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1.    Explain the Accounting Entity Assumption. (5 marks)

2. What is Fixed Asset register and why does a company need to maintain an assets register? (5 marks)

3. Explain the function of a journal in the accounting process. (3 marks)

4. What is the journal entry used if the company sold an asset with a loss? (2 marks)

5. Explain unearned income with an example. When should a company recognize income? (4 marks)

6. Give two more examples of the balance day adjustments a company should record before issuing the final financial report at end of accounting periods? (6 marks)

7. Why would a business determine an amount for “Doubtful Debts” and outline the steps that could be taken to calculate the allowance. (5 marks)

8.  Prepare the adjustment entry as of 30/06/2012 under the following: (6 questions X 5 marks each, Total 30 Marks)

A.    On 27 of June 2012, the company paid last week’s wage. Wages that are due and not paid:
•    28th of June 1200
•    29th   of June 1450
•    30th of June weekend, no wages


B.        Rent paid on 1/12/11 for one year $12,000 net of GST, the company accountant recorded all payment as expense on 1/12/11.


C.        The company is required to issue a bank guarantee for one year, bank withheld $20,000 on 31/12/2011 from the company bank account with interest of 4.5% that will be calculated monthly and will be paid at the maturity date.


D.        On 30/04/12, the company signed a monthly maintenance service contract for $500 each month; the company policy is to receive the 1st six months in advance. The company received $3000 on 30th of April 2012. Company accountant recorded the following entry on the 30th of April

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