2014 Senior External Examination Accounting Tuesday 28 October 2014 Paper Two Response book 1:15 pm to 4:25 pm Directions Do not write in this book during perusal time. You must: correct any errors appropriately cross out any draft work that is not to be assessed. After the examination session The supervisor will collect this book when you leave. Candidate use Print your candidate number here 1 4 Attach barcode here Number of books used Record of questions attempted Part, Question A, Q1 A, Q2 A, Q3 B, Q1 B, Q2 B, Q3 C, Q1 Supervisor use only Supervisor s initials QCAA use only Marker number Tick if attempted Marker use only For all Queensland schools
Part A Question 1 a. True/False b. True/False c. True/False d. True/False e. True/False 1
Part A Question 2 2
Part A Question 3 3
Part A 4
Part A Spare 5
Part A Spare 6
Part B Question 1 7
Part B Question 1 8
Part B Question 1 9
Part B Question 1 spare 10
Part B Question 1 spare 11
Part B Question 1 spare 12
Part B Question 2 a. What was the total amount of the deposits received into our bank account that was listed on the Bank Reconciliation Report? b. Did the business have a credit or a debit bank account and what was the amount? c. What was the GST Paid amount in the Trial Balance? d. What is the total of the GST Liability from the Balance Sheet, and is this amount to be paid to or received from the Australian Taxation Office? e. What is the balance owed to: i. About the Home?... ii. MOB Office Furniture?... f. How many mirrors were on hand at the end of June and what was the total value of these mirrors? g. What was the profit or loss figure at the end of June? h. Outline the process to record the transaction on 8 June. i. Outline the process to record the transaction on 26 June. j. Outline the process to record the wages owing transaction on 30 June. 13
Part B Question 2 spare a. What was the total amount of the deposits received into our bank account that was listed on the Bank Reconciliation Report? b. Did the business have a credit or a debit bank account and what was the amount? c. What was the GST Paid amount in the Trial Balance? d. What is the total of the GST Liability from the Balance Sheet, and is this amount to be paid to or received from the Australian Taxation Office? e. What is the balance owed to: i. About the Home?... ii. MOB Office Furniture?... f. How many mirrors were on hand at the end of June and what was the total value of these mirrors? g. What was the profit or loss figure at the end of June? h. Outline the process to record the transaction on 8 June. i. Outline the process to record the transaction on 26 June. j. Outline the process to record the wages owing transaction on 30 June. 14
Part B Question 3 a. In the following table, complete the required amounts and formulas: From the Statement of Estimated Receipts from Accounts Receivable, the total expected receipts for the month of December Formula From the Statement of Estimated Receipts from Accounts Receivable, the amount of credit sales from September that would be likely to be received in November Formula From the Statement of Estimated GST Payments, the amount to be received or paid during the month of November Formula From the Statement of Estimated GST Payments, the total amount of GST collected for October Formula From the Cash Budget, the excess receipts over payments for December Formula From the Cash Budget, the total estimated payments for October Formula 15
Question 3 b. In the following table, state the amounts for the entries listed and the full process used to calculate each amount: Purchases paid in October Steps...... Excess receipts over payments for October Steps...... Bank balance as at the end of October Steps...... Commission for November Steps...... Administrative Expenses for December Steps...... 16
Part B Question 3 c.... d.... 17
Part B Question 3 spare a. In the following table, complete the required amounts and formulas: From the Statement of Estimated Receipts from Accounts Receivable, the total expected receipts for the month of December Formula From the Statement of Estimated Receipts from Accounts Receivable, the amount of credit sales from September that would be likely to be received in November Formula From the Statement of Estimated GST Payments, the amount to be received or paid during the month of November Formula From the Statement of Estimated GST Payments, the total amount of GST collected for October Formula From the Cash Budget, the excess receipts over payments for December Formula From the Cash Budget, the total estimated payments for October Formula 18
Question 3 spare b. In the following table, state the amounts for the entries listed and the full process used to calculate each amount: Purchases paid in October Steps...... Excess receipts over payments for October Steps...... Bank balance as at the end of October Steps...... Commission for November Steps...... Administrative Expenses for December Steps...... 19
Part B Question 3 spare c.... d.... 20
Part C Question 1 21
Part C Question 1 22
Part C Question 1 23
Part C Question 1 24
Part C Question 1 25
Part C Question 1 26
Part C Question 1 spare 27
Part C Question 1 spare 28
Part C Question 1 spare 29
Part C Question 1 spare 30
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