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DEAKIN College MAA103/MAAP103

 ACCOUNTING FOR DECISION MAKING

· 案例展示

 

QUESTIONS:

POSSIBLE MARK:

ACTUAL MARK:

1

11

 

2

14

 

3

8

 

4

7

 

5

16

 

6

4

 

TOTAL

60

 

 

 

DIPLOMA OF COMMERCE

PRE QUALIFYING PROGRAM

 

Sample Examination

Unit Code: MAA103/MAAP103

Unit Name: ACCOUNTING FOR DECISION MAKING

Reading Time: 15 Minutes

Writing Time: 2 Hours

 
 

 

 

 

Family Name: ..........................................................................

 

Other Name/s: ..........................................................................

 

MIBT Student ID No: ..........................................................................

 

Class Day and Time: ..........................................................................

 

THIS EXAMINATION PAPER MUST NOT BE REMOVED

FROM THE EXAMINATION ROOM

SPECIAL INSTRUCTIONS:

 

< >    You may use a CALCULATOR.   If programmable the memory must This paper carries 60 MARKS.  This is converted to 60% of your totalAll questions MUST be answered in this booklet. 

 

< >Pages for additional workings are provided on pages 18 – 20.A formula sheet is provided on pages 21 - 22.               2    Purchased a small office building for $660,000 (including GST), paying a

 

deposit of 10% in cash and obtaining a loan from Waco Bank for the balance.

5 Paid $3,300 (including GST) for 3 months hire of computer equipment.

10 Bought office supplies on credit costing $660 (including GST).

12 Withdrew $750 for a holiday to Queensland.

14 Performed design services for customers on credit totalling $6,600

(including GST).

18 Received cash from credit customers, $2,400.

25 Contributed a personally owned vehicle to the business valued at $18,000.

28 Paid $10,000 off an amount owing to Waco Bank.

31 At the end of the month $300 of office supplies had been used up.

 

       

Required:

 

< >Analyse and record each transaction in the transaction analysis table provided. 

 

< >Determine the cash position and GST paid at the end of March. 

 

< >Prepare an income statement for Parker Designs for the first month of trading. 

 

< >Prepare fully classified Statement of Financial Position for Parker Designs as                at the 31st March, 2018.

DATE

ASSETS

LIABILITIES

OWNERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QUESTION 1 continued…

 

(b)

 

Cash position at the end of March:

 

Date

Amount ($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GST paid at the end of March:

 

Date

Amount ($)

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

Parker Designs

Income Statement for the period ended 31 March, 2018

 

$

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QUESTION 1 continued…

 

 

(d)                                           

 

 

Parker Designs

Statement of Financial Position as at 31 March, 2018

 

 

ASSETS

$

$

LIABILITIES

$

$

CURRENT

 

 

CURRENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-CURRENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-CURRENT

 

 

 

 

 

 

 

 

OWNERS EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

TOTAL EQUITIES

 

 

 

 

 

 

 

QUESTION 2 - This question has 2 parts

(4 + [4 + 6]) = 14 Marks

 

 

< >Crocs Ltd. budgeted sales for the quarter ended September, 2018 are as follows:-                                          Units

 

July 2018 20,000

August 2018 35,000

September 2018 45,000

 

The company wants to maintain inventory on hand at the end of each month to be

20% of the sales units for the next month and this was the situation at the end of June.

 

The cost price per unit is $8.

 

    

     Required:

 

Prepare a Purchases Budget for July and August, 2018 for Crocs Ltd.

 

 

Purchases Budget

 

July

August

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QUESTION 2 continued…

 

(b) The following information is provided to assist in the preparation of the

Cash Budget for TSA Ltd. for June, 2018:

 

 

< >The cash balance at 1st June, 2018 is $30,000 

 

< >All sales are on credit

 

 

 

 

Actual/Budgeted

Sales

$

     Budgeted

Purchases

$

 

 

 

March

April

May

June

 

140,000

120,000

130,000

155,000

 

72,000

64,000

68,000

82,000

 

 

 

Cash collections from credit customers are:

< >70% in the month following the sale20% in the second month following the sale10% in the third month following the saleAll purchases are made on credit and payments are made as follows:60% of purchases are paid for in the month of purchase40% of purchases are paid for in the month following the purchase.Selling and administrative expenses each month are $24,000 plus 15% of sales for that month. This includes $6,000 per month for depreciation. 

 

< >Equipment costing $35,000 is expected to be bought in May and paid for in June.(i) Prepare a schedule of cash collections for the month of June, 2018.

 

       (ii) Prepare a cash budget for the month of June, 2018.

 

QUESTION 2 continued…

 

(b) (i) Prepare a schedule of cash collections for the month of June, 2018.

 

Schedule of Cash Collections June, 2018

 

 

$

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(ii) Prepare a cash budget for the month of June, 2018.

 

Cash Budget June, 2018

 

 

$

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QUESTION 3 - This question has 5 parts

(1 + 1 + 2 + 2 + 2) = 8 Marks

 

Madagascar Trading provides you with the following information in relation to budget predictions for the coming year:

 

Estimated sales units for the year 40,000

Selling price per unit $30

Variable cost per unit $14

Total fixed costs for the year $384,000

 

Required:

 

 

Calculation area:

 

   (i) Calculate the contribution margin per unit.

 

         

 

 

 

 
 

 

          Contribution margin per unit                  

 

 

(ii) Calculate the break-even point in units.

 

    
 

Calculation area:

 

 

 

 

 

 

 

 

 
  

 

 

 

 

 

 

 

 

 

          Breakeven units

                                                                                     

 

 

     (iii) Calculate the profit from the estimated level of sales.

 

    
 

Calculation area:

 

 
  

 

 

 

 

 

 

 

 

 

          

Profit

QUESTION 3 continued…

 

 

 

        (iv) Calculate the expected sales dollars needed to make a profit of $300,000.

 

    
 

Calculation area:

 

 
  

 

 

 

 

 

 

 

 

 

 

Sales dollars

                                                                                

 

 

 

 

(v) Variable cost is to increase by $2 per unit. Management has decided to increase

the selling price to $34 per unit. How many units must be sold to achieve the

same profit of $300,000?

 

 
 

Calculation area:

 

 

 

 

 

 

 

 

 

 
 

 

              Sales units

 

 

 

QUESTION 4 - This question has 2 parts

 

(2 + 5) = 7 Marks

 

 

(a) Explain the difference in the focus of financial ratios that assess short-term liquidity

and long-term solvency.

 

     Short-term liquidity:

 

______________________________________________________________________

 

______________________________________________________________________

______________________________________________________________________

 

     Long-term solvency:

 

______________________________________________________________________

 

______________________________________________________________________

 

______________________________________________________________________

 

 

(b) The following financial ratios have been calculated from the financial statements

of Boston Ltd.

 

 

2016

2017

2018

Debt to Equity

10.5%

23.4%

36.2%

Gross Profit margin

30.2%

36.5%

35.3%

Net profit margin

19.5%

17.6%

13%

Return on Equity

15.1%

17.5%

16.2%

Asset Turnover (times)

0.71

0.82

1.41

Return on Assets

13.8%

14.4%

18.3%

                Required

By identifying and using the appropriate ratios listed above, comment on the company’s profitability and financial structure for the year 2018 and the three year period as a whole.

 

QUESTION 4 continued…

 

                                                                                                    

(b)   

 

Profitability:

 

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

 

QUESTION 4 continued…

 

(b)   

 

Financial Structure:

 

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

_____________________________________________________________________________________________________________________________________________________________________________________________________________________

 

QUESTION 5 - This question has 2 parts

(7 + 9) = 16 Marks

 

The owner of the Block Shop, a retail hardware store, has provided you with their

account balances for year ending 30 June, 2018 are presented below.

 

    Accounts

$

Capital – B. Bunk

125,000

Drawings – B. Bunk

24,000

Cash at Bank

18,500

Inventory as at 30 June, 2018

20,500

Land and Buildings

90,000

Shop Fittings

12,000

Sales

205,000

Cost of Goods Sold

86,000

Accounts Receivable

30,000

Accounts Payable

12,000

Office Expenses

3,250

Salaries - Sales Staff

48,000

Salaries - Office Staff

17,600

Advertising Expense

7,000

Bank Loan

50,500

Computer Equipment

12,000

Delivery Expense

1,650

Petty Cash on Hand

100

Sales Commissions Paid

5,400

Accumulated Depreciation - Shop Fittings

4,000

GST Paid

11,400

GST Collected

18,500

PAYG Withheld

8,400

Delivery Van

36,000

 

The following balance day adjustments have NOT been completed:

< >Sales staff salaries owing at balance date  - $1,250Depreciation on the Shop Fittings  - 10% on costDepreciation on Computer Equipment  - 25% on costDepreciation on Delivery Van  - 20% on costa properly classified Income Statement.a properly classified Balance Sheet.The Block Shop

 

Income Statement for year ended 30th June, 2018

 

$

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QUESTION 5 continued…

 

(b)

 

 

The Block Shop

Balance Sheet as at 30th June, 2018

 

Assets

$

$

Liabilities

$

$

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QUESTION 6 – This question has 3 parts

 

(1 + 2 + 1) = 4 Marks

 

 

 

(a) Businesses that operate sustainably and maintain the wellbeing of the society and

the environment are more likely not to be profitable in the long term.

 

 
 

 

Is this statement TRUE OR FALSE?

Write TRUE or FALSE in this box -

 

 

 

 

 

(b) What are the four (4) types of items that can affect owners’ equity and how is owners’ equity affected by each?

  

 

1.____________________________________________________________________

 

2.____________________________________________________________________

 

3.____________________________________________________________________

 

4.____________________________________________________________________

 

 

 

 

 

(c) Which form(s) of business structure has a separation of ownership and control?

      

 

 
 

 

       Write your answer in this box

 

 

 

 

 

 

 

END OF EXAMINATION

 

 

 

Work area OR complete an answer if insufficient space.

Clearly number any answer.

 

 

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FORMULA SHEET

 

Return on Equity:                                                                   Profit

Equity

 

Gross Profit Margin:                                                         Gross Profit

Sales

 

Net Profit Margin:                                                                  Profit

Sales

 

Asset Turnover:                                                                       Sales

Total Assets

 

Return on Assets:                                                             Profit (Loss)

Total Assets

 

Inventory Turnover:                                                   Cost of Goods Sold

Average (or year end) Inventory

 

Days Inventory:                                                                     365

Inventory Turnover

 

Accounts Receivable Turnover:                                      Credit Sales

Average (or year end) Accounts Receivable

 

Days Debtors:                                                                         365

Accounts Receivable Turnover

 

Accounts Payable Turnover:                                      Credit Purchases

Average (or year end) Accounts Payable

 

Days Creditors:                                                                      365

Accounts Payable Turnover

 

Current Ratio:                                                                 Current Assets

Current Liabilities

 

Quick Ratio:                                                              Current Assets - Inventory

Current Liabilities

 

Debt to Assets Ratio:                                                        Total Debts

Total Assets

 

Debt to Equity Ratio:                                                         Total Debt

Owner’s Equity

 

Interest Coverage Ratio:                                 Earnings Before Interest and Tax

Interest Expense

FORMULA SHEET

 

< >Contribution Margin per Unit (CMU)     = Selling Price per Unit (SPU) – Variable Cost per Unit (VCU) Contribution Margin Ratio (CMR)          = Contribution Margin per Unit Total Contribution Margin                                = Total Revenue – Total Variable Costs Target Profit (in Units)                             = (Total Fixed Costs + Target Profit)Target Profit (in Sales Dollars)               = (Total Fixed Costs + Target Profit) 

 

 

 

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