Sample of Accounting Exam

This question paper must be

returned. Candidates are not

permitted to remove any part

of it from the examination room.

SEAT NUMBER:…………..ROOM:………

FAMILY NAME.……………………………

OTHER NAMES……….……………………

STUDENT NUMBER.………………………

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Unit: ACCG 611 / Principles of Accounting

Date:

Time Allowed: 3 hours plus 10 minutes reading time

Total Number of Questions: 6

Instructions & Materials Permitted:

i) All questions must be answered on the examination paper.

ii) Calculators without text storage capabilities are permitted.

iii) Dictionaries are not permitted for use.

iv) This is a closed-book examination.

(Office Use Only – Do Not Write Here)

|SECTION |MARKS |

|Question 1 | /15 |

|Question 2 | /15 |

|Question 3 | /20 |

|Question 4 | /15 |

|Question 5 | /20 |

|Question 6 | /15 |

| | |

| | |

|TOTAL | /100 |

QUESTION 1: ACCOUNTING FOR PARTNERSHIP (15 MARKS)

The financial position of WPJ legal firm as at 30 June 2011 is shown below. Wong, Prince and Jenney agree to share profits and losses in a ratio of 2:5:3 respectively.

|Cash at bank $95 000 |Total liabilities $750 000 |

|Inventory $65 000 |Wong, Capital $40 000 |

|Land...