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Sample/practice exam 2015, questions and answers

Accounting,Business and Society (University of Sydney)

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THE UNIVERSITY OF SYDNEY


BUSINESS SCHOOL
ACCOUNTING, BUSINESS AND SOCIETY, BUSS1030

SAMPLE MID-SEMESTER EXAM

Semester 1, 2015 Time allowed: 1 hour + 10 minutes reading

Instructions:
Answer ALL questions directly on the examination paper in the space provided.
State any assumptions.
Non-programmable calculators are allowed.

NOTE: THIS IS ONLY A SAMPLE EXAM. THE QUESTIONS HERE DO NOT


REFLECT IN ANY WAY WHAT IS IMPORTANT IN THE MID-SEMESTER EXAM
OR HOW THE QUESTIONS WILL APPEAR IN THE MID-SEMESTER EXAM. IT IS
ONLY FOR PRACTICE. PLEASE BE BRAVE AND POST YOUR ANSWERS ON
BLACKBOARD UNDER THE MID-SEMESTER EXAM DISCUSSION FORUM AND
COMMENT/CRITIQUE EACH OTHERS’ ANSWERS.

NO ANSWERS ARE AVAILABLE FOR THIS SAMPLE EXAM.

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Answer the following questions in the space provided below:

QUESTION 1 (3 Marks)
Suppose Hunt Equipment has receivables of $65,000, furniture totalling $205,000 and cash
of $52,000. The business has a $109,000 bill payable and owes $81,000 on account. How
much is Hunt’s owner’s equity? Answer this question in 50 words or less.

QUESTION 2 (3 Marks)

Supplies

30 June Cash $2,500

Describe the transaction above (i.e. write a narration)

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QUESTION 3 (18 Marks)

The following trial balance of Joy McDowell Tutoring Service at 31 May 2013 does not balance:

Joy McDowell Tutoring Service


Trial Balance
For the period ending 31 May 2013
Account Debit ($) Credit ($)
Cash 3 000
Accounts Receivable 2 000
Supplies 600
Computer Equipment 25 800
Accounts Payable 11 400
McDowell, Capital 11 600
Unearned Service Revenue 9 800
Salary Expense 1 700
Rent Expense 700
Electricity and Gas Expense 500

Requirements:

A) Review the trial balance above. What are the errors in the trial balance and how do you fix
these errors? Answer this question in 50 words or less. (6 marks)

B) Investigation of the accounting records reveals the following:


i) Recorded a $500 cash revenue transaction by debiting Accounts Receivable. The credit
entry was correct.
ii) Posted a $1,000 credit to Accounts Payable as $100
iii) Did not record electricity and gas expense or the related accounts payable in the amount of
$400.
iv) Understated Joy McDowell, capital by $600.
Prepare a corrected trial balance incorporating the answers to Part (a) and (b) in Question 3 (12
Marks)

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QUESTION 4 (24 Marks)


st
The 31 August 2014 bank statement of Ward’s Supacentre has just arrived from the United Bank.
To prepare Ward’s bank reconciliation, you gather the following data:
st
a. Ward’s Cash account shows a balance of $2,900 on 31 August

b. The bank statement includes two dishonoured cheques from customers: $400 and $110.
st
c. The following Ward Cheques are outstanding at 31 August:

Cheque No Amount ($)


237 50
288 170
291 520
294 580
295 50
296 140

d. Ward collects from a few customers by EFT (electronic funds transfer). The August bank
statement lists a $1 300 EFT deposit for a collection on account.

e. The bank statement includes two special deposits that Ward hasn’t recorded yet: $970 for
dividend revenue and $80 for interest received that Ward earned on its bank balance during
August

f. The bank statement lists a $30 bank service charge.


st
g. On 31 August, Ward deposited $350 but this deposit does not appear on the bank
statement.

h. The bank statement includes a $1 000 deduction for a cheque drawn by Interstate Freight
Company. Ward notified the bank of this error.

st
i. The 31 August bank balance is $4 870.

Requirements:
st
1. Prepare the bank reconciliation for Ward’s Supacentre at 31 August 2014

2. Record any required journal entries from the bank reconciliation. Include a narration for
each entry.

3. State any assumption(s) used in your calculation.

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QUESTION 5 (12 Marks)

The trial balance of Telegraphic Link at 30 November follows:

Telegraphic Link
Trial Balance
As at 30 November 2014
Account Debit ($) Credit ($)
Cash 4 000
Accounts Receivable 3 200
Prepaid Rent 1 900
Supplies 3 000
Equipment 34 800
Accumulated Depreciation 1 600
Accounts Payable 5 400
Salary Payable
Thomas, Capital 35 700
Thomas, Drawings 2 100
Service Revenue 8 600
Depreciation Expense
Salary Expense 1 700
Rent Expense
Electricity and Gas Expense 600
Supplies Expense
Total 51 300 51 300

Additional Information at 30 November 2014


(a) Accrued service revenue $600
(b) Depreciation $300
(c) Accrued salary expense $800
(d) Prepaid Rent Used $500
(e) Supplies Used $100
To do:
(1) Complete Telegraphic Link’s worksheet for the month ended 30 November 2014 (use the template in
lecture notes to attempt this question – I will provide you the template for exams)
(2) How much was profit or loss for November?

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END OF SAMPLE PAPER

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