Financial Accounting Acct1530 Paper

3070 Words Sep 26th, 2013 13 Pages
THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ACCOUNTING FINAL EXAMINATION, JUNE 2009
J

ACCT 5930 FINANCIAL ACCOUNTING



Time Allowed: Reading Time: This examination paper has

3 Hours 10 minutes 16 pages

Total Number of Questions: 6 Total Marks Available:
Answer ALL questions The questions are NOT of equal value All answers are to be written in the examination booklet provided Candidates are to supply their own calculators All answers must be written in ink. Except where they are expressly required, pencils may be used only for drawing, sketching or graphical work. This paper may be retained by the candidate

100

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2

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Question 1

Multiple Choice (20 marks)

On a
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There were no transfers to or from reserves during 2008. What was the dividend declared by Bull Ltd during the year? A. $25 B. $175 C. $225 D. $325

9.

Greening Ltd is a newly establ ished busi ness selling computer hardware. Shown below are ledger accounts in T-Account form, with entries made for the first month of operations.
Accounts Rece ivable (3A) 150,000 Invento (2) 120,000 (38)100,000 (7) 140,000 (68) 40,000

Cash at Bank (I) 300,000 (2) 120,000 (6A)60,000 (4) 10,000 (8) 130,000 (5) 1,000 (9) 3 1,500 (10) 190,000 Short Term Investments (10)190,000

I

Motor Vehicle (4) 40,000

I

Accounts Pa able (7) 140,000

ShorHerm Loan (9) 30,000 (4) 30,000

Share Ca ital ( I) 300,000 (8) 130,000

Sales Revenue (lA) 150,000 (6A) 60,000

Cost of Goods Sold (38)100,000 (6 8 ) 40,000

Advertisin Ex ense (5) 1,000

(9)

Interest Ex 1,500

nse

Which transaction represents the acquisition ofa non-current asset? A. (10) B. (9) C. (4) D. (2)

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Question 1 (cont.)

10.

At the end of the accounting period, three months' interest is owing to the company on a tenn deposit with the bank. What is the effect of recording this interest at the end of the period? A. A liability increases and another liability decreases. B. An asset decreases and a liability decreases. C. An asset increases and revenue increases. D. None of the above is correct.

11.

Consider the following transactions (i) Repayment ofa loan in June 2008.

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