ACCM 4000
Financial Accounting
Revision Topic
Workshop 12
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Final Examination
Check your campus timetable for details and times
Exam
Value
Choice
Style
AK
• Topics 4 to 10 are examinable
• Exam is marked out of 40 marks and is worth 40% of the overall
assessment of the unit
• All 4 questions are compulsory; no MCQs
• Questions are in the style (not the same) as what you covered in
each workshop
Final Examination Paper Topics
Topic 4
Topic 5
Topic 6
Topic 7
Topic 8
Topic 9
Topic 10
• Preparing accounting worksheets, preparing financial statements and completing the accounting cycle
• Accounting for retailing and accounting systems
• Accounting for inventories
• Cash management and controls
• Accounting for receivables
• Analysis and interpretation of financial statements
• Partnerships
Supplementary Examination Paper Structure
• The supplementary exam may not necessarily have the same
format as the final exam
• May or may not contain questions from the same Topic or carry
the same marks per topic
• But it covers topics 4 to 10;
• Assumed knowledge - topics 1 to 3
• Worth 40% of the subject marks
• No further information relating to the supplementary exam will be
made available
Final Examination - Exam Instructions
 Fill in your name and student details - examination paper - hand
in on completion of the exam
 The exam duration is 2 hours + 10 minutes reading time.
 You may NOT write in your answer script during the reading
time.
 Do not start reading the paper until instructed to do so and
when instructed you must stop writing at the end of the exam
 Calculators without text storage capabilities are allowed in the
exam; Dictionaries and mobile phones are not allowed in the
exam
 Use black or dark blue ink – do not use pencil
Final Examination - Exam Instructions
 The following items need to be taken into the exam:
 Student ID card
 Writing implements; i.e. pens, pencil, ruler etc.
 Calculator – make sure it has batteries!!
 Timing – make sure you work to time. 40 marks = 120
minutes; general suggestion –
 10 Marks - 30 minutes
 Plan to check through work etc - leave 5 -10 minutes
Journal Entries - Format

Note – A journal entry should have  The date of the transaction;
 An account(s) to debit and credit;
 A dollar amount (should be equal $ amounts in debit & credit);
 A narration/explanation

This is what is meant by “prepare a journal entry”

If a narration is not required the question will indicate this. If not
the journal entry format should be followed
Topic 4: Preparing accounting
worksheets, preparing financial
statements and completing the
accounting cycle
• The closing process
• What are reversing entries
• Be able to prepare accounts after closing entries like
retained earnings, capital etc.
• Be able to prepare the different financial statements:
• Income statement
• Statement of changes in owner’s equity
• Balance sheet
Topic 5: Accounting for retailing
and accounting systems
• Understanding of the two inventory systems:
• Perpetual inventory system
• Periodic inventory system
• Comparison of the two methods
• Be able to record sales, sale return, purchase,
purchase returns, cash payment and cash
collections transactions
• Under both scenarios: with and without GST
Topic 5: Accounting for retailing
and accounting systems (cont)
• Operations of an accounting system
• What are internal controls, advantages and
disadvantages
• What are special journals and it different types
• What is a general journal
• What are computerised accounting systems
Topic 6: Accounting for inventories
• Different methods of inventory cost assignment:
• FIFO
• LIFO
• Weighted average method
• Calculate of Sales, COGS, Gross Profit and
comparison of the these in the above three
methods
• Valuation criteria for inventory
Topic 7: Cash management and
controls
• Understanding cash and cash equivalents
• Reasons of various controls around cash
management
• Be able to prepare bank reconciliation
Topic 8: Accounting for
receivables
• Understanding of different types of receivables
• Understanding and be able to prepare journal
entries under the two methods of accounting for
bad debts:
• Allowance method
• Direct write-off method
• Accounting for recovery of accounts written off
Topic 9: Analysis and interpretation
of financial statements
• Nature and purpose of financial analysis and
different analytical methods
• Understanding of various categories of ratio
analysis: Profitability analysis. Asset efficiency,
Liquidity, Capital structure and Market performance
• Limitations of ratio analysis
• Calculate and analyse the various ratios included
under the above categories (formula sheet will be
provided)
Topic 10: Partnerships
• Define what is a partnership, its features,
advantages and disadvantages.
• Accounting for starting a partnership
• Accounting for over the life of the partnership
(distribution of profit and losses every year
including payment of salaries, interest in capital
etc.)
• Dissolution of partnership (when partners are
added or removed the partnership and payment is
made to/from partnerships’ assets or when it is a
private transaction between partners)
Exam Do’s and Exam Don’ts
Journal Entries - Format

Note – A journal entry should have  The date of the transaction;
 An account(s) to debit and credit;
 A dollar amount (should be equal $ amounts in debit & credit);
 A narration/explanation

This is what is meant by “prepare a journal entry”

If a narration is not required the question will indicate this. If not
the journal entry format should be followed
EXAM DON’TS
Do not panic
Do not answer questions you would have liked put to you and don’t
just give an answer from a tutorial
Avoid waffle and, do not repeat yourself or write out the question
itself
Do not spend more time than allocated
Do not use words you can’t spell in theory parts and make sure you
answer the actual question
Do not leave the room early unless you have answered all the
questions perfectly and are quite sure you have done extremely well –
100%!!!
EXAM DO’S
Read the question – don’t guess!
Write clear, concise answers that address the issues raised in the
questions – ANSWER the question
Show workings to all your answers.
Write legibly/ clearly – answers must be in ink (preferably dark
blue or black) – DO NOT use pencil
Read what you have written/calculated; Get stuck – move to the
next question
Number the questions and parts thereof correctly
End of Revision Topic
• For Final Exam – Check your campus timetable for
Location and Time of exam; be on time - early
• Good Luck with your revision and your exam
• Enjoy your Trimester break