BZ102 ACCOUNTING PRINCIPLES

BZ102 ACCOUNTING PRINCIPLES
PORTFOLIO QUESTIONS – TOPICS 1 & 2

It is suggested that students read the Study Guide, additional readings, relevant text book pages, and then review the PowerPoint for these topics, prior to attempting these questions.  Marking criteria provided in Assessment section of Moodle.

Question 1- Classify account types

Prepare a table, per the suggested layout below, and classify each of the listed items as either Assets, Liabilities, Owner’s Equity, Revenue or Expenses, for a manufacturer.

Assets Liabilities Owner’s Equity Revenue Expenses
Example
Cash on Hand – float Credit card owing Capital – A Owner Interest received Salaries

 

• Cash at Bank

 

 •    Drawings by owner
• Sales of inventory

 

 • Commission Received
• Electricity • Interest paid on bank loan
• Rent paid on factory • Inventory (stock on hand)
• Packaging and postage • Fork lifts
• Machinery • Computer Equipment
• Shelving and storage racks • Mobile phone monthly plan costs
• Loan from bank– repayable in 5 • Office Furniture
years • Shares in public companies
• Accounts Payable • Legal fees

 
• Accounts Receivable

 

Question 2 – Analyse Balance Sheet

Examine the Balance Sheet of a ceramic tiling business below, and answer the

following questions:

Sister’s Tiling Services

Balance Sheet as at 30 June, 2018

Assets Liabilities
Cash on Hand 50 Accounts Payable 800
Cash at Bank 250 Credit Card balance 1 000
Accounts Receivable 1 700 Secured Loan 2 000 3 800
Inventories 800
Furniture 2 000 Owner’s Equity
Premises 14 000 Capital – M. Weston 15 000
$18 800 $18 800

 

  1. Who is the owner of the business?
  2. How much is the owner’s investment in the business?
  3. How much is owed to the business by customers?
  4. How much is owed by the business to suppliers?
  5. Explain the term “inventories”, and give examples of the types of inventories this business might have
  6. Explain the term “Secured Loan”.

Question 3 – Transaction Analysis

Analyse the following transactions for Sisters Tiling Services for the week ending 31 March 2018, by completing the journal entries, in a similar manner to the example below.  You will need to determine which account will be affected, and whether that account should be debited or credited.

Example

1 March Received $4000 from owner

Journal entry

Date Accounts affected & (type of account, + or -) Debit Credit
1 March Cash at bank (Asset +) 4 000  
    Capital (Equity +)   4 000
  (Owner invested additional finds to the business)    

 

Transactions

March 23         Performed tiling services ‘cash job’ of $600, which was banked

March 25         Received commission from Tiling Manufacturers Pty Ltd for being “best tradie” for the month.

March 28         Attended building site and repaired floor tiling.  Invoiced the builder $350, due 7 days.

March 29         Paid apprentice wages $700

March 30         Client paid invoice from last week, directly to Sisters Tiling bank account, $1150

March 31         Transferred $800 from bank account to pay monthly loan repayment.

 

Question 4 – ethics

According to the Accounting Professional and Ethical Standards Board, there are five areas in which accountants must conduct themselves ethically and act in a professional manner.

Name, and then explain each of these five areas, providing examples of each.

(Show relevant referencing of your sources)

 


 

Question 5 – Reverse Engineering (working backwards)

Explain, in detail, what transaction would have occurred to give rise to each of the three unrelated journal entries recorded below:

Date Accounts affected Debit Credit
a)      1 March Cash at Bank 500
    Rent Revenue 500
(??                                                                   )
b)      2 March Stationery 700
     Cash at Bank 700
(??                                                                   )
c)      3 March Office furniture 2 000
     Accounts Payable 2 000
(??                                                                   )

BZ102 ACCOUNTING PRINCIPLES

Marking guide Portfolio Tasks

 

 

Criteria Superior Sound Limited  
Topic coverage All tasks/questions covered to a high standard All tasks/questions covered to a sound standard Questions covered to a poor standard and/or did not complete all tasks  

 

 

 

 

 

 

Non/late

submission
Topic comprehension Clear understanding of key accounting concepts Accounting skills and knowledge developing. Significant gaps in knowledge
Presentation quality Professional presentation with clarity and detail Satisfactory presentation Poor presentation
Academic writing Correct use of academic writing conventions to create meaning.

Supported by multiple and relevant academic referencing.

 Substantively correct use of academic writing conventions.  Supported by referencing Inconsistent/limited use of academic writing conventions.

Minimal/nil attempt to reference sources
 

Overall Mark

 

  

5 marks

  

3 marks

  

1 mark

  

0 marks

 

 

 

 



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