Practice Exam 2.pdf - BUS1DAS Practice Exam 2 PRACTICE EXAM...

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Practice Exam 2.pdf

2 .   What was the amount of liabilities at the end of the period ?
( A ) $ 32,000 (
B ) $ 30,000 (
C ) $ 34,130 (
D ) $ 4,130
3 .   What is current ratio of the business ?
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4 .   What is the net profit resulting from the transactions ?
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5 .   What is the value of equity at the end of the financial year ?
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BUS1DAS Practice Exam 2 PRACTICE EXAM 2 Subject Code: BBUS1DAS Subject Name: Dollars and Sense Reading Time: 15 minutes Writing Time: 120 minutes QUESTION BOOKLET READ INSTRUCTIONS OVERLEAF CAREFULLY DO NOT COMMENCE WRITING UNTIL INSTRUCTED TO DO SO Student ID #. Seat #. Family Name: .................................................................................................................................Other Name/s: ...............................................................................................................................Lecturer’s Name: ...........................................................................................................................
BUS1DAS Practice Exam 2 INSTRUCTIONS TO CANDIDATES READ BEFORE COMMENCING Note:A cross, (X), in a box indicates the instruction applies. A blank box indicates the instruction does not apply. This exam is a CLOSED BOOKexam This exam is an OPEN BOOKexam. (You may bring in the Prescribed Text which must be unmarked except of highlighting and underlining and unmarked paper tabs. See special instruction #3 below). Unmarked, non‐electronic translation dictionaries (non‐subject specific).You may use a NON-PROGRAMMABLECALCULATOR You may use ANY CALCULATOR SPECIAL INSTRUCTIONS: EXAM STRUCTURE This exam consists of 50 multiple choice questions (MCQs) worth 50% of the total subject assessment. 1 mark for each MCQ is equally distributed. Section Question Type Possible Marks 10 case studies 10 case studies, each with 5 multiple choice questions (10 x 5 marks) 50 TOTAL 50 THIS EXAMINATION PAPER MUST NOT BE REMOVED FROM THE EXAMINATION ROOM1.The candidate must answer ALL questions on the Answer Sheet. 2.The candidate must provide their student identification number on the Answer Sheet. 3.The prescribed text referred is: Hancock, P. et al. (2016) Accounting and Finance for Business (editions 1 or 2), compiled by La Trobe Business School, Cengage Learning. × × ×
BUS1DAS Practice Exam 2 Case Study 1: The table below is NOT assessed though you may wish to use them to prepare your answers to questions 1 5. 1. What accounting entries were made in relation to transaction 4? Trans Cash Stock A/R PPE Assets Payables Debt Liabilities Capital Retained Earnings 1 2 3 4 5 Interest Depr Tax TOTAL FACTS SET The following transactions occurred during a financial year. Use this information to answer questions 1 to 5. Transaction 1:The owner invested $20,000 into the business. Transaction 2:The business borrowed $30,000 from the bank at 3% p.a. interest, with one interest payment due this year. Transaction 3:The business paid an advertising firm $2,000 cash for their services. Transaction 4:Business purchases $8,000 of stock, 60% in cash and 40% on deferred payment terms. Transaction 5:Using half of the stock, the business sells $10,000 worth of goods. Customers pay 80% in cash, and 20% on deferred payment terms. In preparing the financial accounts for the year, the business provided for the payment of Income Tax at a rate of 30%, though it will not be paid until the following year. It should be recorded under “Payables” on the Balance Sheet.The WORKSHEET may assist you in preparing your answers.
Equity

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