2016 Accounting Examination Paper.indd - SACE

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External Examination 2016

2016 ACCOUNTING FOR OFFICE USE ONLY SUPERVISOR CHECK

ATTACH SACE REGISTRATION NUMBER LABEL TO THIS BOX

RE-MARKED

Tuesday 15 November: 1.30 pm Time: 2 hours

Pages: 33 Questions: 4

Examination material: one 33-page question booklet one SACE registration number label Approved dictionaries and calculators may be used. Instructions to Students 1.

You will have 10 minutes to read the paper. You must not write in your question booklet or use a calculator during this reading time, but you may make notes on the scribbling paper provided.

2.

This paper consists of four problem questions. Answer all questions in the spaces provided in this question booklet.

3.

The total mark is 120.

4.

The financial analysis ratios are on page 3, which you may remove from this booklet before the examination begins.

5.

Remove the tear-out information sheets on pages 5, 13, 19, and 27 from the booklet, so that you can refer to them when you write your answers.

6.

Show all working in this booklet. (You are strongly advised not to use scribbling paper. Work that you consider incorrect should be crossed out with a single line.)

7.

Use only black or blue pens for all work other than calculations, for which you may use a sharp dark pencil.

8.

Attach your SACE registration number label to the box at the top of this page.

© SACE Board of South Australia 2016

STUDENT’S DECLARATION ON THE USE OF CALCULATORS By signing the examination attendance roll I declare that: • my calculators have been cleared of all memory • no external storage media are in use on these calculators. I understand that if I do not comply with the above conditions for the use of calculators I will: • be in breach of the rules • have my results for the examination cancelled or amended • be liable to such further penalty, whether by exclusion from future examinations or otherwise, as the SACE Board of South Australia determines.

page 2 of 33

You may remove this page from the booklet by tearing along the perforations, so that you can refer to it when you write your answers. FINANCIAL ANALYSIS RATIOS Profitability (Return)

Expressed as

For all entities:

net pro¿t

Return on equity

Return on total assets

net pro¿t  interest expense

net pro¿t

individual expenses

Dividend per ordinary share

Dividend yield

%

net sales gross pro¿t

Gross profit margin

Earnings yield

%

net sales

Expense

Earnings per ordinary share

%

total assets*

Net profit margin

For companies:

%

owner’s equity*

%

net sales net pro¿t for ordinary shareholders number of ordinary shares earnings per ordinary share market price per ordinary share total ordinary dividend number of ordinary shares dividend per ordinary share market price per ordinary share

$

%

$

%

Financial Stability (Risk) Short Term (Liquidity) Quick asset (acid test)†

current assets  inventory current liabilities current assets

Working capital

current liabilities net credit sales

Debtors’ turnover

debtors* cost of goods sold

Inventory turnover

inventory*

Long Term (Solvency)

total liabilities

Total debt/total assets

total assets total liabilities

Debt/equity

Times interest earned

owner’s equity net pro¿t  interest expense interest expense

ratio

ratio

times

times

%

%

times

*Averages are used for these values. However, the availability of information may necessitate the use of opening or closing values. †It is acceptable also to deduct bank overdrafts from current liabilities when calculating this ratio, as appears in some textbooks and study guides.

page 3 of 33

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page 4 of 33

You may remove this page from the booklet by tearing along the perforations, so that you can refer to the following information when you write your answers to Question 1.

QUESTION 1 Hung’s Hardware is owned and operated by Hung. The store uses subsidiary ledgers to record debtors and inventory. During one week in September 2016, Hung’s Hardware recorded the following transactions: 19 September

Purchased goods on credit for $230.

20 September

Sold goods to Theodora on credit for $580 (cost $220) and charged her $30 for delivery.

21 September

$50 worth of goods (cost $32) returned by Theodora. Purchased office equipment; paid $2400 cash.

22 September

Purchased goods for $750 cash.

23 September

Returned goods, originally purchased for $95 cash, to supplier. Received $550 from Jerome, allowing $20 discount.

24 September

Destroyed damaged stock with a selling price of $210 (cost $115). Sold goods for $795 cash (cost $280).

page 5 of 33

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page 6 of 33

QUESTION 1

(25 marks)

(a) Using the information on page 5 (the tear-out sheet), complete and formally balance the debtors’ control account for Hung’s Hardware for September 2016. Debtors’ Control Account 19 September

Balance

1450

(3 marks) (b) How can Hung verify the closing balance of the debtors’ control account? ____________________________________________________________________________________________________________ __________________________________________________________________________________________________

(1 mark)

(c) Hung has been told that calculating a debtors’ turnover would help him to analyse the performance of his debtors. (i)

Using the information from the debtors’ control account, calculate the debtors’ turnover for Hung.

(1 mark) (ii) State one reason why the results of your calculation in part (c) (i) may not be helpful for Hung. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

page 7 of 33

(1 mark)

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(d) Using the information on page 5 (the tear-out sheet), complete and formally balance the inventory control account. Inventory Control Account 19 September

Opening balance

4650

(4 marks) (e) Hung’s Hardware records the following transaction: • Sold goods on credit for $600 (cost $250). Show the effect of this transaction on the accounting equation, the income statement, and the statement of cash flows. Accounting Equation Assets

Liabilities

Owner’s equity

Income Statement Revenue

Cost of goods sold

Selling expenses

Administrative expenses

Financial expenses

Statement of Cash Flows Operating activities

Investing activities

Financing activities

(3 marks)

page 8 of 33

Hung’s Hardware has provided the following completed inventory card for wheelbarrows for May 2016: INVENTORY CARD Wheelbarrows In Date

Out

Balance

Details Qty

Cost

Total

Qty

Cost

Total

Qty

Cost

Total

2 1

400 450

800 450

2

400

800

1 May

Balance

4 May

Sales

5 May

Purchases (creditors)

5

430

2150

2 5

400 430

800 2150

6 May

Sales returns

1

450

450

2 5 1

400 430 450

800 2150 450

9 May

Drawings

1

430

430

2 4 1

400 430 450

800 1720 450

12 May

Sales

2

430

860

2 2 1

400 430 450

800 860 450

1

450

450

More Information • The selling price for each wheelbarrow is $750. (f ) With reference to the inventory card, complete the extract from the income statement for Hung’s Hardware for the period ended 12 May 2016, using a perpetual inventory system. HUNG’S HARDWARE Extract from Income Statement for Period Ended 12 May 2016 Revenue

Cost of goods sold

Gross profit (2 marks) page 9 of 33

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(g) One inventory item (a hammer) was bought for $4.50. The store now stocks a better hammer, so the original inventory item can be sold for only $1.20. State how the original inventory item should be valued, and give a reason for your answer. ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ _________________________________________________________________________________________________

(2 marks)

(h) Hung’s Hardware uses both the first-in first-out method and the specific identification method of recording inventory. (i)

Identify one inventory item for which the first-in first-out method of recording inventory would be used. Give a reason for your answer. _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ____________________________________________________________________________________________

(2 marks)

(ii) Identify one inventory item for which the specific identification method of recording inventory would be used. Give a reason for your answer. _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ____________________________________________________________________________________________

(2 marks)

(iii) Identify which method of recording inventory — first-in first-out or specific identification — is the more accurate. Give a reason for your answer. _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ____________________________________________________________________________________________

page 10 of 33

(2 marks)

(i)

The accounting process involves processing data and reporting information to users. State how, when dealing with inventory, Hung’s Hardware has: (i)

processed data. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

(ii) reported information. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

End of Question 1

page 11 of 33

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page 12 of 33

You may remove this page from the booklet by tearing along the perforations, so that you can refer to the following information when you write your answers to Question 2.

QUESTION 2 Ena Vashen owns We Deliver, a small transport business that delivers packages in the central business district and inner suburbs of the city. The business has been steadily growing, but is now facing increased competition from larger organisations. Ena is looking at new ways to maintain the growth of her business. Ena has provided the following information to help with the preparation of a cash budget for November 2016 and December 2016. • In 2015 the business made 200 deliveries in November and 300 in December. For each delivery the business charges $150. • Ena is planning to buy two new larger delivery vehicles at the beginning of November. This will allow the business to increase the number of deliveries made each month by 25%. • All deliveries are made on credit, with 60% paid in the month of delivery and 40% paid in the month after delivery. • The new delivery vehicles will cost Ena $30 000 each and must be paid for in cash in November. • Other expenses incurred by the business are: – vehicle fuel and maintenance $40 per delivery – depreciation on vehicles $3000 per month – warehouse rent $48 000 per year paid monthly – drivers’ wages $2750 per month – insurance $10 per delivery.

page 13 of 33

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page 14 of 33

QUESTION 2

(25 marks)

(a) Calculate the expected number of deliveries and the expected revenue for November 2016 and December 2016. November

December

Expected number of deliveries Expected revenue (2 marks) (b) Prepare the collection from debtors schedule and the cash budget for November 2016 and December 2016. WE DELIVER Collection from Debtors Schedule for November and December November October deliveries (actual — 180)

December

10 800

Expected November deliveries Expected December deliveries TOTAL WE DELIVER Cash Budget for November and December November

December

Estimated receipts

Estimated payments

Receipts less payments Opening bank balance

27 000

Closing bank balance (7 marks)

page 15 of 33

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(c) With reference to the cash budget that you completed in part (b) on page 15: (i)

describe the predicted cash position of We Deliver at the end of November 2016 and at the end of December 2016. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

(ii) comment on what the predicted cash position might indicate for the future of the business. _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ____________________________________________________________________________________________

(2 marks)

(d) Suggest two advantages that We Deliver will gain by paying cash for the two new delivery vehicles in November. ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ _________________________________________________________________________________________________

page 16 of 33

(2 marks)

(e) The 180 deliveries made in October 2016 allowed We Deliver to make a profit of $8250. In October the: • selling price was $150 per delivery • variable costs were $50 per delivery • fixed costs were $9750 per month. If the new delivery vehicles are purchased, it is expected that fixed costs will increase by $12 000 per month, and insurance costs will increase by $2 per delivery. In October 2016 the break-even point was 98 deliveries. Calculate the break-even point for November 2016.

(2 marks) (f ) After receiving new information, We Deliver has reviewed the expected number of deliveries for November 2016 and December 2016. There are now expected to be 270 deliveries in November and 390 in December. Comment on these new figures in comparison with your result in part (e). ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ _________________________________________________________________________________________________

(2 marks)

(g) Considering all of the information in the cash budget on page 15 and your answer to part (e), would you recommend that Ena purchases the new delivery vehicles? Give reasons for your answer. ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ _________________________________________________________________________________________________

page 17 of 33

(3 marks)

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(h) Ena has noticed that the total on the October bank statement for We Deliver does not match the balance in We Deliver’s cash at bank ledger account. At the end of October Ena calculated the balance in the cash at bank ledger account as $27 000 debit (this figure includes all the information from the October bank statement). The bank statement shows a balance of $28 248 credit. Ena has found that three cheques, number 487 for $3350, number 489 for $720, and number 490 for $636, do not appear on the bank statement. An amount of $3458, which was recorded as being received by the business on 31 October, is also missing from the bank statement. (i)

Prepare a bank reconciliation statement at 31 October. WE DELIVER Bank Reconciliation Statement at 31 October

(3 marks) (ii) Give one reason — apart from a bank or business recording error — why a bank reconciliation statement may not reconcile. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

End of Question 2

page 18 of 33

(1 mark)

You may remove this page from the booklet by tearing along the perforations, so that you can refer to the following information when you write your answers to Question 3.

QUESTION 3 Jim Page owns and manages a business called Heavenly Hallway Furniture. He has provided the following comparative balance sheets for 2015 and 2016, as well as an income statement for the years ended 30 June 2015 and 30 June 2016 (on page 20), to be used in preparing a statement of cash flows for the year ended 30 June 2016: HEAVENLY HALLWAY FURNITURE Comparative Balance Sheets as at 30 June 2016 and 30 June 2015 2016

2015

Owner’s Equity Capital

142 200

112 000

Additional capital

0

50 000

(20 000)

(25 000)

85 900

5 200

208 100

142 200

76 000

7 800

4 000

7 000

34 000

52 000

2 400

200

160 650

129 150

Less accumulated depreciation

(7 650)

(6 150)

Equipment

68 000

68 000

Machinery

50 000

20 000

0

6 000

387 400

284 000

Current Liabilities Creditors

46 950

31 800

Accrued wages

12 350

0

Non-current Liabilities Loan

120 000

110 000

Total Liabilities

179 300

141 800

Net Assets

208 100

142 200

Drawings Profit Total Owner’s Equity Current Assets Cash at bank Debtors Inventory Prepaid rent Non-current Assets Vehicles

Investments Total Assets

The information for Question 3 is continued on page 20.

page 19 of 33

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HEAVENLY HALLWAY FURNITURE Income Statement for Years Ended 30 June 2016 and 30 June 2015 2016 Revenue Sales

2015

350 000

205 000

52 000

44 000

109 000

95 000

4 000

4 500

Closing inventory

(34 000)

(52 000)

Gross Profit

219 000

113 500

600

200

1 250

1 500

11 000

11 000

Rent

9 300

8 300

Depreciation

1 500

1 300

Telephone and internet

5 400

5 000

Wages

102 000

79 500

Interest

4 450

4 000

Discount allowed

1 300

900

85 900

5 200

Cost of Goods Sold Opening inventory Purchases Freight

Other Revenue Discount revenue Commission revenue

Other Expenses Insurance

Profit

More Information • All sales and acquisitions of non-current assets were paid for in cash. • $6000 in cash was received for the investments sold. • All drawings and capital contributions were made in cash.

page 20 of 33

QUESTION 3

(35 marks)

(a) Give a specific example of where each of the following concepts is being used in the comparative balance sheets for Heavenly Hallway Furniture on page 19 (the tear-out sheet). Prudence. ____________________________________________________________________________________________________________

Accrual accounting. ____________________________________________________________________________________________________________

Going concern. ____________________________________________________________________________________________________________

Historical cost. _________________________________________________________________________________________________

(b) (i)

(2 marks)

State one advantage of using the concept of historical cost in the comparative balance sheets for Heavenly Hallway Furniture. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

(ii) State one disadvantage of using the concept of historical cost in the comparative balance sheets for Heavenly Hallway Furniture. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

(c) Name the document that guides accountants in the standards and procedures of compiling financial statements for sole traders and partnerships. ____________________________________________________________________________________________________________ __________________________________________________________________________________________________

(1 mark)

(d) A statement of cash flows is one process used to control and monitor cash. Name two other processes that help to control and monitor cash. ____________________________________________________________________________________________________________ __________________________________________________________________________________________________

page 21 of 33

(1 mark)

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(e) Complete the following calculations in order to prepare a statement of cash flows for Heavenly Hallway Furniture for the year ended 30 June 2016. Cash received from debtors.

Cash paid to suppliers.

Cash paid for rent.

Cash paid for wages.

(6 marks) Use the space below for other calculations.

page 22 of 33

(f ) Prepare a statement of cash flows for Heavenly Hallway Furniture for the year ended 30 June 2016. HEAVENLY HALLWAY FURNITURE Statement of Cash Flows for Year Ended 30 June 2016 CASH FLOWS FROM OPERATING ACTIVITIES

Net cash flows from operating activities CASH FLOWS FROM INVESTING ACTIVITIES

Net cash flows from investing activities CASH FLOWS FROM FINANCING ACTIVITIES

Net cash flows from financing activities NET INCREASE/DECREASE IN CASH HELD CASH AT BEGINNING OF YEAR CASH AT END OF YEAR (10 marks)

page 23 of 33

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(g) (i)

Describe the impact of the net cash flow from investing activities for Heavenly Hallway Furniture, and comment on whether or not this is of concern. _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ____________________________________________________________________________________________

(2 marks)

(ii) Analysing the statement of cash flows, discuss the appropriateness of business decisions made in the past 12 months. _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ____________________________________________________________________________________________

(3 marks)

(h) Jim is considering buying shares in another company. He has been looking at two options — Lead N Steel Ltd and Zep Balloons Ltd. The following information has been provided by each company as at 30 June 2016: Lead N Steel Ltd

Zep Balloons Ltd

Net profit

$600 000

$525 000

Ordinary dividend

$640 000

$450 000

400 000

300 000

$11.50

$10.20

Number of ordinary shares Market price per ordinary share Earnings yield

17.2%

Dividend yield (i)

13.9%

14.7%

Calculate the earnings yield for Lead N Steel Ltd as at 30 June 2016.

(2 marks)

page 24 of 33

(ii) Which company should Jim invest in? Give a reason for your answer. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

(iii) Why is the calculation of the earnings yield an important aspect of the decision-making process for a potential investor? _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

(iv) Zep Balloons Ltd is proposing to expand its operations and is considering releasing 40 000 new shares. (1) State one advantage that a release of new shares has for an existing shareholder. __________________________________________________________________________________________________ ________________________________________________________________________________________

(1 mark)

(2) State one disadvantage that a release of new shares has for an existing shareholder. __________________________________________________________________________________________________ ________________________________________________________________________________________

(i)

(1 mark)

Jim — the owner of sole trader business Heavenly Hallway Furniture — decides to buy shares in Zep Balloons Ltd. Explain the legal entity as it applies to: (i)

Heavenly Hallway Furniture. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

(ii) Zep Balloons Ltd. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

End of Question 3

page 25 of 33

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page 26 of 33

You may remove this page from the booklet by tearing along the perforations, so that you can refer to the following information when you write your answers to Question 4.

QUESTION 4 Florence Hurricane owns and operates Scentimental, an online store that sells candles. She has provided the following information for the preparation of a balance sheet and an income statement for Scentimental for the 6 months ended 30 June 2016: SCENTIMENTAL Trial Balance for 6 Months Ended 30 June 2016 Account

Debit

Capital

Credit 400 000

Drawings

80 000

Investments

128 000

Cash at bank

8 900

Inventory (1 January 2016)

54 100

Debtors

14 800

Computers

30 000

Accumulated depreciation on computers Equipment

4 500 69 000

Accumulated depreciation on equipment

12 000

Creditors

48 220

Premises

570 000

Mortgage

450 000

Interest revenue

4 800

Sales revenue

875 000

Sales returns and allowances

23 400

Purchases

618 000

Freight inwards expense

16 600

Freight outwards expense

50 900

Office wages

85 000

Administrative expenses

25 000

Bad debts expense

600

Website maintenance expense

13 220

Insurance

7 000 1 794 520

1 794 520

More Information as at 30 June 2016 • Closing inventory is $43 900. • The computers are depreciated at 10% per annum, using the diminishing-balance method. • The equipment is depreciated using the units-of-use method. It has a residual value of $8000 and a useful life of 500 000 units. It was used to produce 70 000 units this accounting period. • The insurance expense was paid on 1 January 2016 for 12 months. • Florence took out the mortgage on 1 June 2016. Interest on the mortgage needs to be paid monthly and charged at 5% per annum. The first payment is due on 30 June 2016. • Florence has a number of slow-paying debtors. An allowance for doubtful debts at 5% of debtors needs to be created. page 27 of 33

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page 28 of 33

QUESTION 4

(35 marks)

(a) Show the calculation for the depreciation on equipment.

(2 marks) (b) Show the calculation for the accrued interest.

(2 marks) (c) Complete the general journal entries to record the adjustments shown. GENERAL JOURNAL Date

Particulars

Debit

Credit

Recording depreciation on computers

Adjusting prepaid insurance

Creating allowance for doubtful debts at 5% of debtors (6 marks)

page 29 of 33

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(d) (i)

Complete the owner’s equity section of the balance sheet for Scentimental as at 30 June 2016. SCENTIMENTAL Balance Sheet as at 30 June 2016 Owner’s Equity

Current Assets Cash at bank

8 900

Inventory Debtors Less allowance for doubtful debts

43 900 14 800 (740)

Prepaid insurance

3 500

Non-current Assets Computers

30 000

Less accumulated depreciation

(5 775)

Equipment Less accumulated depreciation

14 060

24 225

69 000 (20 540)

48 460

Investments

128 000

Premises

570 000

Total Assets Current Liabilities Creditors Accrued interest

70 360

770 685 841 045

48 220 1 875

Non-current Liabilities Mortgage

50 095

450 000

Net Assets

500 095 340 950 (3 marks)

page 30 of 33

(ii) Complete the income statement for Scentimental for the 6 months ended 30 June 2016. SCENTIMENTAL Income Statement for 6 Months Ended 30 June 2016 Revenue

Cost of Goods Sold

Gross Profit

Other Revenue

Expenses Selling

Administrative

Financial

Profit/Loss (9 marks)

page 31 of 33

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(e) Florence chose the units-of-use method to calculate the depreciation on equipment. (i)

Was the units-of-use method an appropriate choice for this calculation? Give a reason for your answer. _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ____________________________________________________________________________________________

(2 marks)

(ii) How did the depreciation on computers affect the balance sheet? _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ____________________________________________________________________________________________

(2 marks)

(f ) Florence has received an inheritance and is thinking of investing it in the business. (i)

Calculate the return on equity ratio at 30 June 2016.

(2 marks) (ii) On the basis of your answer to part (f )(i), would you advise Florence to invest her inheritance in the business, or to put it in her bank where it will attract 2.5% interest? Give a reason for your answer. _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ____________________________________________________________________________________________

(2 marks)

(iii) Suggest a qualitative reason why Florence might decide not to invest more capital in Scentimental. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

page 32 of 33

(1 mark)

(g) Suggest two advantages of running an online business. ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ _________________________________________________________________________________________________

(2 marks)

(h) On its website, Scentimental advertises that its products are made in Australia. However, as local suppliers are unable to keep up with demand, Florence has decided to import 90% of the candles she sells. (i)

Identify one ethical issue relating to Florence’s decision. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

(1 mark)

(ii) Identify one social issue relating to Florence’s decision. _______________________________________________________________________________________________________ _____________________________________________________________________________________________

End of Question 4

page 33 of 33 — end of question booklet

(1 mark)

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2016 Accounting Examination Paper.indd - SACE

External Examination 2016 2016 ACCOUNTING FOR OFFICE USE ONLY SUPERVISOR CHECK ATTACH SACE REGISTRATION NUMBER LABEL TO THIS BOX RE-MARKED Tuesday...

317KB Sizes 3 Downloads 15 Views

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