IFA exam 2018.pdf - lOMoARcPSD|3386195 Exam 2018 questions...

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StuDocu is not sponsored or endorsed by any college or university Exam 2018, questions Introductory Financial Accounting (University of Melbourne) StuDocu is not sponsored or endorsed by any college or university Exam 2018, questions Introductory Financial Accounting (University of Melbourne) Downloaded by Apurva Prashar (apurvap[email protected]) lOMoARcPSD|3386195
Examination Paper Semester 1 2018 Department of Accounting Student ID Number: Examiners use only Subject Code: ACCT10002 Section/ Question Mark Score 1 20 Subject Name: Introductory Financial Accounting 2 8 3 9 Reading Time: 15 minutes 4 7 5 6 Writing Time: 3 hours 6 11 7 13 8 6 This paper has 28 pages (including this page and one blank page at the end). 9 6 10 8 11 6 Authorised Materials: Total 100 CASIO FX 82 (any suffix) Unmarked non-electronic dictionaries This is a closed book examination Instructions to Invigilators: Candidates are not permitted to write, or highlight during reading time. Non-electronic dictionaries are permitted to be used. This examination booklet is not to be removed from the examination venue. Instructions to Students: All questions in the Exam Question Book should be attempted. Answer Questions 2 to 11 in the spaces provided in the Examination Book and Question 1 on the MCQ Answer Sheet provided. You may use blank spaces on pages for working space. A formulae sheet is provided on Page 27. Write clearly and legibly. Answers may be in point form where appropriate. Narrations are not required for journal entries unless specifically requested. The Examination Book is to remain in the exam room at the conclusion of the exam. Clearly write your student number in the space provided on this page. Ignore GST unless specified in the question. Assume a tax rate of 30% unless otherwise indicated. Paper may NOT be held by Baillieu Library. 1 Downloaded by Apurva Prashar ([email protected]) lOMoARcPSD|3386195
QUESTION 1: 20 x 1 = 20 MARKS Colour the relevant circle for the most relevant answer to each question on the Multiple Choice Question answer sheet provided. Question 1 The purpose of full disclosure principle is to report:
Question 2 The CEO of Pure Water Ltd used the company’s money to buy a car for his wife’s personal use. The CEO has violated the:
Question 3 Williams Washing Machines Pty Ltd purchased second-hand equipment for its operation for $25,000. The equipment’s market value was worth $35,000. How much should the equipment be recorded at in Williams Washing Machines’ statement of financial position?
Question 4 Lazy Company is currently in its third year of operation and has yet to issue financial statements. Which accounting concept or principle has been violated by the company?

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