Accounting 2010
Sample assessment instrument and student responses
Supervised written — ES2 Accounting for cash
This sample is intended to inform the design of assessment instruments in the senior phase of
learning. It highlights the qualities of student work and the match to the syllabus standards.
Dimension assessed
• Knowledge and procedural practices
This instrument is designed for implementation in Year 11. Short responses and sentence
answers testing content knowledge are more appropriate during earlier stages of the course,
as they might not provide sufficient opportunities for students to demonstrate the range of
syllabus standards (Syllabus, p. 16).
Assessment instrument
The response presented in this sample is in response to assessment items.
Question 1
Identify another source document (apart from a receipt) used to record transactions in the Cash Receipts
Journal.
Question 2
Describe the process of recording a cheque when more than one account is paid by that cheque.
Question 3
The bank statement of A Jackson records a credit balance for the amount of $900. A Jackson’s bank account
shows a debit figure of $900. Explain why this is an accurate representation.
Question 4
Explain why the bank reconciliation process is an important control over cash.
Question 5
Explain the term “Dishonoured Cheque”.
Question 6
For financing activities, identify two inflows and two outflows of cash in an
enterprise.
Learning through each of the dimensions must be developed in increasing complexity and
sophistication over a four-semester course. Throughout the course, schools should provide a
range of opportunities for students to identify, describe and explain accounting terminology,
concepts and procedures (Syllabus, p. 2).
Question 7
Explain the main purpose of preparing a cash flow statement?
Question 8
Complete the following table by identifying the following transactions as operating, investing or financing. Also
identify whether each transaction is an inflow or an outflow of cash.
Transaction
Operating, investing or financing
Inflow or outflow
Cash paid to suppliers
Cash interest received
Cash drawings paid
Cash purchase of furniture
Cash paid off mortgage
Cash received from selling stock
Question 9
Select and organise the information below to complete the Cash Flows from Operating Activities section of the
cash flow statement of Jared Andrews for the year ended 30 June 2011.
2 |
Dividend received
15 600
Payments to suppliers
45 200
Payments to employees
20 000
Proceeds from sale of equipment
23 500
Interest received
45 200
Receipts from customers
99 862
Interest paid
23 610
Proceeds from borrowings
25 100
Accounting 2010: Sample student assessment and responses
Question 10
J D Smith owns and operates a carpentry business. Using the following information, you are required to:
a.
record the fundamental accounting information in columnar cash journals using Excel
b.
process relevant entries by posting the following accounts to the ledger: Sales, Advertising, Wages, Bank,
Inventories and GST Collected.
Templates for completion of the journals and ledger accounts can be accessed from the shared directory.
Cash transactions to be recorded for the month of August:
Aug
01
Purchased machinery from Ace Machinery for $550 cash, including GST, chq no 110
05
Cash sales $220, GST inclusive, cost price $100
06
Paid wages, $1 780, chq no 111
08
Purchased goods for cash, $132 including GST, chq no 112
10
Received $88 cash for commission, including GST, rec no 5
12
Cash sales $160 GST free, cost price $80
14
Paid for advertising, $88 including GST, chq no 113
16
Paid F Samuels $204, chq no 114
18
Received $800 from G Melling, rec no 6
20
Paid wages, $2 243, chq no 115
20
Received $65 cash from G Morgan, rec no 7
20
Received $187, including GST for sales, cost price $85
20
Purchased goods for $110 cash, GST inclusive, chq no 116
Paid F Peterson, $37, chq no 117
30
Purchased $2000 worth of Commonwealth Bonds, GST exempt, chq no 118
Question 11
Carter Enterprises is a local engineering firm. Their accountant has asked you to apply the bank reconciliation
process by:
a.
recording the fundamental information in the cash journals on the paper provided
b.
processing the appropriate information from the journals by posting to the Bank Account in the ledger on
the paper provided
c.
selecting and organising the relevant data to prepare the Bank Reconciliation Statement as at 31 August
2011.
Note: If there are any errors, assume that the error is in the bank’s records.
BANK RECONCILIATION STATEMENT
AS AT 31 JULY 2011
Credit Balance as per Bank Statement
4 375
Add Deposits not yet Credited
750
5 325
Less Unpresented Cheques No.
Debit Balance as per Bank Account
169
529
172
847
1 376
$3 749
Queensland Studies Authority September 2012 | 3
STATEMENT OF ACCOUNT
WITH THE MSM BANK
MARYBOROUGH QLD 4650
CARTER ENTERPRISES
Date
Account Number: 6890 1783 6045
Transaction
Debit
Credit
Balance
2011
Aug
1
Opening Balance
Deposit
750.00
Bank Charges
145.00
4 375.00
CR
5 125.00
CR
4 980.00
CR
Deposit
250.00
5 230.00
CR
2
Deposit
550.00
5 780.00
CR
3
Deposit
693.00
6 473.00
CR
5
172
847.00
5 626.00
CR
181
1 364.00
4 262.00
CR
182
615.00
3 647.00
CR
143.00
3 790.00
CR
1 254.00
5 044.00
CR
3 559.00
CR
3 916.00
CR
3 421.00
CR
4 752.00
CR
30.00
4 722.00
CR
2 000.00
2 722.00
CR
2 722.00
CR
7
Rent Revenue (Auth #198760)
10
Deposit
183
1 485.00
14
Deposit
357.00
15
184
17
Deposit
27
L Mason (Dishonoured Cheque)
28
185
30
Closing Balance
495.00
1 331.00
Cash Receipts Journal of Carter Enterprises (Extract)
Date
Rec No
Particulars
F
Bank
2011
Aug
1
C Sturley
250.00
2
Sales
550.00
3
Sales
693.00
10
93
Service Fees Revenue
14
94
L Faulkner
17
95
Service Fees Revenue
30
4 |
92
Sales
Accounting 2010: Sample student assessment and responses
1 254.00
375.00
1 331.00
528.00
Cash Payments Journal of Carter Enterprises (Extract)
Date
Chq No
Particulars
F
Bank
2011
Aug
4
181
Rates
1 364.00
7
182
H Sperling
14
183
Furniture
1 485.00
15
184
Electricity
495.00
20
185
Wages
22
186
F Peters
235.00
28
187
Drawings
820.00
615.00
2 000.00
LEDGER OF CARTER ENTERPRISES
Date
Particulars
Debit
Credit
Balance
N
BANK ACCOUNT
Queensland Studies Authority September 2012 | 5
Instrument-specific standards matrix
Knowledge and procedural practices
Student responses have been matched to instrument-specific criteria and standards; those which
best describe the student work in this sample are shown below. For more information about the
syllabus dimensions and standards descriptors, see:
www.qsa.qld.edu.au/11034.html#assessment.
Standard A
Standard C
The student work has the following
characteristics:
The student work has the following
characteristics:
• effective description and thorough
explanation of a comprehensive range of
terminology, concepts and procedures in
relation to relevant accounting for cash
practices
• thorough and effective recording and
processing of a comprehensive range of
accounting data and transactions in cash
journals and ledger accounts in routine
situations
• identification, description and explanation
of terminology, concepts and procedures
in relation to accounting for cash
practices
• recording and processing of accounting
data and transactions in cash journals
and ledger accounts in routine situations
• comprehensive selection and efficient
organisation of relevant data to effectively
prepare a cash flow statement extract
and complete the bank reconciliation
statement.
• selection and organisation of data to
prepare a cash flow statement extract
and complete the bank reconciliation
statement.
Note: Colour highlights have been used in the table to emphasise the qualities that discriminate
between the standards.
6 |
Accounting 2010: Sample student assessment and responses
Student response — Standard A
The annotations show the match to the instrument-specific standards.
Comments
Effective
description and
thorough
explanation of a
comprehensive
range of
terminology,
concepts and
procedures in
relation to
relevant
accounting
practices
8.
Queensland Studies Authority September 2012 | 7
Comments
9.
Comprehensive
selection and
efficient
organisation of
relevant data to
effectively prepare
an accounting
report
10.
Thorough and
effective recording
and processing of
a comprehensive
range of
accounting data
and transactions
in routine
situations
8 |
Accounting 2010: Sample student assessment and responses
Comments
Thorough and
effective recording
and processing of
a comprehensive
range of
accounting data
and transactions
in routine
situations
Queensland Studies Authority September 2012 | 9
Comments
Thorough and
effective recording
and processing of
a comprehensive
range of
accounting data
and transactions
in routine
situations
10 |
Accounting 2010: Sample student assessment and responses
Comments
11.
Thorough and
effective recording
and processing of
a comprehensive
range of
accounting data
and transactions
in routine
situations
Queensland Studies Authority September 2012 | 11
Comments
Thorough and
effective recording
and processing of
a comprehensive
range of
accounting data
and transactions
in routine
situations
Comprehensive
selection and
efficient
organisation of
relevant data to
effectively prepare
an accounting
report
12 |
Accounting 2010: Sample student assessment and responses
Student response — Standard C
The annotations show the match to the instrument-specific standards.
Comments
Identification,
description and
explanation of
terminology,
concepts and
procedures in
relation to
accounting
practice
Question 8
Question 9
Selection and
organisation of
data to prepare
an accounting
report
Queensland Studies Authority September 2012 | 13
Comments
Question 10
Recording and
processing of
accounting data
and transactions
in routine
situations
14 |
Accounting 2010: Sample student assessment and responses
Comments
Recording and
processing of
accounting data
and transactions
in routine
situations
Queensland Studies Authority September 2012 | 15
Comments
Question 11
Recording and
processing of
accounting data
and transactions
in routine
situations
16 |
Accounting 2010: Sample student assessment and responses
Comments
Selection and
organisation of
data to prepare an
accounting report
Acknowledgments
The QSA acknowledges the contribution of Aldridge State High School in the preparation of this document.
Queensland Studies Authority September 2012 | 17