§-Accounting Q&A
QLD · QCAA← Accounting
Accounting Q&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 payable
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 value
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 accurate
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 liquidity
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 statement
Prepare a fully classified income statement and balance sheet for a sole-trader trading GST business, applying accrual adjustments and correct classification of items
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 value
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 sheet
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 sheet
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 business
Apply horizontal, vertical and trend analysis to financial statements to identify changes and relationships, and interpret the results to support decision-making
Calculate and interpret liquidity ratios (current ratio, quick ratio) and efficiency ratios (inventory turnover, accounts receivable turnover) to assess short-term financial health
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 decisions