· Web viewSection One: Answer all questions on the separate Multiple-choice Answer Sheet...

ACCOUNTINGAND FINANCEStage 3B

Student Number: In figures

In words _______________________________________________________________________

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Time allowed for this paperReading time before commencing work: ten minutesWorking time for paper: two and a half hours

Materials required/recommended for this paperTo be provided by the supervisorThis Question/Answer BookletSpecifications Booklet

To be provided by the candidateStandard items: pens, pencils, eraser, correction fluid, ruler, highlightersSpecial items: non-programmable calculators satisfying the conditions set by

the Curriculum Council for this course

Important note to candidatesNo other items may be taken into the examination room. It is your responsibility to ensure that you do not have any unauthorised notes or other items of a non-personal nature in the examination room. If you have any unauthorised material with you, hand it to the supervisor before reading any further.

Please place your student identification label in this box

Structure of this paper

SectionNumber of questions available

Number of questions

to be answered

Suggested working

time(minutes)

Marks available

Percentage of exam

Section One:Multiple-choice

10 10 10 10 10

Section Two:Extended answer

3 3 100 110 80

Section Three:Essay

4 1 30 30 10

100

Instructions to candidates

1. The rules for the conduct of Western Australian external examinations are detailed in the Year 12 Information Handbook 2010. Sitting this examination implies that you agree to abide by these rules.

2. Answer the questions according to the following instructions.

Section One: Answer all questions on the separate Multiple-choice Answer Sheet provided. For each question shade the box to indicate your answer. Use only a blue or black pen to shade the boxes. If you make a mistake, place a cross through that square, do not erase or use correction fluid, and shade your new answer. Marks will not be deducted for incorrect answers. No marks will be given if more than one answer is completed for any question.

Sections Two and Three: Write answers in this Question/Answer Booklet. Show all calculations clearly in the space marked Workings

for questions where calculations are applicable. Marks will be awarded principally for the relevant accounting

and finance content.3. You must be careful to confine your responses to the specific questions

asked and to follow any instructions that are specific to a particular question.

4. Spare pages are included at the end of this booklet. They can be used for planning your responses and/or as additional space if required to continue an answer. Planning: If you use the spare pages for planning, indicate this

clearly at the top of the page. Continuing an answer: If you need to use the space to continue an

answer, indicate in the original answer space where the answer is 2

continued, i.e. give the page number. Fill in the number of the question(s) that you are continuing to answer at the top of the page.

6. Information for questions has been repeated on the removable Information Booklet which has been inserted inside the front cover of this booklet so that you can refer to it while answering the questions. Do not write your answers in the Information Booklet. The Information Booklet is not handed in with your answers

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1 Which of the following statements is not true:a) Business failure is often caused by poor asset management;b) The purchase of non-current assets should be financed by short-term debt;c) Over-investment in inventory represents an opportunity cost for business;d) A bank overdraft may be used to cover short-term cash deficits.

2 The powers and duties of the Directors of a public company would include:

a) Controlling the company’s market share price;b) Ensuring the company continues to trade even if it is insolvent;c) Appointing the company’s external auditors;d) Recommending or deciding on dividends.

3 Ethical decisions for a company are those which:

a) Only involve the Board of Directors;b) Have regard to moral principles rather than legal guidelines;c) Will not affect the company in an economic way;d) Are covered by one of the various statutes that the company is subject to.

4 Which ratio is most useful to an investor considering buying a company’s shares?

a) Debt to equity ratio;b) Rate of return on assets;c) Price/earnings ratio;d) Times interest earned.

Questions 5 & 6 relate to the summarised financial information given below for Oscar Nominees Ltd.

Summary of comprehensive income for years ended 30 June2012 $’000 2011 $’000

Gross profit 1 320 1 240Other income 260 400

Total income 1 580 1 640Expenses excluding finance costs 890 780Finance costs 140 80

Profit before income tax 550 780Income tax expense 165 234

Profit for the period 385 546Other comprehensive income, net of tax 240 180

Total comprehensive income for the period 625 726

Summary of financial position as at 30 June

2012 $’000 2011 $’000Total assets 10 200 9 200Total liabilities 2 800 1 900Shareholders’ Equity 7 400 7 300

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5 The Rate of Return on Assets for the year ended 30/6/12 was:

a) 3.9%b) 6.4%c) 5.7%d) 7.1%

6 The Times Interest Earned ratio for the year ended 30/6/12 was:a) 3.2 times;b) 4.9 times;c) 6.1 times;d) 6.3 times.

7 The SACs (Statements of Accounting Concept) in Australia:

a) Define Reporting Entities and the reports such entities are required to produce;b) Have been completely replaced by the terms of the Framework;c) Are guidelines modified from time to time by the Accounting Standards Board;d) Are only relevant for public companies.

8 An issue of bonus shares by a listed company:

a) Will increase the company’s market capitalisation;b) Is usually intended to reward long-term shareholders;c) Will not alter each shareholder’s voting power;d) Will provide additional funds for the expansion of company operations.

9 On average, investors would like to see a downward trend in which one of the following ratios?

(a) debtor’s collection(b) price/earnings(c) dividend yield(d) inventory turnover

10 AASB 107 says- (a) Exactly where everything should go in a statement of Cash Flows(b) How to do reconstructions(c) Where to show tax and interest(d) How to do Balance Day Adjustments

END OF SECTION ONE

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SECTION TWO: Extended answers 80 % (110 Marks)

This section has six (3) questions. Attempt all questions. Write your answers in the space provided.Spare answer pages are provided at the end of this booklet which you may use for planning responses or continuing an answer. If you need to use the space to continue an answer, indicate in the original answer space where the answer is continued i.e. give the page number. Write the number of the question you are continuing at the top of the spare page.

Suggested working time: 100 minutes

Question 11 (17 marks)

Mia has $10,000 to invest and is considering the acquisition of ordinary shares in Goldpost, a mining firm with several gold mining sites in regional Western Australia. A summary of the firm’s performance over the last three financial years is outlined in the table below:

Ratio 30/6/2007 30/6/2008 30/6/2009 Industry average

Debt to equity 40% 55% 70% 45%Quick asset 1.15 1.38 1.70 1.05Price/earnings 15 12 8 14Profit 7% 9% 10% 14%

(a) For each of the ratios contained in the table above, briefly:

define what each is measuring discuss the trend suggest one reason for the trend.

(12 marks)

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Debt to equity

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Price/earnings

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(b) Using the ratios contained in the table on page 6, provide a recommendation to Mia on whether she should invest all of her available money into Goldpost. (5 marks)

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Question 12 ( 55 marks in total)Kurraloo Limited has provided the following information.

KURRALOO LIMITEDStatement of Position as at 30 June 2008

Note 2008 2007Current assets $ $Cash holdings 9 000 38 000Short-term deposits 20 000 50 000Receivables 150 000 112 000Inventories 266 000 167 000Total current assets 445 000 367 000Non-current assetsProperty, plant and equipment 2 1 913 000 1 485 000Investments 400 000 500 000Total non-current assets 2 313 000 1 985 000Total assets 2 758 000 2 352 000Current liabilitiesAccounts payable 83 000 67 000Income tax payable 180 000 128 000Total current liabilities 263 000 195 000Non-current liabilitiesBorrowings 200 000 100 000Total non-current liabilities 200 000 100 000Total liabilities 463 000 295 000NET ASSETS $2 295 000 $2 057 000EquityShare capital 2 100 000 1 800 000Reserves 150 000 100 000Retained earnings 45 000 157 000TOTAL EQUITY $2 295 000 $2 057 000

NOTES2. Property, plant and equipment 2008 2007 Land, at cost 1 000 000 1 000 000 Plant and equipment, at cost 1 075 000 620 000 Accumulated depreciation of plant and equipment 162 000 135 000

913 000 485 000 Property, plant and equipment, book value 1 913 000 1 485 000

An item of plant originally purchased for $50 000 and with a book value of $8 000 was sold during the year for $5 000 cash.

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KURRALOO LIMITEDStatement of Comprehensive Income for year ended 30 June 2008

$Sales 2 450 000Cost of sales (1 280

000)Gross Profit 1 170 000Interest revenue 1 200Dividends received 18 000Financial Expenses (13 500)Other expenses (580 700)Profit before tax 595 000Income tax expense 178 500Profit 416 500

Additional information The short-term deposits are used as part of the company’s cash management

function. Income tax provided on 30 June 2007 was paid during the year. $100 000 cash was raised during the year by an issue of debentures and $300 000

by an issue of ordinary shares. $50 000 was transferred to the General Reserve. Dividends were paid during the year. All purchases and sales of inventory are made on credit. During the year ended 30

June 2008 the total inventory purchased was $1 384 000. It is company policy that the purchase and sale of all non-current assets be for cash. Other expenses’ included depreciation and loss on sale of plant and equipment.

Required(a) Prepare a statement of cash flows for Kurraloo Limited for the year ended

30 June 2008. Marks are allocated to all workings. (47 marks)(b) Explain the meaning of ‘cash and cash equivalents’. Refer to the Statement of

Cash Flows prepared in Part A of this question to provide examples for your answer. (4 marks)

(c) Use the Statement of Cash Flows you have prepared to explain the changes in the cash holdings of Kurraloo Limited over the past financial year. (4 marks)

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(39 marks)Use the following information to respond to the questions below.

VILLAGE INDUSTRIES LTDStatement of Changes in Equity for the year ended 30 June 2007

Profit for the period $214 000Net income recognised directly in equity NilTotal recognised income and expense for the period 214 000

Share CapitalOrdinaryBalance at start of period 1 000 000Balance at end of period 1 000 000PreferenceBalance at start of period 240 000Closing balance 240 000

Other reservesGeneralBalance at start of period 224 000Transfer from retained earnings 116 000Balance at end of period 340 000RevaluationBalance at start of period 147 000Balance at end of period 147 000

Retained earningsBalance at start of period 54 000

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Total recognised profit for the period 214 000Transfer to general reserve (116 000)Dividend declared – ordinary (15 000)Dividend declared – preference (14 400)Balance at end of period $122 600

Additional information Share Capital consists of 250 000 ordinary shares issued at $4 each and 60 000 6%

preference shares issued at $4 each. On 10 October 2007 the company authorised payment of the final ordinary dividend

declared of $45 600 and the final preference dividend declared of $14 400 at the recent 2007 Annual General Meeting held on 23 September 2007.

On 18 March 2008 a 4% interim dividend was paid on the ordinary shares. During April 2008 land was re valued upwards $140 000. On 30 June 2008 the directors decided to make a transfer to the general reserve so

that the closing balance of the retained earnings account would be $80 000. On 30 June 2008 the directors proposed a 6% final dividend to the ordinary

shareholders.

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VILLAGE INDUSTRIES LTDTrial Balance as at 30 June 2008

Cheque account $50 000Accounts receivable 108 000Allowance for doubtful debts $8 000Inventory 124 000Prepaid insurance 16 000Dividends 60 000Land 1 460 000Equipment 220 000Accumulated depreciation of equipment 58 000Buildings 200 000Accumulated depreciation of buildings 20 000Vehicles 97 000Accumulated depreciation of vehicles 53 000Goodwill 370 000Intellectual property 40 000Accounts payable 120 000Accrued expenses 20 000Current tax liability 71 000Retained earnings 122 600Asset revaluation reserve 287 000Loans 451 000Ordinary shares capital 1 000 0006% Preference share capital 240 000General reserve 340 000Profit after tax 224 000Investments in other companies 229 600Interim dividend ordinary 40 000

$3 014 600 $3 014 600

Required(a) Prepare a balance sheet in external reporting format as at 30 June 2008.

The only note required is ‘Property, plant and equipment’. (28 marks)(b) Village Industries Ltd manufactures underwater welding equipment and gives

warranties at the time of sale to purchasers of the equipment. As part of the warranty, Village Industries Ltd agrees to repair or replace any manufacturing defects that become apparent within a period of three years from the date of sale. Use the Framework to explain how you believe warranties should be accounted for in the financial statements of Village Industries Ltd. (10 marks)

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Section Three: Essay 10% (30 Marks)

This section contains four questions. You must answer one question. Write your answer in the space provided.

Spare pages are included at the end of this booklet. They can be used for planning your responses and/or as additional space if required to continue an answer. Planning: If you use the spare pages for planning, indicate this clearly at the top of

the page. Continuing an answer: If you need to use the space to continue an answer, indicate

in the original answer space where the answer is continued, i.e. give the page number. Fill in the number of the question(s) that you are continuing to answer at the top of the page.

Suggested working time for this section is 30 minutes.


The term ‘regulatory framework’ refers to the body of rules and regulations that applies to thefinancial statements of listed companies. This framework includes company law, accountingstandards and stock exchange regulations.

Discuss this framework with reference to:• why regulation is necessary for publicly listed companies (4 marks)• the purpose of accounting standards and the role of the Australian AccountingStandards Board (AASB) (8 marks)• the nature and importance of the International Accounting Standards Board (IASB) andidentify four benefits and four limitations that stem from the standardisation ofaccounting practice(14 marks)• the Australian Securities and Investments Commission (ASIC) and the AustralianSecurities Exchange (ASX) in their regulatory roles. (4 marks)

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or (30 marks)

Question 15You are an investor considering buying shares in one of two listed companies on the ASX. One of your main sources of information about both companies is their published annual reports

a) Explain how the conceptual Framework (including the SACs) ensures that the information in these reports is useful to potential investors like you ;

(18 marks)

b) Outline the role of the ASX and the financial media in enhancing the understanding of a company’s reports ; (5 marks)

c) Compare the utility of the Statements of Comprehensive Income and the Statements of Cash Flow in assisting you in making your investment decision;

d) (7 marks)

or

Question 16 (30 marks)Construkten Pty Ltd is a large proprietary company operating in the Australian light engineeringindustry. It has accumulated substantial cash reserves, and as their chief financial officer,you have been asked to identify a suitable public company in which the company can investsurplus funds. You have initially identified XXTZ Ltd, an Australian Securities Exchange (ASX)listed company with activities in the heavy engineering industry, as being a potentially suitableinvestment for Construkten Pty Ltd.The following data has been provided to help you evaluate whether XXTZ Ltd might be asuitable investment for Construkten Pty Ltd.Australian Securities Exchange (ASX) Share data (extract) – 30 June 2012

Name Last price Up/down 52 week high 52 week low Yield% Price/EarningsXXTZ Ltd 1.03 -5 1.40 0.72 4.60 11

XXTZ LtdStatement of comprehensive income for the years ended 30 June

2011$ 2012$Sales 1,487,000 1,690,000Less cost of sales 698,000 710,000Gross profit 789,000 980,000Less finance expenses 38,000 61,000Less other expenses 430,000 509,000Profit before income tax 321,000 410,000Income tax 96,300 123,000Profit after income tax 224,700 287,000Other comprehensive incomeGain on asset revaluation 0 25,000Total comprehensive income for the year 224,700 312,000

Key financial ratios for XXTZ Ltd and the industry averagesRatio XXTZ Ltd Industry averages 2011 2012 2011 2012

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Profit 15.1% 17.0% 13.8% 12.4%Times interest earned 9.4 times 6.9 times 4.8 times 4 timesWorking capital 200% 140% 130% 130%Debt to equity 67% 84% 110% 112%

You are to advise the senior management of Construkten Pty Ltd on the planned acquisition ofXXTZ Ltd. This advice should be based on the information you are able to extract from the ASXShare data, the Statements of comprehensive income for the years ended 30 June 2011 and30 June 2012 and the key financial ratios for XXTZ Ltd and industry averages.Calculations are not required in your essay. However, you can choose to use any financialinformation you believe to be relevant.Your essay must address the following:● three differences between a public and large proprietary company (6 marks)● an explanation of three items of financial information reported in the extract from theASX Share data (6 marks)● profitability, liquidity and gearing trends, giving possible reasons for anychanges that may have occurred (9 marks)● three limitations in making your analysis of the ratios and data provided (6 marks)● use of essay format. (3 marks)

Question 17Referring to the significant environmental damage caused by BHP at its OK Tedi mine site,former CEO Paul Anderson stated:“We did not pay sufficient attention to the environmental and community aspects of ourmining activities and it had a negative effect on our reputation and our financials. Wemust operate to world class quality and that means open communication with ourstakeholders. We must adapt or we will go out of business.”The statement by Mr Anderson demonstrates the importance to an organisation of managing itsrelationship with external stakeholders. The most effective way to do this is through thedevelopment and dissemination of comprehensive corporate social disclosure. Discuss thenature, importance, limitations and extent of corporate social disclosures.Your answer should include the following:• a definition of ‘corporate social disclosure’ (3 marks)• four examples of information that may be contained in corporate social disclosures(8 marks)• four benefits of corporate social disclosures to organisations and four benefits to theirstakeholders (8 marks)• three limitations of corporate social disclosures (6 marks)• a discussion of the extent of corporate social disclosures in Australia. (5 marks)

End of questionsCheck that you have written your Student Number on the front of this booklet.

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