QLD · QCAAQ&A
AccountingQ&A by dot point
A short Q&A bank for every QLD Accounting syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
Unit 3: Managing resources for a trading GST business
- Apply double-entry and GST principles to record credit purchases, purchase returns and payments to suppliers, and reconcile the accounts payable control account with the schedule of accounts payable0Q&A pairs
- Apply double-entry and GST principles to record credit sales, bad debts written off, and the allowance for doubtful debts, and report accounts receivable at net realisable value1Q&A pairs
- Apply the accrual basis to record balance day adjustments for prepaid and accrued expenses, accrued and unearned revenue, and depreciation, so that the income statement and balance sheet are accurate4Q&A pairs
- Prepare a cash budget for a trading GST business that forecasts cash receipts and payments, calculates the budgeted closing bank balance, and informs decisions about managing liquidity1Q&A pairs
- Apply double-entry and GST principles to record cash receipts and payments, and prepare a bank reconciliation statement to verify the cash at bank balance against the bank statement3Q&A pairs
- Prepare a fully classified income statement and balance sheet for a sole-trader trading GST business, applying accrual adjustments and correct classification of items0Q&A pairs
- Apply the perpetual inventory system and the first-in first-out (FIFO) cost assignment method, maintain inventory cards, and report inventory at the lower of cost and net realisable value0Q&A pairs
- Apply double-entry and GST principles to record the acquisition, depreciation (straight-line and reducing-balance) and disposal of non-current assets, and report carrying amount in the balance sheet0Q&A pairs
Unit 4: Monitoring a business (company accounting and analysis)
- Apply double-entry principles to record the issue of shares and the appropriation of company profit, and prepare the equity section of a company balance sheet0Q&A pairs
- Calculate and interpret financial stability ratios (debt to equity, debt ratio, times interest earned) and synthesise ratio analysis to make and justify decisions about a business3Q&A pairs
- Apply horizontal, vertical and trend analysis to financial statements to identify changes and relationships, and interpret the results to support decision-making2Q&A pairs
- Calculate and interpret liquidity ratios (current ratio, quick ratio) and efficiency ratios (inventory turnover, accounts receivable turnover) to assess short-term financial health4Q&A pairs
- Calculate and interpret profitability ratios (gross profit margin, net profit margin, return on owner's equity, return on assets) to evaluate business performance and inform decisions0Q&A pairs