(a) (i) Marking Scheme: 1 mark for definition and 1 mark for example.

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1 T A S M A N I A N Accounting C E R T I F I C A T E Subject Code ACC5C O F E D U C A T I O N Question 1 T A S M A N I A N Q U A L I F I C A T I O N S A U T H O R I T Y (a) (i) Marking Scheme: 1 mark for definition and 1 mark for example. (ii) Transactions are financial events that affect the elements of the accounting equation, e.g. J Gough commenced business on 1 January 2006 by depositing $ in cash as capital. Accrued expenses are expenses incurred in the current accounting period but not yet paid or recorded, e.g. if wages were paid on 27 June but the balance day is 30 June, then wages are still owing for 3 days when we calculate profit of 30 June. Intangible assets are items of value to the business but lack physical substance. This category of non-current assets includes patents, copyrights, trademarks and goodwill. Amortisation refers to the gradual writing off of the cost of intangible assets and natural resources through the passing of time or depletion. Marking Scheme: 1 mark for definition and 1 mark for example/explanation. Accounting Period Assumption assumes that the life of a business is divided into arbitrary time periods for the purpose of profit determination, e.g. the Australian Taxation Office expects all sole traders and partnerships to lodge an income tax return for the financial year 1 July 200X to 30 June 200Y. Revenue Realisation refers to the point in time when the cash is received for a revenue transaction. For example, if Food Suppliers supplied the School canteen with $500 worth of food items on the 8 February 2006 but the $500 owing was not paid until the 28 February 2006, Food Suppliers would realise the revenue on 28 February Reliability refers to the confidence or credibility we place in the recording and reporting of financial events. Financial information must faithfully represent events, and be free from bias and undue error. Source documents and independent auditing help ensure reliability. Going concern assumption is also known as the continuity assumption and assumes that the business is going to continue its operations indefinitely and is not likely to be liquidated in the foreseeable future.

2 Accounting 2 (b) (iii) Marking Scheme: 1 mark for description, 1mark for stating its control function, and 1 mark for explaining how this occurs. See p343 of the recommended text. (iv) Marking Scheme: 2 marks for explaining what the Investing Activities section of the Statement is and what is included and 1 mark for any reason why it is important. The cash flow from investing activities section is an important section of a Statement of Cash Flows. It covers the movement of cash from the disposal and acquisition of non-current assets and investment accounts, such as shares, land, bonds and loans. It helps us to determine whether the business has invested surplus funds in some other form such as an income earning asset or has had to realize certain investments to compensate for a shortfall of cash. (v) Marking Scheme: 1 mark for definition, 1 mark for its purpose, 1 mark for how it helps the accountant. The chart of accounts is a list of all account titles and numbers arranged according to the classification desired in the ledger. It is designed to simplify the work of then bookkeeper and accountant by helping them refer to and find their way more easily around the ledger. Refer to text p47 for full explanations. (vi) Marking Scheme: 1.5 marks for any limitation of each of the statements Refer to pp of the text. Examples include Statement of Financial Performance method of inventory valuation or depreciation or doubtful debts and impact on profit Statement of Financial Position method of valuing intangible assets, historic cost assumption (c) (vii) Marking Scheme: 1 mark for defining inventories, 1 mark for suitable example, 2 marks for describing perpetual inventory system, and 2 marks for explaining why a stock-take is required. See pp of the text. (viii) Marking Scheme: 1 ½ marks for defining current assets, 1 ½ marks for defining non-current assets, 1 ½ marks for identifying each of two reasons why the classification is important. See pp of the text. (ix) Marking Scheme: 2 marks for defining depreciation expense, 1.5 marks for describing the straight-line method, 1.5 marks for describing the diminishing balance method, 1 mark for stating the effect on profit of either of the two methods. See pp of the text.

3 Accounting 3 Question 2 (a) Marking Scheme: 1 mark for the debit entry, 1 mark for the credit entry and 1 mark for a suitable narration. ½ mark deduction for not listing debit first and ½ mark deduction for not indenting credit entry. Extract from the General Journal of Fitzroy Place Fruiters Date Details Debit ($) Credit ($) 2006 Apr 1 Cash at Bank Motor Vehicle Capital (Owner commenced business with assets) ***Apr 1 Insurance Expense Cash at Bank (Paid quarterly insurance premium cheque 460) Apr 2 Computer System GST Credits Received 600 Clarendon Vale Computers (Purchased new computer system on credit) Apr 8 Cash at Bank Sales (Sold GST free goods for cash) Cost of Goods Sold 400 Inventories Control 400 (Cost of goods sold) Apr 27 Drawings 275 Inventories Control 75 Cash at Bank 200 (Owner withdrew inventories and cash for personal use) May 12 Cash at Bank Tasmania Bank (Bank loan) May 31 Wages 240 Cleaning Expenses 240 (Correcting entry) June 30 Inventory Adjustment 42 Inventory Control 42 (Inventory shortage as per stocktake) June 30 Depreciation Expense 800 Accumulated Depreciation on Vehicles 800 (Straight line depreciation at 20%) July 1 Unearned Revenue 100 Rent Revenue 100 (Reversing entry) *** The more correct answer appears below as the text clearly indicates that Insurance is a taxable supply and liable for GST. This year only both answers were marked correct due to an error in the answers to the Sample Exam.

4 Accounting 4 Date Details Debit ($) Credit ($) Apr 1 Insurance Expense GST Credits Received 123 Cash at Bank (Paid quarterly insurance premium cheque 460) (b) (i) Marking Scheme: 2 marks for complete explanation of the entry, 1 mark if incomplete. (A) Punt Road Traders bought office equipment on credit from Canterbury Office Warehouse with a net value of $ (B) (C) The owner of Punt Road Traders withdrew office equipment to the value of $1 240 for personal use. Punt Road Traders paid $6 500, the monthly balance of their liability account with Canterbury Office Warehouse. (D) Punt Road Traders incurred a gross debt with Canterbury Office Warehouse of $4 400 for office equipment bought on credit. (ii) Marking Scheme: 2 marks for correct procedure for the pencil balance. Office Equipment Nov 1 Balance b/d Nov 23 Drawings (B) Canterbury Office Warehouse (A) $11 860

5 Accounting 5 Question 3 Marking Scheme: Item Incorrect Deduction Statement of Financial Performance Item omitted completely 3 S F Position item included 3 Adjustment ignored 4 Expense item recorded as Revenue 2 Adjustment incorrect, i.e. adjustment attempted but incorrect figure 2 Wrong expense classification 1 Additional information ignored 2 Mathematical errors 1 Sub-totals missing 1 Incorrect columns 1 Incorrect figure transferred from Trial Balance 1 Incorrect heading 1 Statement of Financial Position Item omitted completely 3 S F Performance item included 3 Adjustment ignored 3 GST Accounts not cleared 3 Asset recorded as Liability 2 Adjustment incorrect, i.e. adjustment attempted but figure incorrect 2 Wrong asset classification 1 Mathematical errors 1 Sub-totals missing 1 Less Drawings before Add Net Profit 1 Incorrect columns 1 Balance Day Adjustments: Dr Cr Wages Expense $1 500 Accrued Expenses $1 500 Accrued Revenues $2 500 Sales $2 500 Prepaid Expenses $730 Advertising $730 Depreciation of MV $3 300 Accumulated Dep n on MV $3 300 Bad & Doubtful Debts $270 Provision for Doubtful Debts $270 GST Collected $ GST Clearing $6 900 GST Clearing $ GST Credits Received $6 900

6 Accounting 6 Question 3 (a) Burnie Bicycles Statement of Financial Performance for the year ended 30 June 2006 Sales Less Sales Returns & Allowances Less Cost of Goods Sold Gross Profit Add Other Operating Revenue Interest Revenue 300 Discount Revenue Less Other operating expenses Selling & distribution expenses Cartage Outwards Advertising General & administrative expenses Wages & Salaries Rent Expense Insurance Expense Stationery Expense 550 Loss on Disposal of F & F 510 Accounting Costs Depreciation of MV Finance expenses Bad & Doubtful Debts Net operating profit Less Extraordinary expenses Damage due to hailstorm Net profit

7 Accounting 7 Question 3 (b) Burnie Bicycles Statement of Financial Position as at 30 June 2006 ASSETS Current Assets Cash at Bank Accounts Receivable Control Less Provision for Doubtful Debts Inventories Control Accrued Revenues Prepaid expenses Non Current Assets Other Financial Assets Property, Plant & Equipment Land & Buildings Vehicles Less Accumulated Depreciation on Vehicles Office Equipment Less Accumulated Depreciation on F & F Intangibles Goodwill Less LIABILITIES Current Liabilities Bank Accounts Payable Control Accrued Expenses GST clearing Non Current Liabilities Loan from Bridport Bank Mortgage Net Assets OWNERS EQUITY Capital Add Net Profit Less Drawings

8 Accounting 8 Question 4 (a) (i) Marking Scheme: 6 marks (1 for opening balance, 1 for closing balance, 2 each for Receipts and Payments, deduct b0.5 marks for incorrect dates) Extract from General Ledger of Wynyard Tulips Cash at Bank Account Aug 1 Balance Aug 31 Payments Receipts Where Receipts = = and Payments= = (ii) Marking Scheme: 2 marks for opening line (1 for words + 1 for amount), 1 mark for each unpresented cheque = 4 marks, ½ mark for total of unpresented cheques, ½ mark for sub-total, 1 mark for deposit not yet credited (0.5 mark for words marks for total) and 2 marks for closing line(1 for words + 1 for amount) = 10 marks. Wynyard Tulips Bank Reconciliation Statement as at 31 August 2006 $ Credit Balance as per Bank Statement Add Deposits Not Yet Credited Less Unpresented Cheques Cheque Amount Number $ Debit Balance as per Cash at Bank Account $4 875 (iii) Marking scheme: 1 mark for identifying + 1 for explaining any 2 clear and different reasons. Explanations include Verification of the business s records with explanations on aspects not yet known by the bank, such as deposits not yet credited and unpresented cheques Verification that amounts recorded as received and paid have actually been received and paid Checking the time differences between when amounts as recorded as received are banked and amounts recorded as paid are withdrawn

9 Accounting 9 Update the business s records for aspects not yet known by the business, such as direct deposits, direct withdrawals (e.g. bank charges), and dishonoured cheques Checking for errors in either the business s records or the bank s records. Detect theft. Question 4 (b) (iv) Marking Scheme: 1 for correct total for each of the three months = 3 marks. (only half marks were given if total was omitted) XP Computers Schedule of Collections from Accounts Receivable Estimated Cash to be received in: Credit Sales in: Total ($) November ($) December ($) January ($) August September October November December January Total

10 Accounting 10 (v) Marking Scheme: 1 mark for accounts receivable line as per their calculation (0.5 for words for amounts), 1½ mark for cash sales line, ½ mark for Bank Loan line, 2 marks for accounts payable line (0.5 for words for each amount), ½ mark for renovation, ½ mark for salaries, ½ mark for rent, ½ mark for advertising, ½ mark for GST Payable, ½ mark for drawings, ½ mark for cleaning, ½ mark for interest on loan, 1 mark for bank balance at start of April, 1 mark for not putting in depreciation, 1 mark for not putting in bad debts, and 1 mark for completion of Bank section (using their figures) = 13 marks. XP Computers Cash Budget for the three months ending 31 January 2006 Nov ($) Dec ($) Jan ($) Estimated Cash Receipts Cash Sales Collections from AR Bank Loan Total Estimated Receipts Estimated Cash Payments Renovations Payments to AP Salaries Rent Advertising Cleaning Drawings GST Payable Interest on Loan 380 Total Estimated Payments Bank Balance at Start Dr Dr Dr Excess of Receipts over Payments Excess of Payments over Receipts Bank Balance at End Dr Dr Dr (vi) Marking Scheme: 1 mark for each of 2 appropriate ideas = 2 marks. Statement of Financial Performance Statement of Financial Position Statement of Cash Flows Key performance indicators, e.g. profitability and liquidity ratios Credit history (vii) Marking Scheme: 1 marks for an appropriate idea + 1 mark for its advantage = 2 marks. As the renovations have a long term purpose, sources of long-term finance are appropriate, such as additional capital, retained profits, loans from other financial institutions, and a mortgage against owned property. Short term sources of finance such as a bank overdraft, debt factoring, leasing and trade creditors would not be appropriate. Any logical advantage was acceptable.

11 Accounting 11 Question 5 (a) (i) Marking Scheme: 1 mark for correct calculation. (½ mark for any correct working that is shown.) Gross Profit Ratio = / * 100 = 50% (ii) Marking Scheme: 2 marks for correct calculation and correct format (i.e. x :1). (1 mark for any correct working that is shown, 1 mark if incorrect format shown) Current Ratio = / = 1.08:1 (iii) Marking Scheme: 3 marks for correct calculation and correct format (i.e. times or days). (1 mark for any correct working that is shown, 2 marks if incorrect format shown) Turnover of Inventories = /(( )/2)) = (or 0.53) times per year or 365/0.53 = days (If not rounded = days) (b) (iv) Marking Scheme: 1 mark for comment on general pattern, 1 mark for quoting Gross Profit Ratio information, 1 mark for quoting Net Profit Ratio information, 1 mark for comparison to Industry Average. The profitability is good area for the business. The profitability has improved from 2002 and in 2006 all the profitability ratios are above the industry averages. The gross profit ratio has improved from 50% to 66% and is above the industry average of 60%; the net profit ratio has improved from 19.9% to 34% and is above the industry average of 31% - hence for every $ of sales the Officer s Club makes $3 000 more in net operating profit than the industry average. (v) Marking Scheme: 1 mark for comment on general pattern, 1 mark for quoting Current Ratio information, 1 mark for quoting Equity Ratio information, 1 mark for comparison to Industry Average. The financial stability has improved and is above the industry average. The equity ratio declined from 52% to 43%, which means 43% of the business is funded by the owner with outsiders effectively owning the remaining 57%. This compares unfavourably with the industry average of 53% for the equity ratio. This should be considered as a concern. The business is financially stable in the short tern with a current ratio of 1.19:1 indicating that for every $1 of current liabilities the business has $1.19 in current assets to assist with paying the short term debts.

12 Accounting 12 (vi) Marking Scheme: 1 mark for identifying a suitable course of action and 2 marks for its explanation. The liquidity position of the Officer s Club may be the result of a planned course of action to improve its profitability. Although the Quick Asset Ratio has improved the increasing deterioration of the Turnover of Accounts Receivable is of concern. Any course of action to improve this would be advantageous, such as a tightening of credit policies and terms, discounts for prompt payment, and follow up for slow payers. (c) (vii) Marking Scheme: 5 marks as shown The statements for both years contain negative cash flows from operating activities, with the key being that cash receipts from customers has fallen considerably over the two years. (1 + 1 = 2 marks) The cash flows from investing activities show that, in order to finance its activities for 2006 and to fund the negative cash flow from operations, the business had to dispose of its investments. (1 mark) The cash flows from financing activities sections show that in both years the owner had to contribute cash capital to support the liquidity position of the business. (1 + 1 = 2 marks) (viii) Marking Scheme: 3 marks as shown The negative cash flow from operations for the last two years indicates that the business has a significant liquidity problem and puts into question its short to medium term future. Her promise to repay within 12 months seems unlikely. (1 mark) Consequently I would not recommend lending $ to this business. (1mark) Additional information that may influence this decision would be The level of trading stock held by the business The personal financial resources the owner may commit to support the business (1mark) All correspondence should be addressed to: Tasmanian Qualifications Authority PO Box 147, Sandy Bay 7006 Ph: (03) Fax: (03) Internet:

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