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Sample/practice exam 2015, questions and answers - acct1501 Accounting and Financial Management 1A (University of New South Wales) Distributing prohibited | Downloaded by David Wu ([email protected]) lOMoARcPSD
ACCT1501 Practice Exam Questions & Solutions 2015S1 QUESTION 1 (6 Marks) Bank Reconciliation The following information is given about Nadak Co.: 1. The August 31 balance shown on the bank statement is $9,810. 2. There is a deposit in transit of $1,260 at August 31. 3. Outstanding cheques at August 31 totalled $1,890. 4. A bank charge of $40 for cheques was made to the account during August, as shown on the bank statement. Although the company was expecting a charge, its amount was not known until the bank statement arrived. 5. In the process of reviewing the cheques, it was determined that a cheque issued to a supplier in payment of accounts payable of $361 had been recorded as $631. 6. The August 31 balance in the general ledger Cash account, before reconciliation, is $8,950. Required: Part A: Prepare a bank reconciliation as of August 31, 2011. (4 marks) lOMoARcPSD
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ACCT1501 Practice Exam Questions & Solutions 2015S1 Part B: Prepare any necessary adjusting journal entries. (2 marks) lOMoARcPSD
2 1 mark each journal entry (No mark deduction for a combined adjusting journal entry.) Distributing prohibited | Downloaded by David Wu ([email protected])
ACCT1501 Practice Exam Questions & Solutions 2015S1 QUESTION 2 (9 Marks) Financial Reporting Principles, Accounting Standards and Auditing, & Sustainability Reporting Provide short answers to the following: 1. What are generally accepted accounting principles?(2 Marks)
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