Accounting 2.3 AS91176 – revision feedback/check list
Section One: How did I go classifying and completing the income statement and relevant adjustments?
Notes:
TB figures means correctly classified items from the trial balance that do not require any adjustment
Adjusted correct figures means the student has correctly classified items that require an adjustment with the correct
figure
Adjusted incorrect figures means the student has correctly classified items that require an adjustment, but the
adjusted figure is incorrect
This allows students to focus on what they need to focus on – if they have the classification correct, they only need to
focus on the adjustment
Not all exercises will have all adjustments, service firms will not have cost of goods sold or gross profit.
What evidence did I miss or get
How do I to get to my goal?
Exam
Income Statement
incorrect?
- what do I need to learn to do? ready √
Classify:
Revenue/Sales/Fees
- TB figures
- adjusted correct figures
- adjusted incorrect figures
Cost of goods sold
- COGS adjusted for write
down of inventory
Gross profit
Other income
- TB figures
- adjusted figures
- adjusted incorrect figures
Distribution costs
- TB figures
- adjusted figures
- adjusted incorrect figures
Administrative expenses
- TB figures
- adjusted figures
- adjusted incorrect figures
Finance costs
- TB figure(s)
- adjusted figure(s)
- adjusted incorrect figure(s)
Finalise the report
Correct treatment of
subtotals
Profit for the year
With thanks to Derek McLauchlan, Te Tapua o Rehua, University of Canterbury
Section Two: How did I go classifying and completing the statement of financial position, relevant adjustments and
notes?
Balance Sheet
What evidence did I miss or get
incorrect?
How do I to get to my goal?
- what do I need to learn to do?
Exam
ready √
Classify:
Current Assets
Accounts receivable = note
- items from trial balance
- adjustments correct figure
- adjustments incorrect figure
Non-current Assets
PPE total
Investments
Intangible
Current Liabilities
- items from trial balance
- adjustments correct figure
- adjustments incorrect figure
Non-current Liabilities
Equity
Finalise the report
Correct treatment of subtotals
Net assets = equity
Accounts Receivable note
- correct items
- correct figures
PPE Note
- For the year ended part
- As at part
Investment note
Non-current liabilities note
With thanks to Derek McLauchlan, Te Tapua o Rehua, University of Canterbury
Section Three: How did I go with my adjustments (either statement)
Note: italics indicate the adjustment required a calculation (Merit and Excellence). Examples for the accrual
adjustments have been provided. Exercises / exams may include different examples. Adapt as required.
What evidence did I miss or get
How do I to get to my goal?
Exam
Adjustments
incorrect?
- what do I need to learn to do? ready √
Given figure /calculation eg
accrued expenses
interest owing on loan from
interest rate
accrued income
interest owing on term
deposit from interest rate
prepayments
annual insurance with
months to go/paid on date
income in advance
monthly rental given for rent
received
other accrual calculation
examples
Depreciation given figure
straight-line (SL) % of cost
SL years and residual value
diminishing value (DV)
units of use
write down inventory
accounts payable for
expenses inc GST
accounts receivable for
sales/fees inc GST
additional bad debts inc GST
adjust allowance for
doubtful debts up
adjust allowance for
doubtful debts down
purchase of PPE item/asset
inc GST
dividing an expense into two
classifications
With thanks to Derek McLauchlan, Te Tapua o Rehua, University of Canterbury
Section Four: How did I go with my general journal entries?
General journal entries
What evidence did I miss or get
incorrect?
How do I to get to my goal?
- what do I need to learn to do?
Exam
ready √
Two columns ok!
Debits equal credits every time ok!
Entry for an accrual adjustments:
Trial balance account name used
Appropriate adjustment account
name used
Debit entry correct
Credit entry correct
Entry for a depreciation adjustment:
Depreciation on asset name in full
debit
Accumulated depreciation on asset
name in full credit
Entry for a GST adjustment:
Trial balance account names used
Debit entry/ies correct
Credit entry/ies correct
Entry for doubtful debts
Doubtful debts
Allowance for doubtful debts
Debit entry correct
Credit entry correct
Entry for a write down inventory
Cost of goods sold debit
Inventory credit
Closing entry income account
Income account (adjusted if
necessary) debit
Income summary credit
Closing entry expense account
Income summary debit
Expense account (adjusted if
necessary) credit
Closing entry drawings
Capital debit
Drawings credit
Closing entry profit (loss) for the
year
Income summary debit (credit)
Capital credit (debit)
With thanks to Derek McLauchlan, Te Tapua o Rehua, University of Canterbury
Section Five: How did I go with my general ledger skills?
Note: This section is skills based to cover the key skills associated with correct general ledger entries.
What evidence did I miss or get
How do I to get to my goal?
General ledger skills
incorrect?
- what do I need to learn to do?
Debit, credit, balance, Dr/Cr columns
ok!
Every line (except balance) has all of
these:
 a particulars entry,
 a debit or a credit entry,
 a balance column entry and
 a Dr/Cr indicator
Remember all those every time!
All dates are 31 March (or balance
date)
If the account comes from the trial
balance it will have a balance as the
first entry – amount in the balance
column, Dr or Cr to indicate
If the account is created from an
adjustment it will NOT have a
balance
Particulars column references are
correct – see note 1 below:
A debit entry increases a debit
balance, labeled Dr
A credit entry decreases a debit
balance, labeled Dr
A credit entry increases a credit
balance, labeled Cr
A debit entry decreases a credit
balance, labeled Cr
Only EXPENSE and INCOME accounts
are closed to the income summary
Closing entries make the balance
zero so a debit (credit) balance needs
a credit (debit) closing entry for the
amount of the balance
Drawings is closed to capital by a
debit entry in the capital account and
a credit entry in the drawings
account
Profit (loss) for the year is closed to
capital by a credit (debit) entry in the
capital account
Exam
ready √
Particulars column references



Particulars should reference the other account involved in the double entry
The account name itself cannot appear in the particulars column of the account
Eg Accrued Expense account doesn’t have accrued expense in the particulars – it will be wages or interest
You are allowed to abbreviate long references in general ledger particulars column (only time you can abbreviate
in this exam!) provided your abbreviation is clear and the account referenced is correct.
Eg in the Depreciation on Shop Fittings account you can write accum.dep. shop ftgs as a reference in the
particulars for the debit entry for the depreciation expense for the year. Your abbreviation must not be an
abbreviation of the account name so you can’t write dep shop ftgs in the Depreciation on Shop Fittings account
because it is clearly an abbreviation of the account name which is not allowed in the particulars column.
With thanks to Derek McLauchlan, Te Tapua o Rehua, University of Canterbury
Section Six: How did I go with identifying and classifying cash receipts and cash payments and completing
calculations for the cash flow statement?
Cash Flow Statement
What evidence did I miss or get
incorrect?
How do I to get to my goal?
- what do I need to learn to do?
Exam
ready √
Calculate:
Cash from accounts receivable
Cash paid to accounts payable
Determine cash component of a
given figure that includes cash
and non-cash components
Classify:
Remember to use correct
accounting term
Cash Receipts
Cash Payments
All bank statement items are
included
Non-cash items from the given
information are not included
Finalise report
Cash surplus/deficit
Opening/closing bank
Reflection feedback/feed-forward
My Goal:
Student Reflection
Key things I will do to improve my understanding / achieve my goal:
What teaching and learning
helped me in this unit?
Teacher comment
With thanks to Derek McLauchlan, Te Tapua o Rehua, University of Canterbury