2009 FinalExam Answers - 1 University of New South Wales...

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Please see over 1 University of New South Wales School of Accounting ACCT 3563 Issues in Financial Reporting and Analysis ACCT 3573 Issues in Financial Reporting and Analysis (Honours) Final Examination - With Answers Session 1, 2009 . Time allowed: 3 hours writing time 10 minutes reading time Total number of questions: 26 All students must answer the 20 multiple choice questions in part A and Questions 21 to 24 in Part B; ACCT 3563 students answer question 25; ACCT 3573 (honours) students answer question 26. The 20 multiple choice questions must be answered on the Generalised Answer Sheet provided. There is no negative marking for questions 1-20. For each question choose the best answer from the alternatives given. Questions 1 to 20 are worth two marks each, total 40 marks. Questions 21 to 26 are worth 60 marks total, but they are NOT of equal marks. Question 24 must be answered on the worksheet provided and submitted with your examination answer booklet Answers to questions 21-26 must be written in ink. Pencils should be used for answering questions 1-20, and may be used for drawing, sketching or graphical work. Narrations are not required for journal entries. This paper may be retained by the candidate.
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Please see over 2 Present Value Tables (extract): Years PV of $1 @ PV of $1 ordinary annuity @ PV of $1 @ PV of $1 ordinary annuity @ PV of $1 @ PV of $1 ordinary annuity @ 5% 5% 7% 7% 10% 10% 1 .9524 .9524 .9346 .9346 .9091 .9091 2 .9070 1.8594 .8734 1.8080 .8264 1.7355 3 .8638 2.7232 .8163 2.6243 .7513 2.4869 4 .8227 3.5460 .7629 3.3872 .6830 3.1699 5 .7835 4.3295 .7130 4.1002 .6209 3.7908 6 .7462 5.0757 .6663 4.7665 .5645 4.3553 7 .7107 5.7864 .6227 5.3893 .5132 4.8684 8 .6768 6.4632 .5820 5.9713 .4665 5.3349 9 .6446 7.1078 .5439 6.5152 .4241 5.7590 10 .6139 7.7217 .5083 7.0236 .3855 6.1446 If present values are needed in any questions, you must use the present values in the table above.
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Please see over 3 Part A Multiple Questions (2 marks each) 1. Verity Vineyard Ltd owns grapevines. At 1 July 2008 Verity Vineyard Ltd’s grape vines had a net market value of $300,000. During the year ended 30 June 2009, $20 000 was spent on fertilisers. Grapes with a market value of $200,000 were harvested on 15 th June 2009 at a cost of $30 000. $10,000 was spent packaging and delivering the grapes to market and they were sold on 30 June 2009 at a price of $210,000. At 30 June 2009 the net market value of Shoreham Vineyard Ltd’s grape vines was $350,000. Applying the principles of AASB 141 “Agriculture”, which of the following is correct for the year ended 30 June 2009? Change in value of grapevines Gain recorded on 15 th June Profit or loss recorded for 30th June a) zero $150,000 zero b) $50,000 $150,000 $10,000 loss c) $50,000 $200,000 $30,000 profit d) $50,000 $200,000 Zero e) answer $50,000 $150,000 Zero Use the following information to answer questions 2 and 3 On 1 July 2008 the College of Knowhow commenced operations providing students with
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This note was uploaded on 07/19/2011 for the course ACCT 3563 at University of New South Wales.

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2009 FinalExam Answers - 1 University of New South Wales...

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