Acct1101 Exam Final Sample

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This exam paper must not be removed from the venue

School of Business
SAMPLE EXAMINATION
ACCT1101 Account for Decis Making
This paper is for St Lucia Campus students.
For Examiner Use Only
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For Examiner Use Only
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Examination Duration:120 minutes
Reading Time:10 minutes
Exam Conditions:
This is a Central Examination
This is a Closed Book Examination - specified materials permitted During perusal - write only on the rough paper provided
Materials Permitted In The Exam Venue:
(No electronic aids are permitted e.g. laptops, phones)
Any unmarked paper dictionary is permitted
Calculators - Casio FX82 series or UQ approved (labelled)
Materials to Be Supplied To Students:
1 x 14 Page Answer Booklet
Rough Paper
1 x Multiple Choice Answer Sheet
Instructions to Students:
* Answer all questions using the writing book and the Multiple Choice Answer * Sheet provided.
*
This sample exam is intended to be an indication of the content of the main and final exams. It is not intended to be a complete indication of the content of the supplementary exam, as this exam also assesses all course content Question 1

Go Stop Limited is preparing its budget for the quarter beginning 1 January 2013. The bank balance at 1 January is expected to be $10,000,000. The directors have a policy to purchase just enough to cover that month’s expected sales. Purchases are to be paid for by the end of the following month. Sales are on credit as follows:

Receipts:| |
Current month| 60%|
month before| 30%|
2 months before| 10%|
Total| 100%|
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Budgeted Sales are:
$,000| $,000| $,000| $,000| $,000|
November| December| January| February| March|
46,800 | 48,000 | 50,000 | 52,000 | 56,000 |

The firm’s gross profit margin is 30%.

The following fixed monthly expenses are all paid on cash terms ($, 000): Wages| 15,000|
Rent| 6,000|
Rates| 3,000|
Insurance| 1,500|

An expensive piece of equipment was paid for in February, costing $1,200,000

Required:
1) Prepare the company’s cash budget for the three months beginning 1 January showing the balance at the end of each month. Show workings.
Use the proforma cash budget sheet that follows
2) Advise the management on the forecast cash position

3) Advise management of the importance of Cash Management Answer Sheet: Go Stop Limited

| January| February| March| Total|
| $,000| $,000| $,000| $,000|
Receipts:|  |  |  |  |
 |  |  |  |  |
Total Cash receipts| | | | |
 | | | | |
Payments:| | | | |
DO NOT WRITE ON THIS PROFORMA IN THE EXAM:USE AS A GUIDE ONLY AND WRITE YOUR ANSWER IN THE NORMAL GREEN ANSWER BOOKLET| | | | | |
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Total cash payments| | | | |
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Net cash flows| | | | |
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Opening Bank Balance| | | | |
Closing Bank Balance| | | | |

Question 2
Given below is a table that sets out the annual budgeted income statement for a large clothing retailer, together with actual performance figures. The retailer has several stores located all over Australia and New Zealand. Sales are made...
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