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ACCTING 1004 - Week 12 (Lecture Slides)

The document outlines the requirements and guidelines for an accounting course, including passing criteria, supplementary exam conditions, and replacement exam policies. It emphasizes the importance of setting clear goals and provides tips for exam preparation, including time management and utilizing tutorial questions. Additionally, it includes practical accounting exercises related to inventory, adjusting entries, and financial statements.

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fuyunshen
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9 views

ACCTING 1004 - Week 12 (Lecture Slides)

The document outlines the requirements and guidelines for an accounting course, including passing criteria, supplementary exam conditions, and replacement exam policies. It emphasizes the importance of setting clear goals and provides tips for exam preparation, including time management and utilizing tutorial questions. Additionally, it includes practical accounting exercises related to inventory, adjusting entries, and financial statements.

Uploaded by

fuyunshen
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Accounting Foundations

Exam Review
Course requirements

➢ You must obtain at least 50% overall

➢ No exam hurdle
Academic supplementary exam

➢ Conditions under which an academic


supplementary exam is offered in this
course
➢ Overall course marks: 45% - 49%
➢ Decision to award determined by academic committee
Replacement examination

➢ Available for:
➢ Medical reasons
➢ Compassionate reasons

➢ It is your responsibility to investigate, comply


with and follow through on university policies
surrounding replacement exams

➢ Will be a completely new examination


Goals & achievement…

“People with clear written goals


accomplish far more in a shorter
period of time than people without
them could ever imagine” (Brian Tracy)
You have to make
time by taking it
away from one
activity and giving
it to another!!!
I can’t do it
I can’t do it
yet!!
Tips…

➢ Exam time: 180 minutes

➢ Tutorial questions and the provided sample


exam paper are a good guide to the type
and difficulty of exam questions
Question 1… inventory
Harry's Hardware uses a perpetual inventory system. During September 20X3, the
following purchases and sales transactions occurred:

i. Goods sold on credit for $4 000 plus GST (cost $3 280) were returned.

ii. Purchased goods on account for $5 000 plus GST;

iii. Paid for the balance of the purchase in time to receive a discount of 2% of
the purchase price; and

iv. Sold goods costing $15 300 for $22 600 plus GST. Cash of $10 000 was
received with the balance on credit.

Required:

Prepare general journal entries to record the above transactions.


Question 1… inventory
Question 1… inventory
Question 2… schedule of receipts
Question 2… schedule of receipts
Question 3… adjusting entries
Question 3… adjusting entries
Question 4… non-current asset
Question 4… non-current asset
Question 4… non-current asset
Question 5… income statement & balance sheet
Question 5… income statement & balance sheet
Question 5…
Halpert Enterprises Pty Ltd
Income Statement
for the year ended 30 June 2021

INCOME
Services revenue $386 000

EXPENSES
Advertising expense $36 000
Insurance expense 8 000
Rent expense 33 000
Supplies expense 12 600
Telephone expense 12 200
Electricity expense 17 000
Wages expense 111 000
229 800
PROFIT $156 200
Question 5…
A final thought…

“The difference between ordinary


and extraordinary
is the little extra”

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