ACC1002 Jan 2015 Mock Test Answers
ACC1002 Jan 2015 Mock Test Answers
Answers on next two pages. Please attempt the questions on your own before looking at the answers.
Some acceptable short-forms for test and exam are listed below. When in doubt, spell in full to avoid deduction of marks.
Accounts receivable
AR
Property, plant and equipment
PPE
Equipment
Eqpt
Accumulated depreciation
Accu Dep
Accounts payable
AP
Interest
Int
Revenue
Rev
Expense
Exp
Dividends
Div
Share capital
Share cap
Retained earnings
RE
MCQ 38 MARKS
MCQ
Answer
MCQ
Answer
MCQ
Answer
MCQ
Answer
MCQ
Answer
1
C
5
B
9
A
13
D
17
C
2
B
6
B
10
A
14
C
18
A
3
C
7
D
11
B
15
B
19
C
4
B
8
B
12
B
16
B
Q20
Hints to solve prepaid expenses on IVLE Multimedia: http://ivle.nus.edu.sg/bank/media/viewmedia.aspx?ChannelID=9c8e7d02-2f72-4142-afd6-c67517d961b5&MediaItemID=96b6c9ac-cba5-4099-8246-5adb12eb84fc ANSWERS AND MARKING SCHEME (12 MARKS)
[1] for all 3 lines of financial statement; any error in any one of the 3 lines will be zero. Acceptable to write “balance sheet” or add “as at” before date.
[0.5] for each account as indicated; account name from trial balance must be correctly stated, otherwise zero. Total liabilities for this question not necessary to be written; if subtotal for total current liabilities of $100,800 not written but only total liabilities of $100,800 written, zero.
SuperEXO
Statement of Financial Position [1]
December 31, 2013
Assets
Current assets
Cash $276,500 [0.5]
Accounts receivable 115,000 [0.5]
Office supplies 300 [0.5]
Prepaid rent 2,400 [0.5]
Prepaid insurance 1,250 [0.5] Total current assets
395,450 [0.5]
Office equipment $ 72,000 [0.5]
Accumulated depreciation-office equipment (25,000) [0.5]
47,000 [0.5] Total assets $442,450 [0.5]
Liabilities and Equity
Current liabilities
Accounts payable 4,000 [0.5]
Notes payable (due March 1, 2014) 60,000 [0.5]
Interest payable 800 [0.5]
Answers on next two pages. Please attempt the questions on your own before looking at the answers.
Some acceptable short-forms for test and exam are listed below. When in doubt, spell in full to avoid deduction of marks.
Accounts receivable
AR
Property, plant and equipment
PPE
Equipment
Eqpt
Accumulated depreciation
Accu Dep
Accounts payable
AP
Interest
Int
Revenue
Rev
Expense
Exp
Dividends
Div
Share capital
Share cap
Retained earnings
RE
MCQ 38 MARKS
MCQ
Answer
MCQ
Answer
MCQ
Answer
MCQ
Answer
MCQ
Answer
1
C
5
B
9
A
13
D
17
C
2
B
6
B
10
A
14
C
18
A
3
C
7
D
11
B
15
B
19
C
4
B
8
B
12
B
16
B
Q20
Hints to solve prepaid expenses on IVLE Multimedia: http://ivle.nus.edu.sg/bank/media/viewmedia.aspx?ChannelID=9c8e7d02-2f72-4142-afd6-c67517d961b5&MediaItemID=96b6c9ac-cba5-4099-8246-5adb12eb84fc ANSWERS AND MARKING SCHEME (12 MARKS)
[1] for all 3 lines of financial statement; any error in any one of the 3 lines will be zero. Acceptable to write “balance sheet” or add “as at” before date.
[0.5] for each account as indicated; account name from trial balance must be correctly stated, otherwise zero. Total liabilities for this question not necessary to be written; if subtotal for total current liabilities of $100,800 not written but only total liabilities of $100,800 written, zero.
SuperEXO
Statement of Financial Position [1]
December 31, 2013
Assets
Current assets
Cash $276,500 [0.5]
Accounts receivable 115,000 [0.5]
Office supplies 300 [0.5]
Prepaid rent 2,400 [0.5]
Prepaid insurance 1,250 [0.5] Total current assets
395,450 [0.5]
Office equipment $ 72,000 [0.5]
Accumulated depreciation-office equipment (25,000) [0.5]
47,000 [0.5] Total assets $442,450 [0.5]
Liabilities and Equity
Current liabilities
Accounts payable 4,000 [0.5]
Notes payable (due March 1, 2014) 60,000 [0.5]
Interest payable 800 [0.5]