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23-Ind-B7 Financial and Managerial Accounting: May 2013

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  1. Question 1 Transaction Analysis — Good Service Corp.
  2. Question 2 Financial Statements — Happy Harley Motorcycles Inc.
  3. Question 3 Standard-Cost Variances & Cash Budgeting
  4. Question 4 Fill-in-the-Blanks Income Statement — Glare Import Company
  5. Question 5 Flexible-Budget Variance Interpretation — Grey Manufacturing
  6. Question 6 Cost-Volume-Profit Analysis — Bealing Company
  7. Question 7 Periodic Inventory Costing — Roberts Company

Start with Question 1 →

National Examinations — May 2013 — 98-Ind-B7 Financial and Managerial Accounting. Three-hour, closed-book exam; Casio or Sharp approved calculators only. Format: Question 1 (28 marks, mandatory), Question 2 or Question 3 (28 marks, candidate's choice — both are solved below for completeness), Questions 4–7 (14+12+8+10 marks, mandatory), totaling 100 marks. Unless otherwise requested, all answers are based on Canadian GAAP (ASPE).

Reference texts: Libby, Libby & Short, Financial Accounting (Canadian ed.) — accrual accounting, transaction/journal-entry analysis, financial-statement preparation, inventory costing (FIFO/weighted-average), discontinued operations, earnings per share; Garrison, Noreen & Brewer, Managerial Accounting (Canadian ed.) — standard costing and variance analysis, flexible budgets, cash budgeting, cost-volume-profit analysis.