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ACCT1501AccountingandFinancial

Management1A
Session22016

MidSessionExamInformation

ACCT1501MidSessionExamwillbeconductedinWeek7tutorials.Pleasenotethatyou
mustsittheexaminyourenrolledtutorial.

PleasebeawareofUNSWexamrulesandpolicy.Youcanfindtheformalpolicyonthe
followingsite:https://student.unsw.edu.au/examrules.

YoumustbringaUNSWapprovedcalculatornotethatyouwillnotbeallowedtousea
mobilephone/watch.

Theexamwillbe45minutesindurationandwillcovermaterialsfromlecturesWeek1to
6(Topics1to6).

Theexamrepresents20%ofyourtotalmarkforthecourse.

Theexamwillcomprisethree(3)sections:
o Section1(10marks):TransactionAnalysis
o Section2(13marks):JournalentriesandAdjustingjournalentries
o Section3(12marks):ShortquestionsfromTopics1to6

Asdiscussedinthelecture,wepracticethedoubleentrysystemand,assuch,markswill
onlybeawardedwhenbothentriesandallcomponentsarecorrect.Thatis:
o Foratransactionanalysis,botheffectsontheaccountingequationandamounts
mustbecorrect.
o Forajournalentry,bothDebit(Dr)andCredit(Cr)entriesmustbecorrect,aswell
as the names of the account (note that you will be provided with a chart of
accounts)andtheamounts.

The front page of the exam paper is shown on the next page, followed by practice
questions(solutionsareavailableasaseparatedocument.Itisstronglyencouragedthat
youfirsttrythequestionswithoutreferringto solutions!). Notethatwehavechanged
the format of the exam from previous sessions and, as such, past papers will not be
available,norwilltheyberelevant.

TUTORIALNUMBER:
LASTNAMEOFCANDIDATE:
FIRSTNAMEOFCANDIDATE:

STUDENTID:

SIGNATURE:

SCHOOLOFACCOUNTING

ACCT1501:
ACCOUNTINGANDFINANCIALMANAGEMENT1A
MIDSESSIONEXAMINATION
Semester2,2016
TIMEALLOWED:

TOTALNUMBEROFSECTIONS:

1.
2.
3.
4.
5.
6.
7.

45minutes
THREE(3)

Fillinyourdetailsabove
Youmustanswerallquestionsineachsection
Thequestionsarenotofequalvalue
AllanswersmustbewrittenininkinTablesprovidedinthisbooklet
Thisexamrepresents20%ofyourtotalmarkforthecourse
ThecandidatemaybringtotheexaminationaUNSWapprovedcalculator
Thecandidatemaynotretainthispaper

DONOTOPENTHISPAPERUNTILINSTRUCTEDBYTHEEXAMSUPERVISOR

SECTIONI

SECTIONII

SECTIONIII

TOTAL

OFFICIALUSEONLY

PRACTICEQUESTIONS

TRANSACTIONANALYSISmusthaveboththeoveralleffectandamountcorrect
ThefollowingtransactionsoccurredforthemonthofNovember2016forPracticeLtd:

1. Purchasedinventoryforcash,$20000.
2. Purchasedinventoryoncredit,$30000.
3. ReceivedanadvertisingbillforanewspaperadvertisementforNovember.The$1000billwillbepaidinDecember.
4. Inventorywithacostof$40000wassoldoncreditfor$90000.
5. Paid$25,000ofaccountspayable.
Foreachtransactionabove,indicatewhetherassets(A),liabilities(L)orownersequity(OE)areaffectedbythetransaction.Answerin
termsoftheoveralleffectby:circlingincrease(),decrease()ornoeffect(NE);andindicatingbyhowmuch(thedollaramount
indicate$0ifnoeffect).

Assets

Overall
Effect

Liabilities
$

Overall
Effect

OwnersEquity
$

Overall
Effect

NE

NE

NE

NE

NE

NE

NE

NE

NE

NE

NE

NE

NE

NE

NE

JOURNALENTRIESmusthavecorrectDr/Cr,Accountnamesandamount

STU Ltd provides computer training services. STU charges $8,000 per day and allows
customers 30 days to pay invoices. The following events occurred for STU Ltd during the
monthofJune2015:

a) Issuedsharesforcashconsiderationof$40,000.
b) Billedacustomerfora2daytrainingworkshopdeliveredduringJune2015.
c) Received$176,000cashforinvoicespreviouslyraisedinMay2015.
d) Paid$10,000rentforthemonthJune2015.
e) Prepaidpetrolbalanceat31May2015was$1,500.Itwasusedupduringthemonthof
June2015.
f) ReceivedcashforfivedaysoftrainingtobedeliveredinthefirstweekofJuly2015.
g) Depreciationonamotorvehicleforthemonthending30June2015is$1,000.
h) InterestonabankloanforthemonthofJuneis$800buthasnotyetbeenpaid.
i) Cashdividendsof$5,000declaredandpaid.
j) Accountspayableof$22000werepaidon1July2015.

UsethefollowingchartofaccountstopreparejournalentriesforthemonthofJune2015:

Assets
Liabilities
A1 Cash
L1
Accountspayable
L2
Unearnedrevenue
A2 Inventory
A3 Accountsreceivable
L3
Wagespayable
A4 Prepaidrent
L4
Rentpayable
A5 Prepaidpetrol
L5
Interestpayable
A6 Equipment
L6
Incometaxpayable
A7 AccumulateddepreciationEquipment
L7
Loan
A8 Motorvehicle

A9 AccumulateddepreciationMotorVehicle
A10 Goodwill
OwnersEquity

OE1 Sharecapital

OE2 Retainedprofits

Revenue
Expenses
R1 Salesrevenue
E1
Costofgoodssold(COGS)
R2 Servicerevenue
E2
Petrolexpense
R3 Rentrevenue
E3
Wagesexpense
R4 Interestrevenue
E4
Rentexpense

E5
Interestexpense

E6
Depreciationexpense

Transaction
number

Accountname

Debit
$

Credit
$

SHORTQUESTIONS

Write your final answers in the Table below. Any writing outside this Table will not be
marked. Assume accrual accounting unless stated otherwise. You do not need to show
working.
(NOTE:onlytheanswerswrittenintheTablewillbemarked!!!)

Question
Answers
1

Q1
Basedonthefollowinginformation,calculateOwnersEquity(OE)
Cash

10,000
Inventory

30,000
Equipment
200,000
Accountspayable
50,000
Taxespayable
40,000
Bankloan

100,000

Q2
During 2016, a company makes credit sales of $500,000 of which $375,000 is collected at
yearend.Itpays$200,000inexpensesandowes$25,000forelectricityusedduring2016.
Whatisprofitfor2016?

Q3
Whatisthejournalentryrequiredtocorrectlyrecordthefollowingtransaction?
Cashdividendsof$20,000declaredandpaid

UsethefollowinginformationforQuestions4and5:
On1May2016,RaspberryLtdpays$4,800foraoneyearfireinsurancepolicythatexpires
on30April2017.RaspberryLtdsfinancialyearendson30June,andittreatsamountspaid
inadvanceasassets

Q4
Whatisthejournalentrymadeon1May2016?

Q5
Whatisthejournalentrymadeon30June2016?

Q6
ExampleLtdsbankstatementshowedacreditbalanceof$2,000at31August.Outstanding
deposits were $200 and bank charges for August were $50. Complete the following bank
reconciliationstatementforthemonthofAugust.

Endingbalanceperbankstatement

2000 CR

Adjustedcashbalance:bank

2200 CR
Endingbalancepercompanyrecords

2250 DR

Adjustedcashbalance:companyrecords

2200 DR

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