating cash flow?

a) Dividends paid
b) Proceeds from sale of equipment
c) Payment of wages
d) Borrowing $10,000 from a finance company
e) Proceeds from issue of shares

9. Which depreciation method can result in the annual depreciation expense increasing or
decreasing from period to period?

a) Reducing balance
b) Straight-line method
c) Units-of-production
d) Sum-of-the-years digits
e) Direct method

10. The current ratio indicates:

a) Whether an entity has been paying its debts on a timely basis

b) An entity’s ability to satisfy its obligations in the short term
c) The dollar amount of total funds available to meet long-term obligations
d) An entity’s ability to satisfy its obligations without selling its inventory
e) None of the above

11. “A business activity is separated from the owner’s personal activity.” Which accounting
concept or assumption is this statement following:

a) Going concern assumption

b) Accounting entity assumption
c) Faithful representation
d) Relevance
e) Materiality

12. Papier Ltd has a sales journal, purchases journal, cash receipts journal, cash payments
journal and a general journal. In which journal would you record a cash refund to a
customer for returned goods?

a) Sales Journal
b) General Journal
c) Purchases Journal
d) Cash Receipts Journal
e) Cash Payments Journal
103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 5 of 21

13. When companies issue shares, the issue is sometimes oversubscribed. Oversubscription
means that:

a) Companies receive offers to purchase more shares than the company is offering to
the public.
b) Companies receive offers to purchase less shares than the company is offering to the
public.
c) Companies will sell more shares than initially offered to the public.
d) Companies will sell less shares than initially offered to the public.
e) None of the above

14. Amy Lewin operates a home decorating business as a sole trader. She would like to invite
a friend to help her with the business, and would consider converting the business to a
partnership. Which of the following is a disadvantage of converting to a partnership?

a) It is easy to form and is less costly to establish than other business forms
b) It is not subject to a lot of government regulation and supervision
c) Partners have flexibility in decision making – they are not under the control of a
board of directors as in a company
d) Allows for the pooling of skills and capital.
e) Unlimited liability – the partners are liable for the obligations of the partnership

15. A company sold equipment, which had a carrying value of $30,000, for $45,000. State
whether this transaction will appear in the operating, investing or financing sections of the
Statement of Cash Flows, the amount that will appear and whether it is a cash inflow or
cash outflow.

a) Financing, $45,000, inflow

b) Investing, $45,000, inflow.
c) Financing, $30,000, inflow.
d) Operating, $45,000, outflow.
e) Investing, $30,000, outflow

16. The main purpose of a bank reconciliation statement is to:

a) To ensure that the debit equals the credit.

b) To identify the differences between the bank statement’s balance and the company’s
cash at bank ledger account.
c) To ensure that all subsidiary ledgers of customers are balanced with the accounts
receivable control account.
d) To reconcile the closing inventory balance with the opening inventory balance.
e) None of the above.
103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 6 of 21

17. Closing entries are done:

a) On the first day of the next accounting period.

b) At any time during the accounting period.
c) On the last day of the accounting period.
d) On the second day of the next accounting period.
e) None of the above.

18. The link between the Balance Sheet and the Statement of Changes in Equity is (are):

a) Between the Profit and the Net Assets.

b) Between the closing balance of Cash at Bank account in the Balance Sheet and the
opening balance of the Total Equity.
c) The closing balances of the Share Capital, Retained Earnings, and Reserves.
d) Between the Profit and the Retained Earnings.
e) None of the above

19. Which inventory costing method assigns to the ending inventory the newest (the more
recent) costs incurred during the period:

(a) Average Cost.

(b) First in, first out (FIFO).
(c) Last in, first out (LIFO).
(d) Specific unit cost
(e) All of the above

20. Which item does appear on a Statement of Cash Flow prepared by the direct method?

(a) Depreciation
(b) Profit
(c) Gain on Sale of Land
(d) Cash paid to suppliers and employees
(e) Loss on Sales of investment property
103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 7 of 21

PART B: Seven Questions – Each Question Must Be Attempted.

QUESTION 1

On 9 September 2016, Rustic Gourmet’s Catering provided $2,800 worth of catering services on
credit at a party that night.

Required:

Using the definitions and recognition criteria from the Conceptual Framework, explain how Rustic
Gourmet should recognise the catering services provided on credit on 9 September 2015. Use
the Short Answer format.
10 Marks

Total marks - Question 1 = 10 marks

103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 8 of 21

QUESTION 2

(a) Kelly’s Krisps is preparing a cash budget for March and April 2016. Of the budgeted
monthly sales, 70% are on credit. Of the credit sales, 60% are collected in the
month of the sale, 30% are collected in the month following the sale and 5% are
collected in the second month following the sale. 5% are never collected and are
written off. Below are the budgeted sales for the months of January, February,
March and April.

January $ 115,000
February 162,000
March 139,000
April 125,000

Required: (Show all your calculations).

Prepare a schedule of expected cash receipts from sales for March and April 2016.

10 marks

(b) Describe two (2) principles of cash management. Explain why each principle is
important.
4 marks

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Total marks - Question 2 = 10 + 4 = 14 marks

103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 10 of 21

QUESTION 3

Delight Ltd sells washing machines. The following transactions occurred during April 2016:
2 April Purchased 40 washing machines for $350 each plus GST on credit.
10 April Returned 3 defective washing machines to the supplier.
21 April Sold 15 washing machines for $600 each plus GST on credit.

Required: (Show all your calculations. Narrations are not required).

Prepare all general journal entries to record the above transactions using the perpetual inventory
system. GST is 10%.
8 marks

Total marks - Question 3 = 8 marks

103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 11 of 21

QUESTION 4

Edwards Electrical gives you their financial statements for the year ended 30 June 2016 which
show a profit of $75,600. On examination of the records you find the following:
1. Rent due from customers of $450 is not included in the financial statements.
2. The annual premium of $720 for insurance was paid in advance on 1 April 2016 and
debited to Prepaid Insurance.
3. Commission owed to sales staff on 30 June 2016 amounted to $1,200.
4. A payment of $680 for new office furniture on 28 June 2016 had been debited to Sundry
Expenses.

Required: (Show all your calculations. Narrations are not required).

(a) Prepare the general journal entries required to make the necessary adjustments to the
financial statements of Edwards Electrical. Ignore GST.
8 marks

(b) Calculate the effect of the adjustments on the profit of Edwards Electrical.
3 marks
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(c) AFC is a partnership owned by John Andrews, Claire Francis, and Noah Collett. Their
profit and loss share arrangement is 1:3:4 respectively. The AFC adjusted trial balance
as at 31 December 2016 is as follows:
AFC
Adjusted Trial Balance
as at 31 December 2016
Account Name Debit Credit
Cash $ 9,000
Inventory 13,000
Motor Vehicle 20,000
Accum Dep – Motor Vehicle $ 10,000
Building 180,000
Accum Dep - Building 50,000
Accounts Payable 7,000
Mortgage Payable 50,000
John Andrews – Capital 63,000
Claire Francis – Capital 35,000
Noah Collett – Capital 27,000
John Andrews – Drawings 7,000
Claire Francis – Drawings 4,000
Noah Collett – Drawings 1,000
Sales Revenue 100,000
Cost of Sales 74,000
Salaries Expense 22,000
Rent Expense 12,000 _________
Total $ 342,000 $ 342,000

Required:
Prepare an Income Statement for the year ending 31 December 2016 and calculate the
distribution of the profit (loss) to each partner.
5 marks
103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 13 of 21

Total marks - Question 4 = 8 + 3 + 5 = 16 marks

103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 14 of 21

QUESTION 5

Moana Ships Ltd sells boats on credit. The accounting records at 30 June 2016 reveal the
following. Ignore GST.
Credit sales (for year) $1,340,000
Credit sales returns and allowances (for year) 70,000
Accounts receivable (balance 30 June 2016) 320,500
Allowance for doubtful debts (credit balance 30 June 2016) 1,500

Moana Ships uses the net credit sales method to estimate the bad debts. In the past, the
company’s yearly bad debts expense had been estimated at 2% of net credit sales revenue.

During the six month period from 1 July to 30 Dec 2016 attempts to recover amounts owed by
some customers were unsuccessful and $5,500 was written off as a bad debt.

Then, on the 7 Jan 2017 one of those customers (Aldinga boats) which had been written off as
bad debts surprisingly paid $3,000.

Required: (Show all your calculations. No narrations required).

(a) Prepare all general journal entries to account for the above transactions. Ignore GST.

8 marks
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103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 15 of 21

(b) Using the t-account format, determine the balance in the Allowance for Doubtful
Debts. Provide all relevant details and balance the account correctly.

4 marks

Total marks - Question 5 = 8 + 4 = 12 marks

103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 16 of 21

QUESTION 6

Windy Ltd is not registered for GST (i.e. there is no GST) and prepares financial reports on the
30 June each year.

On 1 January 2010, Windy Ltd purchased a production press for their factory with a loan of
$100,000 and the balance was paid for in cash. The production press cost $120,000 and it
also cost Windy Ltd $1,000 to transport the press to their premises and $2,000 for installation
and testing costs that had to be carried out before the press could be used. In addition, staff
training for the new press cost $500. The press was estimated to have a useful life of 10 years
at which time it would have an estimated $5,000 residual value. It is expected that economic
benefits will be received from the press evenly over its useful life.

On 25 November 2011 Windy Ltd paid $200 cash to replace a minor part on the press.

On 1 June 2012, a hydraulic pump was installed in the press at a cost of $9,000. After the new
pump was installed, the useful life of the machine was 8 years from the date of the installation
and the residual value was revised to $8,000.

On 1 July 2013 the machine was sold for $80,000.

Required: (Show all your calculations. Narrations are not required).

(a) Record all general journal entries in relation to the press from purchase to
disposal.
12 marks
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103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 17 of 21

Total marks Question 6 = 12 + 2 = 14 marks

103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 19 of 21

QUESTION 7

(a) Below is some selected data for Dan’s Toyworld:

2015 2016

Sales $1,500,000 $2,200,000

Interest expense $80,000 $220,000
Tax expense $110,000 $200,000
Net profit after tax $200,000 $300,000

Assets $2,500,000 $4 250 000

Liabilities $1,500 000 $3,000,000
Owners’ equity $1,000,000 $1,250,000

Number of shares issued 500,000 500,000

Share price $1.00 $1.20
Dividend per share $0.08 $0.10

Note: total assets at the end of 2017 were $2,000,000 and owner’s equity at the end of
2017 was $800,000.

Required:

Calculate one ratio (refer to attachment below on page 21) that relates to the long term
solvency of Dan’s Toyworld for both 2015 and 2016. Briefly explain the purpose of the ratio
calculated and interpret the results of your calculations.
6 marks

Total marks Question 7 = 6 marks

103259 Accounting Concepts & Methods (M) Final Examination - Semester 2, 2016 Page 21 of 21

Question 7 Attachment: Ratio Formulae

Current ratio = Current assets

Current liabilities

Quick ratio = Cash assets + receivables

Current liabilities

Debt ratio = Total liabilities

Total assets

Return on total assets = Profit before interest and tax

Average total assets

Return on ordinary = Net profit after tax – preference dividends

shareholders’ equity Average ordinary shareholders’ equity

Profit margin = Net profit after tax

Revenue

Times interest earned = Profit before interest and tax

Finance costs expensed + finance costs capitalised

Cash flow adequacy ratio = Cash from operating activities

Repayment of borrowing + assets acquired + dividends paid

Debt coverage = Total Non-current liabilities

Cash from operating activities

Cash flow to revenues = Cash from operating activities

Revenue

Operations index = Cash from operating activities

` Profit after interest and tax

Cash flow return on assets = Cash from operating activities + tax paid + interest paid
Average total assets

Receivables turnover = Net sales revenue

Average receivables balance

Inventory turnover = Cost of sales

Average inventory

Reinvestment = Payment for property, plant and equipment

Cash from operating activities

END OF EXAMINATION

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2016 ACM Sem 2 Final Exam

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2016 ACM Sem 2 Final Exam

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POSTGRADUATE

Examination Paper – Semester 2, November 2016

103259 ACCOUNTING CONCEPTS AND METHODS (M)

LECTURER: NICOLE MOSCHAKIS

Official Reading Time: 10 mins

Non-programmable calculator allowed.

Question Possible Marks

PLEASE DO NOT COMMENCE WRITING UNTIL INSTRUCTED TO DO SO

PART A: Twenty Questions - Each Question is Worth 1 Mark.

Answer each of the following questions on the separate answer sheet

1 January 2016 31 December 2016

3. Segregation of duties involves:

4. Shareholders’ equity does not include:

5. An essential requirement for an asset to exist for accounting purposes is

a) It must be legally owned by the entity

Units Unit cost Total cost

a) Goods and Services Tax (GST)

8. Which of the following is an example of an operating cash flow?

10. The current ratio indicates:

a) Whether an entity has been paying its debts on a timely basis

a) Going concern assumption

a) Financing, $45,000, inflow

16. The main purpose of a bank reconciliation statement is to:

a) To ensure that the debit equals the credit.

17. Closing entries are done:

a) On the first day of the next accounting period.

a) Between the Profit and the Net Assets.

(a) Average Cost.

PART B: Seven Questions – Each Question Must Be Attempted.

Total marks - Question 1 = 10 marks

Required: (Show all your calculations).

Total marks - Question 2 = 10 + 4 = 14 marks

Required: (Show all your calculations. Narrations are not required).

Total marks - Question 3 = 8 marks

Required: (Show all your calculations. Narrations are not required).

Total marks - Question 4 = 8 + 3 + 5 = 16 marks

Required: (Show all your calculations. No narrations required).

Total marks - Question 5 = 8 + 4 = 12 marks

On 1 July 2013 the machine was sold for $80,000.

Required: (Show all your calculations. Narrations are not required).

Total marks Question 6 = 12 + 2 = 14 marks

(a) Below is some selected data for Dan’s Toyworld:

Sales $1,500,000 $2,200,000

Assets $2,500,000 $4 250 000

Number of shares issued 500,000 500,000

Total marks Question 7 = 6 marks

Question 7 Attachment: Ratio Formulae

Current ratio = Current assets

Quick ratio = Cash assets + receivables

Debt ratio = Total liabilities

Return on total assets = Profit before interest and tax

Return on ordinary = Net profit after tax – preference dividends

Profit margin = Net profit after tax

Times interest earned = Profit before interest and tax

Cash flow adequacy ratio = Cash from operating activities

Debt coverage = Total Non-current liabilities

Cash flow to revenues = Cash from operating activities

Operations index = Cash from operating activities

Receivables turnover = Net sales revenue

Inventory turnover = Cost of sales

Reinvestment = Payment for property, plant and equipment

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