SOLUTION: Accounting Worksheet – Studypool

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ACCT1001 Accounting and Finance for Business: 2021 Session 3
EXAM INSTRUCTIONS
You have 4 hours and 10 minutes to complete this exam and may begin immediately.
Your completed exam must be in MS Word file format. You may type your answers on the
actual exam paper beneath each question. You may use more than the space provided if
necessary. Be sure to SAVE your work regularly during the exam. Show ALL working when
answering any questions involving calculations and state ANY assumptions you might need
to make. You may NOT use photos or screenshots in the exam. Answers employing photos
or screenshots will receive zero marks.
You may use resources that have been made available to you by your tutors and any
available on the ACCT1001 MySCU Blackboard site and the internet. You can also use the
textbook to complete the exam. You may cut and paste from text or tables from any
sources including excel provided you still show ALL working but keep in mind that this is a
Turnitin EXAM. As such, answers must be in your own words to ensure that the Turnitin
score is not too high. Refer to the ‘Academic Misconduct Guidelines’ for more information.
You must submit your completed exam through the Turnitin link which is in the Exam
Information Folder. You can only make ONE submission so take due care. If you do not
submit this exam within four hours and 10 minutes of receipt of this email, 2 (two)
available marks will be deducted for every 10 minutes that the exam submission is late.
If you are having a problem uploading your exam then please email your exam to
peter.corlis@scu.edu.au. It is a good idea to do this anyway but this is not an invitation to
email your exam instead of submitting it through Turnitin but rather a backstop to avoid
losing marks if there is any delay with Turnitin. Your exam submission MUST still go
through Turnitin so it can be marked.
This exam is out of a total of 100 marks. ALL questions should be answered. The
questions are NOT of equal value. The marks for each question are indicated in each
question part. Manage your time carefully.
For the purposes of giving each student a unique set of questions (and answers), some of
the numerical digits in the questions have been replaced with the letters A, B or C. These
letters represent the last three digits of your unique SCU student number.
Eg. For student number 23801703:

A=7 B=0

C=3

For this student, the numbers 2A, 1B000 and 7.C% would be 27, 10000 and 7.3%.

Please indicate your SCU Student NO:
C= 7

22088457

A= 4

B= 5

Question 1

(22 marks)

a) In the accounting book-keeping process, what is the difference between the general
journal and the general ledger.
(4 marks)
Answer:
The general journal is used to post original transactions of a business by detailing the
account name to be debited/credited and the respective amounts. …