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VCE Accounting 2013–2016

Written examination

Examination specifcations

Overall conditions

The 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 2 hours writing time.

The examination will be marked by a panel appointed by the VCAA.

The examination will contribute 50 per cent to the Study Score.

Content

The VCE Accounting Study Design 2013–2016 is the document for the development of the examination. The

study design includes the Characteristics of the Study (pages 12–16). Questions will be based on the key

knowledge and key skills that underpin the outcomes in Units 3 and 4. Students will be required to apply the

knowledge and skills of the accounting processes undertaken in Units 3 and 4.

Students will not be required to use information and communications technology (ICT) in the examination.

Students will not be required to undertake calculations relating to fnancial indicators in the examination;

however, the underpinning knowledge, interpretation and analysis associated with these indicators are

examinable.

Students will not be required to prepare graphical representations in the examination; however, the

explanation and interpretation of graphical representations are examinable.

Format

The examination will consist of a series of short answer 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 100.

The examination will be in the form of a question book and an answer book.

Approved materials and equipment

• normal stationery requirements (pens, pencils, highlighters, erasers, sharpeners and rulers)

• one scientifc calculator

Advice

During the 2013–2016 accreditation period for the VCE Accounting Study Design, examinations will be

prepared according to the examination specifcations above. The examination will assess a representative

sample of the key knowledge and key skills from Unit 3 and Unit 4.

© VICTORIAN CURRICULUM AND ASSESSMENT AUTHORITY 2012

July 2012



VCE Acounting (Specifcations and sample) – July 2012 2

The following sample examination is intended to demonstrate the format and type of questions that teachers

and students can expect on the end-of-year Accounting examination. Teachers and students should be

aware of the Characteristics of the Study, including accounting principles and qualitative characteristics, as

described on pages 12–16 of the study design.

The VCAA does not publish answers for sample examinations.

The following documents should be referred to in relation to the VCE Accounting examination.

• VCE Accounting Study Design 2013–2016 • VCE Accounting Assessment Handbook 2013–2016

• VCAA Bulletin VCE, VCAL and VET

It is recommended that students write in pencil when answering questions that involve calculations.



S A M

P L E

ACCOUNTING

Written examination

Day Date

Reading time: *.** ** to *.** ** (15 minutes)

Writing time: *.** ** to *.** ** (2 hours)

QUESTION BOOK

Structure of book

Number of

questions

Number of questions

to be answered

Number of

marks

11 11 100

• Studentsarepermittedtobringintotheexaminationroom:pens,pencils,highlighters,erasers,

sharpeners,rulersandonescienticcalculator.

• StudentsareNOTpermittedtobringintotheexaminationroom:blanksheetsofpaperand/orwhite

outliquid/tape.

Materials supplied• Questionbookof10pages.

• Answerbookof17pages.

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

July2012

Victorian Certicate of Education

Year



ACCNTEXAMQB(SAMPLE) 2 July2012

Question 3–continued

Question 1 (2 marks)

Dene theterm ‘doubleentryaccountingsystem’.


MarkBrownownsandoperatesMark’sMegaMovers.Hehasprovidedhisaccountantwiththefollowing

graphdisplayingdetailsofhisNon-CurrentAssets.Hepurchasedthemallon1July2009.

Historical Cost

Depreciation – 2009–10




Accumulated Depreciation

– 30 June 2013

Construction

Equipment

Computer

Equipment

Tools and

Equipment

Fixtures and

Fittings

45 000

40 000

35 000

30 000

25 000

20 000

15 000

10 000

5 000

0

a. Usingthegraph,identifyandjustifytheselectionofthedepreciationmethodusedforthe• ConstructionEquipment

• FixturesandFittings.

4marks

b. GiventhattheConstructionEquipmentwasdepreciatedusingarateof30%perannum,calculateand

showhowtheConstructionEquipmentwouldbereportedintheBalanceSheetasat30June2013.

3marks

c. Markstated‘wecanchangemethodsofdepreciationnextyearifwewantto’.Usinganaccounting

principleandaqualitativecharacteristic,explainwhetherthiswouldbeadvisable.

4marks


CourtneyHaylesistheownerofHaylesHomeEntertainment,abusinessthatsellshomeentertainment

products.At1June2013thebusinesshadthefollowingdebtors.

$

JSimon 880

MAvis 2200

3080



July2012 3 ACCNTEXAMQB(SAMPLE)

TURN OVER

ExtractsoftheCashReceiptsJournalandSalesJournalforJune2013areprovidedbelow.

Cash Receipts Journal

Date

2013

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 1 000 1500 150

16June SSlater 238 594 66 660

21June MAvis 239 1 000 1 000

28June Sales 240 1320 800 1200 120

Totals to date 10 276 154 2 540 2 600 3 900 3 600 390

Sales Journal

Date

2013

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

Totals to date 1 500 2 250 225 2 475

Additional information

• On30June,Courtneytransferred$10000fromherpersonalbankaccounttothebusinessbank

account(asnotedontheBankStatement).

• On30June,thebusinesswasadvisedthattheamountoutstandingforDebtor–MAvis,shouldbe

writtenoff(Memo5).

• On30June,JSimonreturnedthegoodshehadpurchasedon22June,becausetheywerefaulty

(CN538).

a. Recordtheadditionalinformationintheappropriatejournals.Totalthejournalswhereappropriate.

Narrationsarenotrequired.

5marks

b. CompletetheDebtorsSubsidiaryLedgerforDebtor–JSimonasitwouldappearafteralljournalshave

beenpostedforJune2013.

Youarerequiredtobalancetheaccount.

4marks

c. Manybusinessesusecontrolaccountsandsubsidiaryledgersintheiraccountingsystems.

Discussthebenetsandlimitationsofusingcontrolaccountsandsubsidiaryledgers.

6marks




Question 4 –continued


ChrisLaurenceownsandoperatesChrisso’sFitnessWarehouse,asmallbusinesssellingavarietyoftness

equipment.

Featuresofthebusiness’saccountingsystemincludethefollowing.

• Thebusinesssellstocustomersonbothacashandcreditbasis.Creditisofferedtoreliablecustomersat

credittermsof5/14,n/30.TheperpetualmethodofstockrecordingandtheFIFOcostassignmentmethod

areused.• Stockismarkedupatarateof50%.

• Thebusinesspreparesnancialreportsattheendofeachmonth.

Chrishasrecordedalltransactionsintotherelevantjournals.Asummaryoftheseisprovided.

Cash Payments Journal (summary)

Date

2013

Details Chq.

No.

Bank Disc.

Rev.

Creditors

Control

Stock

Control

Wages Sundries GST

30June Totalstodate 34200 1300 27000 4 000 3000 1 000 500

Sales Journal (summary)

Date

2013

Debtor Invoice

Number

Cost of

Sales

Sales GST Debtors

Control

30June Totalstodate 30000 45000 4500 49500

Purchases Journal (summary)

Date

2013

Creditor Invoice

Number

Stock

Control

GST Creditors

Control

30June Totalstodate 29000 2900 31900

Cash Receipts Journal (summary)

Date

2013

Details Rec.

No.

Bank Disc.

Exp.

Debtors

Control

Cost of

Sales

Sales Sundries GST

30June Totalstodate 39300 700 18000 12000 20000 – 2000

Attheendofthereportingperiod,Chrisrealisedthatthefollowingdocumentshadnotbeenrecorded.

CFW

Invoice CFW234 Date: 19 June 2013

Charge to: Rob’s Gym

Sale: 2 ZX7 Treadmills

Amount GST Invoice

$4200 $420 $4620

Terms: 5/14, n/30

CFW

Memo 9

Date: 27 June 2013

Instruction: 1 ZX7 Treadmill, at a cost of $1500,was used at a recent tness expo and will now

be used solely for advertising purposes.

CFW

Receipt 105

Date: 28 June 2013

Details: Received payment in full from Rob’s

Gym for invoice CFW234.




TURN OVER

a. ExplainwhatismeantbytheFIFOcostassignmentmethod.

2marks

b. Update andtotaltherelevantjournalswiththeinformationcontainedintheabovedocuments.


5marks

c. ExplainwhythestockreferredtoinMemo9shouldbetreatedasanexpense.2marks

FollowingaphysicalcountoftheModelZX7Treadmillsat30June2013,Chrispreparedthefollowing

memo.

CFW

Memo 10

Date: 30 June 2013

Details: A physical stocktake showed 1 ZX7Treadmill on hand.

ChrisprovidedthefollowingStockCardfortheZX7Treadmill.

Stock Item: ZX7 Treadmill Supplier: Treadies

Location: E4 Cost Assignment Method: FIFO

Date

2013

Details IN OUT BALANCE

Qty Cost Total Qty Cost Total Qty Cost Total

1June Balance 8 1300 10 400

8June Inv.CFW230 4 1300 5200 4 1300 5200

12June Rec.103 3 1300 3900 1 1300 1300

18June Inv.ZX42 4 1500 6000 1

4

1300

1500

1300

6000

d. CompletetheStockCardforZX7Treadmillswithallrelevanttransactionsuptoandincluding

30June2013.

3marks

e. PreparetheGeneralJournalentrytorecordthenecessaryadjustingentryforstockat30June2013.

Anarrationisrequired.

3marks

f. Calculate theAdjustedGrossProtonthesaleofZX7TreadmillsforthemonthofJune2013.

4marks





a. Denenetrealisablevalue(NRV).

2marks

b. ExplaintheeffectsonthenancialreportsifabusinessfailstorecogniseNRVwhenvaluingitsstock.

3marks


Timownsandoperatesatoolshop,Tim’sTools.Hehasprovidedyouwiththefollowingbudgeted

informationfromthecashjournalsfortheyear1July2013to30June2014.


• Bank 311200

• DiscountExpense 1700

• DebtorsControl 180900

• CostofSales 60000

• Sales 120000

• GST 12000

Cash Payments Journal

• Bank 159500

• DiscountRevenue 1500

• CreditorsControl 45000

• StockControl 24000

• Wages 53000

• Sundries

Drawings 6000

Expenses 15000

FixturesandFittings 3000

CustomsDuties 2000

PrepaidRentExpense 8000

AccruedWages 2000

• GST 3000

Additional information (expected for year)

• Bankbalanceat1July2013was$26800

• CreditSales50%greaterthanCashSales

• Stockmarkedupby100%

• StockLosstobe3%oftotalsales

• SalesReturnstobe5%oftotalsales

• Accruedinterestof$200relatingtoatermdeposit

• Wagesowing30June2014estimatedtobe$3100

• BalanceinPrepaidRentexpensewillbe$1000asat30June2014

a. PrepareaBudgetedIncomeStatementfortheyearending30June2014.

9marks

b. PrepareaBudgetedCashFlowStatementfortheyearending30June2014.

6marks

Timispleasedwiththelevelofexpectedprotandcashindicatedbythebudgets;however,heisconcerned

thattheseresultswillnotbeachievedin12monthstime.

c. ExplainhowTimcouldusethesebudgetstomonitorhisprogress.

3marks




TURN OVER


Abusinessownerhasstated,‘IamnotsureIwanttomakeaprotthisyear.LastyearImadealossbutmy

bankbalanceincreasedby$8900despitehavingnonewloansorcapitalcontributions’.

Explain,givingtwoexamples,howthiscouldoccur.

Question 8 (8 marks)On1October2013,GenDomesticstradedinitsolddeliveryvanforanewdeliveryvanfromClubMotors.

Theolddeliveryvanwaspurchasedatthebeginningof2007for$28000andhadacarryingvalueat

1October2013of$3500.Detailsofthepurchaseandtrade-inforthenewdeliveryvanaredocumentedin

theinvoicebelow.

Club Motors

Date 1October2013

Invoice no. 79

Sold to GenDomestics

DESCRIPTION $

DeliveryVan 42000

plusGST 4200

46200

Lesstrade-in 2000

TOTAL PRICE 44200

Terms: Net 30 days

a. ShowhowthefollowingaccountswillappearintheGeneralLedgerafterallentrieshavebeenposted.

• DeliveryVan

• AccumulatedDepreciation–DeliveryVan

• DisposalofDeliveryVan

Youarenotrequiredtobalancetheaccounts.

6marks

b. Explain,usingtheinformationfromGenDomestics,whytheprotorlossondisposalofthevan

occurred.

2marks





Abusinessownerisconcernedthatherbusiness’scashowandliquidityaredeteriorating,soheraccountant

hasprovidedsomeinformationregardingthebusiness’sshort-termnancialposition.

Indicator 2010 2011 2012

WorkingCapitalRatio 2.15:1 2.25:1 2.79:1

QuickAssetRatio 1.42:1 1.05:1 0.79:1

CreditorsTurnover 17days 16days 15days

StockTurnover 58days 79days 98days

DebtorsTurnover 47days 44days 42days

Thebusiness’scredittermshavebeen2/14,n/30since2009.

Suppliers’credittermsarealln/30.

a. ExplainhowitispossiblethattheWorkingCapitalRatiotrendisfavourablewhiletheQuickAsset

Ratiotrendisunfavourable.

2marksb. Suggesttwotypesofinformation,otherthannancialindicators,thatcouldbeusefultothebusiness

ownerinanalysingtheperformanceofherbusiness.

2marks

c. Statetwostrategies,excludingadditionaladvertising,thatthebusinessownercouldimplementtoimprove

theStockTurnover(thatis,reduceStockTurnoverdays)withoutaffectingtheGrossProtmargin.

2marks




TURN OVER


BelindaBrowncommencedbusinesson1January2013underthenameofBubbleBaths.Heraccountant

providedthefollowingPre-adjustmentTrialBalanceat30June2013.

Bubble Baths

Pre-adjustment Trial Balance as at 30 June 2013

Account Debit Credit

Capital 26800

CashatBank 12360

CostofSales 76000

CreditorsControl 63000

DebtorsControl 34000

DiscountExpense 480

DiscountRevenue 800

Drawings 32800

FreightInward 1 000

GSTClearing 20

InterestExpense 2400

Loan 42000

PrepaidAdvertisingExpense 1800

PrepaidSalesRevenue 1 000

Sales 152000

ShopFittings 2000

StockControl 77500

Vehicle 46000

WagesExpense 24000

297 980 297 980

Theaccountantnotedthefollowing.

• ThePrepaidAdvertisingExpenserelatestosixadvertisements(onepermonthforsixmonths)in‘Beautiful

Bathrooms’magazine,commencingJune2013.

• Wagesincurredforthesix-monthperiodare$25000.

• PrepaidSalesRevenuerepresentsadepositonacustom-madebath,whichwasdeliveredtothecustomer

on30June2013.

a. PrepareGeneralJournalentriestorecordtheseadjustmentsat30June2013.


6marks

b. ExplaintherelationshipbetweentheGoingConcernprincipleandtheneedforbalancedayadjustments.

2marks





BucklesandBeltshasprovidedthefollowinginformation,whichwasextractedfromtheCashFlow

StatementVarianceReportforthemonthended31October2013.

Budgeted Actual Variance Fav/Unfav

CashSaleofVehicle 6000 7500 1500 F

ReceiptsfromDebtors 95000 90000 5000 U

Loan (9000) (8000) 1 000 F

Interest 300 375 75 U

a. Referringtotheextractabove,statewhethertheinterestisacashinoworcashoutow.

Explainyouranswer.

2marks

b. ExplainhowBucklesandBeltscouldusetheinformationcontainedintheextractfromtheCashFlow

StatementVarianceReport.

2marks

END OF QUESTION BOOK



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

July2012

ACCOUNTING

Written examination

Day Date

Reading time: *.** ** to *.** ** (15 minutes)Writing time: *.** ** to *.** ** (2 hours)

ANSWER BOOK

SUPERVISOR TO ATTACH PROCESSING LABEL HERE

Figures

Words

STUDENT NUMBER Letter

Victorian Certicate of Education

Year



ACCNTEXAMAB(SAMPLE) 2 July2012

This page is blank



July2012 3 ACCNTEXAMAB(SAMPLE)


TURN OVER


Denition


a. 4marks

Construction EquipmentMethod of depreciation

Fixtures and Fittings

Method of depreciation

Justication

b. 3marks

Calculation

Mark’s Mega Movers

Balance Sheet (extract) as at 30 June 2013

Non-Current Assets $ $





c. 4marks

Explanation


a. 5marks


Date

2013

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

Totals to date 10 276 154 2 540 2 600 3 900 3 600 390





TURN OVER

Sales Journal

Date

2013

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

Totals to date 1 500 2 250 225 2 475

General Journal

Date2013

Details General Ledger Subsidiary LedgerDebit Credit Debit Credit




b. 4marks

Debtor – J Simon

Date

2013

Cross-reference Amount Date

2013

Cross-reference Amount

c. 6marks

Discussion





TURN OVER


a. 2marks

Explanation

b. 5marks

Cash Payments Journal (summary)

Date2013

Details Chq.No.

Bank Disc.Rev.

CreditorsControl

Stock Control

Wages Sundries GST

30June Totalstodate 34200 1300 27000 4000 3000 1000 500

Sales Journal (summary)

Date

2013

Debtor Invoice

Number

Cost of

Sales

Sales GST Debtors

Control30June Totalstodate 30000 45000 4500 49500

Purchases Journal (summary)

Date

2013

Creditor Invoice

Number

Stock

Control

GST Creditors

Control

30June Totalstodate 29000 2900 31900





Cash Receipts Journal (summary)

Date

2013

Details Rec.

No.

Bank Disc.

Exp.

Debtors

Control

Cost of

Sales

Sales Sundries GST

30June Totalstodate 39300 700 18000 12000 20000 – 2000

General Journal

Date

2013

Details General Ledger Subsidiary Ledger

Debit Credit Debit Credit

c. 2marks

Explanation




TURN OVER

d. 3marks

Stock Item: ZX7 Treadmill Supplier: Treadies

Location: E4 Cost Assignment Method: FIFO

Date

2013

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 1

4

1300

1500

1300

6000

e. 3marks

General Journal

Date

2013

Details General Ledger Subsidiary Ledger

Debit Credit Debit Credit

f. 4marks

Calculation

Adjusted Gross Prot $





a. 2marks

Denition

b. 3marks

Explanation





TURN OVER


a. 9marks

Tim’s Tools

Budgeted Income Statement for the year ending 30 June 2014

$ $




b. 6marks

Tim’s Tools

Budgeted Cash Flow Statement for the year ending 30 June 2014

$ $





TURN OVER

c. 3marks

Explanation


Explanation





a. 6marks

Delivery Van

Date

2013


2013


Accumulated Depreciation – Delivery Van

Date

2013


2013


Disposal of Delivery Van

Date

2013


2013


b. 2marks

Explanation




TURN OVER


a. 2marks

Explanation

b. 2marks

Other information 1

Other information 2

c. 2marks

Strategy 1

Strategy 2





a. 6marks

General Journal

Date

2013

Particulars General Ledger Subsidiary Ledger

Debit

$

Credit

$

Debit

$

Credit

$

b. 2marks

Explanation





a. 2marks

Cash Inow or Cash Outow

Explanation

b. 2marks

Explanation

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