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ACC201e Copyright © 2015 SIM University
Page 1 of 9
Examination – July Semester 2015
ACC201e
Examination – July Semester 2015
Financial Accounting
Friday, 13 November 2015
10:00 am – 12:00 pm
____________________________________________________________________________________
Time allowed: 2 hours
____________________________________________________________________________________
INSTRUCTIONS TO STUDENTS:
1.
This examination contains
SIX (6)
questions and comprises
NINE (9)
printed
pages (including cover page).
2.
You must answer
ALL
questions.
3.
This is a closed book examination.
4.
All answers must be written in the answer book.
5.
Included as an Appendix on Pages 8 to 9 is the Formula Sheet.
At the end of the examination
Please ensure that you have written your examination number on each answer book
used.
Failure to do so will mean that your work cannot be identified.
If you have used more than one answer book, please tie them together with the string
provided.
THE UNIVERSITY RESERVES THE RIGHT NOT TO MARK YOUR
SCRIPT IF YOU FAIL TO FOLLOW THESE INSTRUCTIONS.
ACC201e Copyright © 2015 SIM University
Page 2 of 9
Examination – July Semester 2015
Question 1
The unadjusted trial balance of QP Pte Ltd for the financial year ending 31 December
20X1 is as follows:
Account Title
Debit
Credit
$
$
Cash
804,000
Accounts receivable
863,200
Prepaid advertising
30,000
Prepaid rental
124,000
Inventory
2,462,000
Purchases
1,090,000
PPE
3,000,000
Accumulated depreciation - PPE
900,000
Accounts payable
78,200
Bonds (Long term)
1,200,000
Unearned sales revenue
143,000
Share capital
2,000,000
Retained earnings
514,100
Sales
5,820,000
Utilities expense
103,940
Salaries expense
1,040,200
Transport expense
727,400
Depreciation expense
300,000
Interest expense
36,000
Income tax expense
31,560
Sales discount
43,000
10,655,300
10,655,300
The firm uses a periodic inventory system. A stock count was made and the inventory
at 31 December 20X1 was $183,000.
Additional information:
(i)
The prepaid advertising was for a series of 10 advertisements to appear on the
English channel programme. As at 31 December 20X1, 7 of the advertisements
have been screened.
(ii)
On 1 July, the company made a rental payment of $124,000 for 2 years' rent.
(iii)
The long term bonds, issued at par, carry an annual interest of 6%. Interest
payments will be made every 1 January and 1 July.
(iv)
On 28 December 20X1, the company delivered half of the outstanding sales
order for customers who have already paid up fully for their goods a month ago.
End of preview
Subject:
Accounting, Business
ACC201e Examination - July Semester 2015 Financial Accounting Friday, 13 November 2015 10:00 am - 12:00 pm...
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