Exam (elaborations)
accounting exam prep
- Course
- Institution
exam preparation for first year business management students doing compulsory accounting and finance modules.
[Show more]
Seller
Follow
vincenzolaughoff
Content preview
2019 EXAMINATIONSPART I
ACCOUNTING AND FINANCE
AcF 100 INTRODUCTION TO ACCOUNTING AND FINANCE
3 hours + 15 minutes reading time
Answer ONE question each from both Sections A and B. Answer TWO
questions from Section C and then ONE question from Section D. All questions
in Sections A and B are worth 33 marks each. Sections C and D are worth 17
marks each.
ANSWER EACH SECTION IN A SEPARATE ANSWER BOOKLET
1
, SECTION A – FINANCIAL ACCOUNTING
ANSWER ONE QUESTION FROM THIS SECTION (EITHER QUESTION 1 OR
QUESTION 2) AND SHOW ALL YOUR WORKINGS
Q.1
As the accountant for Drox plc, you have produced the following statement of profit or
loss for the year ended 31 March 2019 and the statements of financial position as at
31 March 2019 and 31 March 2018.
Drox plc
Statement of profit or loss for the year ended 31 March 2019
£m
Sales revenues 311
Cost of sales (152)
Gross profit 159
Administrative expenses (30)
Distribution expenses (39)
Other operating income 6
Operating profit 96
Interest payable (6)
Profit before tax 90
Statement of financial position as at 31 March
2019 2018
£m £m
Non-current assets
Buildings (at net book value) 165 141
Plant and machinery (at net book value) 93 80
258 221
Current assets
Inventories 36 38
Trade receivables 43 24
Cash 29 15
108 77
Current liabilities
Interest accrual (3) 0
Trade payables (38) (41)
(41) (41)
Non-current liabilities
Bank loan (repayable 2025) (76) (70)
Net assets 249 187
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller vincenzolaughoff. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.82. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now