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StuDocu is not sponsored or endorsed by any college or university Exam 2014 Introduction To Financial Accounting, questions Introduction To Financial Accounting (Monash University) StuDocu is not sponsored or endorsed by any college or university Exam 2014 Introduction To Financial Accounting, questions Introduction To Financial Accounting (Monash University) Downloaded by Jerico Flores ([email protected]) lOMoARcPSD|5859135
OFFICE USE ONLY AFC1030 Mr Alan Serry Page 1 of 9 Monash University Semester One Examination 2014 Faculty of Business and Economics Department of Accounting and Finance EXAM CODES: ACC1030 TITLE OF PAPER: INTRODUCTION TO FINANCIAL ACCOUNTING EXAM DURATION: 3 hours READING TIME: 10 minutes THIS PAPER IS FOR STUDENTS STUDYING AT: (office use only - tick where applicable) Berwick Clayton Peninsula Distance Education Open Learning Caulfield Gippsland Sunway Enhancement Studies Other (specify) During an exam, you must not have in your possession, a book, notes, paper, calculator, pencil case, mobile phone or any other material/item which has not been authorised for the exam or specifically permitted as noted below. Any material or item on your desk, chair or person will be deemed to be in your possession. You are reminded that possession of unauthorised materials in an exam is a disciplinable offence under Monash Statute 4.1. AUTHORISED MATERIALS CALCULATORS YES NO Electronic devices (including calculators) capable of communication or storage and retrieval of data are not permitted. Such devices taken into the examination must be identified with an “Approved for use” label. These labels are available from the Accounting and Finance General Office, Level 10 Building 11 (Menzies Building), Clayton Campus. OPEN BOOK YES NO SPECIFICALLY PERMITTED ITEMS YES NO If yes, items permitted are: Financial Reporting Handbook underlined only. This paper consists of NINE (9) questions printed on NINE (9) pages. PLEASE CHECK THE PAPER BEFORE COMMENCING. THIS IS A FINAL PAPER. STUDENT ID: …………………………... DESK NUMBER: ……………………. THIS EXAMINATION PAPER MUST BE INSERTED INTO THE ANSWER BOOK AT THE COMPLETION OF THE PAPER. NO EXAMINATION PAPERS SHOULD BE REMOVED FROM THE EXAMINATION ROOM Downloaded by Jerico Flores ([email protected]) lOMoARcPSD|5859135
OFFICE USE ONLY ACC1030 INTRODUCTION TO FINANCIAL ACCOUNTING ACC1030 Mr Alan Serry Page 2 of 9 Question 1 The Metropolitan Golf club is a sporting club that charges membership fees. An upfront membership fee is payable on joining the club. In addition, an annual fee is also charged, at the commencement of each year. Both fees are non-refundable . Required: a) In the light of the definition and recognition criteria contained in the Australian Conceptual Framework, should Metropolitan recognise the two types of fees as income at time of receipt? Justify your answer. b) Briefly explain any inconsistencies in AASB 118 in relation to the criterion for revenue recognition in the case of membership fees?

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