Faculty of Commerce and Economics

School of Accounting

ACCT1501

ACCOUNTING AND FINANCIAL MANAGEMENT 1A

MID-SESSION EXAM PAPER, SESSION 1, 2006

Instructions:

This is a one and a half hour (1 hour) paper.

You have ten (10) minutes reading time.

Part 1 consists of forty (40) multiple choice questions, worth 1 mark each.

Part 2 is a question requiring a written response, worth 20 marks. Please

answer this question in the space provided in the exam paper.

There are nine (9) pages, including this one.

Multiple choice answers must be entered into the Generalised Answer Sheet
in pencil.

Please enter your tutorial number under OTHER DATA on the Generalised
Answer Sheet as a 4-digit number. A list of tutorials is printed on the back
page of the exam.

This paper forms 25% of the assessment in this course.

This paper may not be retained by the candidate.

Do not turn the page until instructed by the examination supervisor.

This page has been left blank intentionally.

You may use it for rough working out.

It will not be marked

Part 1. 40 MULTIPLE CHOICE QUESTIONS ( 1 Mark each)

1. Which of the following statements about accounting standards is TRUE?

A. They evolve as the business world increases in complexity

B. They are fundamental laws of nature similar to those of the physical sciences
C. The Australian Securities and Investments Commission sets the standards in Australia
D. They cover every possible eventuality
E. None of the above

2. Identify the accounting concept or principle that relates to the following statement:

Revenues should not be overstated.

A. Relevance
B. Reliability
C. Materiality
D. Prudence
E. None of the above

3. Identify the accounting concept or principle that relates to the following statement:

Information should have predictive value and/or feedback value.

A. Relevance
B. Reliability
C. Materiality
D. Prudence
E. None of the above

4. In reporting on its liability for long service leave to employees, a company is obliged to trade off:

A. understandability and consistency

B. relevance and reliability
C. materiality and disclosure
D. comparability and prudence
E. None of the above

5. Which of the following statements is NOT true?

A. Expenses are outflows of economic resources

B. Net profit is the difference between revenues and expenses over a period of time
C. Revenues may involve phenomena that arise before cash changes hands
D. Expenses involve a present or future outflow of cash
E. All of the above are true

6. Which of the following is an accounting transaction?

A. Making a purchase order

B. Establishing a bank overdraft
C. Hiring a new staff member
D. None of the above
E. All of the above
7. Inventory of $100,000 was purchased on credit. The journal entry is:

A. Dr Inventory Cr Cash
B. Dr Inventory Cr Accounts Payable
C. Dr Accounts Payable Cr Inventory
D. Dr Inventory Cr Accrued Expenses
E. None of the above

8. Inventory purchased above (Q7) was sold on credit for $150,000. The journal entry is:

A. Dr COGS $100,000 Cr Inventory $100,000

B. Dr Cash $150,000 Cr Accounts Receivable $150,000
C. Dr Accounts Receivable $150,000 Cr Sales $150,000
D. Both A and C.
E. None of the above

9. Given the following information, what is the balance of retained profits at 1 January 2006?

Bal as at 30 Dec 2006 $

Current assets 50,000
Non-current assets 250,000
Current liabilities 25,000
Non-current liabilities 50,000
Share capital 150,000
Revenue 50,000
Expenses 25,000
Dividend 10,000

A. $15,000
B. $35,000
C. $60,000
D. $75,000
E. None of the above

10. Cash was paid by XYZ to creditors. Which of the following entries for XYZ correctly records this
transaction?

A. Dr Cash Cr Accounts Payable

B. Dr Accounts Payable Cr Cash
C. Dr Accounts Receivable Cr Cash
D. Dr Cash Cr Accounts Receivable
E. None of the above

11. Patrick is a part-time accounting student who does tennis coaching during the day. He receives
$30,000 from clients for coaching and ball sales during the year. At year-end, one client owes him
$200. He paid out $10,000 for court hire and purchase of tennis balls for resale all of which were
sold. He owes $1000 to the court owner at year-end for part of the years hire. Depreciation on his
equipment amounts to $400. Accrual profit is:

A. $19,200
B. $18,800
C. $19,000
D. $18,600
E. None of the above
12. Given the following information, how much revenue would be recognised in June?

1. Credit sales of $100,000 in June, 20% to be collected in June.

2. Collected $70,000 in June from customers for May sales.
3. Received a deposit in June from a customer for $30,000 for work to be carried out in August.

A. $90,000
B. $100,000
C. $120,000
D. $130,000
E. None of the above

13. Calculate total expenses for the month of June, given the following information:

1. Paid wages of $60,000 in June, of which $10,000 related to work done in May.
2. Received an electricity bill of $5000 in June, covering electricity charges for June. It
will be paid in July.
3. Paid commission of $15,000 relating to May sales.

A. $55,000
B. $60,000
C. $65,000
D. $80,000
E. None of the above

Practice Wizard Ltd began business on 1 July 2005. The company paid $2,200 in advance for a two-year
lease of its retail premises. Inventory worth $3,500 was purchased in the first month of operation; by 30
June 2006, $1,200 of that inventory remained. Sales Revenue of $9,100 was invoiced during the year,
although $1,600 is yet to be collected.

During the year wages totaling $1300 were paid to employees and $900 was paid for various
administrative expenses. The company received an advertising invoice for $1,100 as well as a utilities bill
for $385.

Use the information given above to answer the following three (3) questions.

14. What is the cash basis total expense for the year?

A. $2,200
B. $5,600
C. $7,085
D. $7,900
E. None of the above

15. What is the cash basis total profit/loss for the year?

A. -$1,885
B. -$400
C. $1,200
D. $2,015
E. None of the above
16. What is the dollar ($) difference between the cash-basis profit/loss and the accrual basis of profit?

A. There is no difference
B. None of the below
C. $915
D. $2,015
E. $2,415

17. Which of the following is an internal transaction?

A. Payments of dividend to shareholders

B. Loan to a director
C. Amortisation of goodwill
D. None of the above
E. All of the above

18. In which order are the following steps in the accounting cycle performed at the end of the accounting
period?

1. Prepare financial statements

2. Prepare a post-closing trial balance
3. Prepare and post the following journal entry: Dr Insurance Expense
Cr Prepaid Insurance

4. Prepare and post the following journal entry: Dr Sales Revenue

Cr Profit and Loss Summary

5. Prepare an unadjusted trial balance

6. Prepare an adjusted trial balance

A. 5, 3, 6, 4, 2, 1
B. 5, 3, 6, 4, 1, 2
C. 5, 4, 6, 3, 2, 1
D. 5, 3, 6, 2, 1, 4
E. 5, 4, 6, 2, 3, 1

19. Dawes Pty Ltd received its monthly bank statement showing bank charges of $20. The transaction
should be recorded as:

A. Dr Cash Cr Bank Charges

B. Dr Accounts Payable Cr Cash
C. Dr Bank Charges Cr Account Payable
D. No record is necessary.
E. None of the above are correct

20. In note 11 of its 30th September 2004 annual report, Orica Australia Limited shows the following:
2004 2003
Prepayment $51.6 million $33.7 million

Assume that this amount is all related to insurance and that $30 million cash was paid during the year
to the insurance company. What is the insurance expense for the year ended 30 September 2004?

A. $12.1 million
B. $21.6 million
C. $30.0 million
D. $47.9 million
E. None of the above
Brownlee Ltd is a newly established retail store selling hardware. Shown below are ledger accounts in T-
account form, with entries made for the first three months of business.

Bank Accounts Receivable Inventory

(1) 100,000 (3) 5,000 (5A)30,000 (7) 42,000 (2) 60,000 (5B)19,000
(6A) 28,000 (8) 24,000 (6A)27,000 (6B)33,000
(7) 42,000 (10) 9,500

Office Supplies Plant Accounts Payable

(4) 8,000 (9) 3,000 (3) 20,000 (8) 24,000 (2) 60,000
(4) 8,000

Short-term Loan Share Capital Sales Revenue

(10) 9,000 (3) 15,000 (1) 100,000 (5A)30,000
(6A)55,000

Cost of Goods Sold Office Supplies Expense Interest Expense

(5B)19,000 (9) 3,000 (10) 500
(6B)33,000

Use the information given above to answer the following three (3) questions.

21. What does transaction (2) represent?

A. Sale of inventory on credit

B. Sale of inventory for cash
C. Purchase of inventory on credit
D. Purchase of inventory for cash
E. None of the above

22. Which transaction represents a customer settling his/her account?

A. (5A)
B. (6A)
C. (7)
D. (8)
E. (3)

23. Which transaction is an accrual accounting end-of-period adjustment?

A. (4)
B. (7)
C. (8)
D. (9)
E. (10)

24. The purpose of ledgers is to:

A. provide a chronological record of transactions

B. keep track of the large number of transactions that occur
C. maintain a cumulative record of profit as it is earned
D. make sure that the sum of the debit balances equals the sum of the credit balances
E. All of the above
25. Which of the following statements about closing the accounts is NOT true?

A. Revenue accounts are debited

B. Depreciation expense account is credited
C. A net loss is credited to the Retained Profits account.
D. None of the above, i.e., all statements are true
E. All of the above, i.e., all statements are false

26. A business pays weekly salaries of $25,000 on Friday for a five-day week ending on that day. The
adjusting entry necessary at the end of the financial period ending on Wednesday is:

A. Dr Salaries Payable $15,000 Cr Cash $15,000

B. Dr Salary Expense $15,000 Cr Salaries Payable $15,000
C. Dr Salary Expense $10,000 Cr Salaries Payable $10,000
D. Dr Salaries Payable $10,000 Cr Cash $10,000
E. None of the above

27. XYZ invested $1 million with a bank for 1 year on 1 May 2006 at 6% (interest payable at end of
loan). What is the debit side of the adjusting entry at 30 June 2006?

A. Dr Accrued Interest Revenue Receivable $10,000

B. Dr Accounts Receivable $10,000
C. Dr Interest Revenue $10,000
D. Dr Unearned Revenue $10,000
E. None of the above

28. A payment for insurance on 1 June for $60,000, covering the period 1 June 2005 to 31 May 2006, was
recorded as a prepayment. No adjusting entry was made at financial year end 30 June 2005. As a
result:

A. profit and total assets were understated by $5000

B. profit and total assets were understated by $55,000
C. profit was overstated by $5000 and assets understated by $5000
D. profit was understated by $5000 and assets overstated by $5000
E. None of the above are correct

29. A company had office supplies costing $50 at 1 July 2005. Purchases during the year amounted to
$420 and a stocktake at 30 June 2006 disclosed supplies valued at $90. What is the amount to be
debited to supplies expense account at 30 June 2006?

A. $50
B. $380
C. $420
D. $460
E. None of the above

An accountant performs services for a client on 30 June 2006 and bills the client $350, to be paid
within 60 days. Payment is duly made on 29 August 2006. Accrual accounting is used by both parties.
Use this information to answer the following two (2) questions.

30. What is the journal entry made by the accountant on 30 June 2006?

A. Dr Service Revenue Cr Accounts Payable

B. Dr Accounts Receivable Cr Cash
C. Dr Accounts Receivable Cr Service Revenue
D. Dr Unearned Revenue Cr Service Revenue
E. None of the above
31. What is the journal entry made by the accountant on 29 August 2006?

A. Dr Cash Cr Accounts Receivable

B. Dr Cash Cr Service Revenue
C. Dr Accounts Receivable Cr Cash
D. Dr Cash Cr Unearned Revenue
E. None of the above

Data Ltd uses accrual accounting and its financial year ends on 30 June. Expenses paid in advance are
initially recorded as expenses. On 1 May 2006, Data Ltd pays $480 for a one-year fire insurance policy
that expires on 30 April 2007. Use this information to answer the following question.

32. What is the adjusting journal entry made by Data Ltd on 30 June 2006?

A. Dr Prepaid Insurance $400 Cr Insurance Expense $400

B. Dr Prepaid Insurance $80 Cr Insurance Expense $80
C. Dr Insurance Expense $400 Cr Prepaid Insurance $400
D. Dr Insurance Expense $480 Cr Prepaid Insurance $480
E. Dr Insurance Expense $80 Cr Prepaid Insurance $80

At the end of its accounting period 30 June 2006, Albion Ltd calculates that its 2006 income taxes are
$4,570,000. On 15 December 2006, Albion Ltd mails its cheque for this amount to the Australian
Taxation Office. Use this information to answer the following question.

33. What is the journal entry made by Albion Ltd on 15 December 2006?

A. Dr Income Tax Expense Cr Income Tax Payable

B. Dr Income Tax Payable Cr Cash
C. Dr Income Tax Expense Cr Cash
D. Dr Income Tax Payable Cr Income Tax Expense
E. None of the above

34. The most common way of accommodating the need for detailed records in the accounting system,
without grossly expanding the number of separate accounts in the general ledger, is to use the
technique of:

A. double-entry accounting
B. subsidiary ledgers and control accounts
C. accrual accounting adjustments
D. cash flow statements
E. None of the above

At 1 July 2005, Epsilon Pty Ltd had 100 items of inventory which had cost $50 each. During the year
ended 30 June 2006, it purchased 1500 items at a cost of $50 each. Of these, 200 were returned to the
supplier as they were damaged. During the year, 1200 items were sold for $80 each, but 50 were returned
by customers. Miscellaneous expenses during the year amounted to $15,000. Use this information to
answer the following three (3) questions.

35. What were Epsilon Pty Ltds net sales for the year?

A. $100,000
B. $96,000
C. $92,000
D. $57,500
E. None of the above
36. What was Epsilon Pty Ltds cost of goods sold for the year?

A. $47,500
B. $57,500
C. $60,000
D. $62,500
E. None of the above

37. What was the value of inventory in the balance sheet at 30 June 2006?

A. $22,500
B. $10,000
C. $7,500
D. $2,500
E. None of the above

38. Griffin Ltd made a sale of $800 to a customer on terms of 2.5/10, n/30 on 1 July. The account was
paid on 8 July. Griffin Ltd would make which of the following postings to the ledger on 8 July?

A. Dr Discount Expense $20

B. Dr Accounts Receivable $800
C. Cr Discount Revenue $20
D. Cr Accounts Receivable $780
E. None of the above

Gum Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2005, debtors owed $4000 and
$7200 was owing to creditors. Transactions for year ended 30 June 2006 were as follows:
$
Credit sales 14,000
Cash sales 3,000
Credit purchases 23,000
Cash purchases 1,500
Cash received from debtors 11,000
Cash paid to creditors 25,000
Discount received from creditors 700
Discount allowed to debtors 400

Use the information given above to answer the following two (2) questions.

39. What was the balance of the Debtors control account at 30 June 2006?

A. $10,000
B. $9,600
C. $7,000
D. $6,600
E. None of the above

40. What was the balance of the Creditors control account at 30 June 2006?

A. $4,500
B. $5,200
C. $5,500
D. $6,000
E. None of the above
Part 2 ( 20 Marks)

The following extracts are taken from the article Woolworths beats retail squeeze, Australian
Financial Review, 28 February 2006, which reported on the half yearly profit results of Woolworths for
the six months ended 27th February 2006. A complete copy of the article is reproduced at the end of the
question, should you wish to refer to it; however it is not necessary to read the article in order to answer
the questions.

Required: Answer each of the five following questions in the spaces provided. Do not write beyond the
lines. Give a detailed explanation to support your answer. You must write in paragraph form with
complete sentences, point form answers are not acceptable. Include in your answer any relevant
accounting assumption(s) and explain their relevance.

1. Following the announcement of Woolworths half yearly profit of $531m., the company reported
The interim dividend was increased 16.7 per centto a fully franked 28 a share, payable on
April 28.

How would this affect the basic accounting equation? (4 Marks)

SUGGESTED SOLUTION

The basic accounting equation is Assets = Liabilities + Owners Equity, or A = L + OE, and may
also be expressed as A L + OE. The expanded accounting equation is Assets = Liabilities
+Contributed Capital+ Opening Retained Earnings + Revenues - Expenses - Dividends.

The $531m profit for the period would affect the accounting equation by increasing Owners
Equity,, through the Revenue and Expense accounts, and would also result in an increase in the
net asset, being the difference between Assets and Liabilities

The interim dividend would result in a reduction of Owners Equity. Net Profit would be
unaffected as Dividends are not an Expense. The interim dividend is unpaid at the time of the
article, being payable on April 28th , so Liabilities would increase as a current liability, Dividend
Payable would be recorded.

Part 2 continues on the following pages

 2. The better than expected result and bullish forecast sent Woolworths shares to a record $18.17
before the stock closed up 22 at $17.92, compared with $15.02 a year ago.

How would this affect Woolworths Owners Equity (4 marks)

SUGGESTED SOLUTION

The Owners Equity would be unaffected by the change in share market price because Issued
Capital, as part of Owners Equity, is recorded at original issue price, according to the historical
cost assumption. The shares are an asset of the shareholders and they get the benefit of the
increase in share price, which they may realise through the sale of shares. The reporting entity
principle recognises the separation of the financial position of the owners and the accounting
entity.

Part 2 continues on the following pages

 3. Big W continued to drag the chain, despite significant restructuring over the past 18 months.
Earnings rose only 3.9 per cent to $104.5 million despite a 7.6 per cent increase in sales. The
consumer electronics division, which includes Dick Smith, Powerhouse and Tandy, increased
earnings by 18.3 per cent to $36.9 million in the December half on a 17.4 per cent rise in sales.

In your own words explain and contrast the relative performance of Big W and the electronics
division. (4 Marks)

SUGGESTED SOLUTION

Earnings, refers to profit, the difference between revenues and expenses. Both divisions
experienced increased sales revenue over the year. In nominal terms Big W made a bigger profit,
which reflects the larger scale of operations of Big W relative to the electronic division. Relative
to the sales increase however, the electronics division performed better, increasing profit by 18
% on increased sales of 17%, compared to Big W which had a profit increase 3.9% below the
level of the increase in sales at 7.6%. The electronics division must have had a lower level of
COGS, leading to a higher gross margin, and/or a lesser increase in operating expenses relative
to the growth in sales. The electronics division may have reduced their expenses by being more
efficient and generating a lower volume of costs and/or they found cheaper sources relative, or
they increased sales price relative to these expenses.

Part 2 continues on the following pages

 4. Woolworths recent acquisitions and other initiatives combined with the transformation of
Woolworths' supply chain and distribution systems would boost returns in future.What we're
doing is building into our business that growth potential to take advantage of the significant
capital we're spending on systems development and technology development for the future," Mr
Corbett said

How would the purchase of information system hardware and software during the year affect
the financial statements? (4 Marks)

SUGGESTED SOLUTION

The purchase of IT systems would result in an increase in Assets in the Balance Sheet and would
be accompanied by a decrease in cash and or an increase in Liabilities, depending on the method
of payment. The initial recording of the purchase would be at it historical cost. Total Net Assets
and Owners Equity would be unchanged by the purchase. The asset would be most likely be
classified as a Non Current Asset as the items would be held by the company for more than one
year. The hardware would be classified as tangible assets and the system software intangible
assets.

From the date of purchase until reporting date the IT assets would be depreciated as the
economic benefit embodied in the asset is used up. This would result in the recording of
depreciation expense, which would have the effect of reducing profits, as reported in the Income
Statement. The Balance Sheet would be affected as Non-Current Assets would be reduced by the
recording of Accumulated Depreciation and Amortisation and the Owners Equity would be
reduced through the reduction in Net Profit for the year, which will in turn reduce Retained
Profits.

Part 2 continues on the following page

 5. Investors Mutual portfolio manager Paul Frost said the profit result was solid and
reflected the first contributions from Foodland, a full half from ALH and strong 20 per
cent margins from the recently acquired hotel businesses. Operating cash flows were
very strong and the business still continues to drag inventory out of the business and
that's a reflection of a fairly solid investment in systems that have clearly come in on time
and on budget and appear to be delivering to expectations," Mr Frost said.

Why is the investment adviser, Paul Frost, interested in profit margins and operating cash
flows? (4 marks)

SUGGESTED SOLUTION

Paul Frost is an employee of Investors Mutual, and manages the share portfolio of its members,
for which he will receive commissions, salary and an enhanced reputation. He will decide
whether to buy, sell or hold Woolworths shares and would use reported results to inform his
decision. He would need to consider the current position and performance of the company as
well as making forecasts on the future of the company. The presence of a strong operating cash
flow indicates that the company is generating cash from its core business, of selling inventory.
This will be an indicator of Woolworths ability to pay its debts but will the total cash flows will
also be important, and is an indicator of the companys ability to survive. Profit margins refer to
the relationship between Sales Revenue and Net profit. A profit margin of 20% indicates that for
every dollar of sales the company makes 20 cents in net profit and so gives an indication of the
performance of the company. The earning of profit means that the company is capable of paying
dividends, which will please investors. His interest in both profit and cash flows reflects the fact
that profit alone is not sufficient for the survival and growth of a company but cash flows too are
necessary.

This is the end of Part 2

The full article appears on the following page

 Woolworths beats retail squeeze, 28 February 2006 Australian Financial Review

Woolworths has moved closer to joining the exclusive ranks of Australia's 10 most profitable companies
after forecasting net profit growth as high as 23 per cent this financial year despite tough retail conditions.
The share price hit a record high as outgoing chief executive Roger Corbett predicted the retailer would
post its seventh consecutive year of double-digit profit growth. The half-year profit rose 22.1 per cent to a
record $543.1 million, but Mr Corbett - who steps down in September after more than seven years in
charge - said: "The best is yet to come." However, he also said concern over petrol prices and interest
rates meant discretionary and general merchandise spending would remain constrained for at least the rest
of the financial year. The December-quarter national accounts, to be released tomorrow, are expected to
show gross domestic product grew only 0.8 per cent in the quarter and 3 per cent through 2005, weighed
down by the weak housing market and slow retail sales. Woolworths' result underlined the growing
performance gap between the company and Coles Myer, which last week reported its slowest sales
growth for six years and conceded it was several years behind its rival in supply chain reform. Mr Corbett
yesterday rejected Coles's claim that Woolworths had boosted advertising to drive supermarket growth.
Woolworths spent less on marketing in the latest half and would continue to reduce advertising
expenditure to deliver everyday lower prices to its customers, Mr Corbett said. He said recent
acquisitions and other initiatives combined with the transformation of Woolworths' supply chain
and distribution systems would boost returns in future. "What we're doing is building into our
business that growth potential to take advantage of the significant capital we're spending on
systems development and technology development for the future," Mr Corbett said. "That's the basis
on which I can say with a great deal of confidence that the best is yet to come." Mr Corbett said full-year
sales would rise by between 15 and 20 per cent, underpinning a rise in net profits of between 15 and 23
per cent. The revised guidance implies a net profit between $909 million and $972 million, putting
Woolworths close to the top 10 local companies that earn $1 billion or more a year. The better than
expected result and bullish forecast sent Woolworths shares to a record $18.17 before the stock
closed up 22 at $17.92, compared with $15.02 a year ago. The interim dividend was increased 16.7
per cent, in line with growth in earnings per share, to a fully franked 28 a share, payable on April
28. Woolworths' revised earnings guidance includes the impact of last year's $2.6 billion acquisition of
Foodland's New Zealand supermarkets and the $377.5 million purchase of the Taverner Hotel Group in
February. These acquisitions diluted Woolworths' return on funds employed, which fell from 30.4 per
cent to 16.1 per cent in the half year. Investors Mutual portfolio manager Paul Frost said the result
was solid and reflected the first contributions from Foodland, a full half from ALH and strong 20
per cent margins from the recently acquired hotel businesses. "Operating cash flows were very
strong and the business still continues to drag inventory out of the business and that's a reflection of
a fairly solid investment in systems that have clearly come in on time and on budget and appear to
be delivering to expectations," Mr Frost said. "The real opportunity for Woolworths now is to replicate
those technology capabilities into the New Zealand market." Woolworths' food and liquor earnings rose
23.1 per cent to $681 million on supermarket sales growth of 17.7 per cent, with EBIT margins rising 18
points to 4.36 per cent as the cost of doing business fell. Woolworths opened nine supermarkets during
the half, as well as acquiring 20 former Foodland stores in Australia and 150 supermarkets in New
Zealand. The Foodland operations contributed $12.3 million over eight weeks. Petrol sales rose 35.6 per
cent but earnings were flat, reflecting tighter retail margins. Group liquor sales rose from $1.4 billion to
$1.6 billion, boosted by another eight Dan Murphy superstores and the consolidation of the Bruce
Mathieson Group. Liquor sales are expected to exceed $3.1 billion this year, setting Woolworths well on
the way to achieving its new liquor sales target of $3.5 billion. The new hotels division contributed
earnings of $81.2 million, up from $7.3 million previously, on sales of $406.1 million, swelled by the
acquisition of ALH in 2004 and the Bruce Mathieson Group from July. Big W continued to drag the
chain, despite significant restructuring over the past 18 months. Earnings rose only 3.9 per cent to
$104.5 million despite a 7.6 per cent increase in sales. The consumer electronics division, which
includes Dick Smith, Powerhouse and Tandy, increased earnings by 18.3 per cent to $36.9 million in
the December half on a 17.4 per cent rise in sales. Woolworths will open its first consumer electronics
store in India under a joint venture with the Tata Group in July. It has not yet settled on a name.

THIS IS THE LAST PAGE OF THE EXAM

This page has been left blank intentionally.

You may use it for rough working out.

It will not be marked

 Use this list to complete your tutorial number in Other Data on the generalised answer sheet

Number Day, Time and Room Tutor Number Day, Time and Room Tutor
2146 Mon 09 (Quad 1047) Diane Mayorga 7343 Wed 13 (Quad G052) Peter Lam
2147 Mon 09 (Quad G047) Andrew Jackson 9475 Wed 13 (Gold G03) Brett Crocket
2106 Mon 10 (Quad 1047) Diane Mayorga 2131 Wed 14 (ElecEng222) Jonathan Chau
2107 Mon 10 (Quad G047) AAndrew Jackson 8963 Wed 14 (ElecEng221) Peter Lam
2108 Mon 11 (Quad G025) Andrew Jackson 2132 Wed 14 (ElecEng220) Claudia Gormly
2109 Mon 11 (Quad G047) Diane Mayorga 8964 Wed 15 (ElecEng220) Claudia Gormly
9469 Mon 11 (OMB 228) Archana Gelda 7345 Wed 15 (Quad 1046) Peter Lam
7337 Mon 13 (Quad 1047) Diane Mayorga 9431 Wed 16 (Quad 1042) Brett Crockett
7336 Mon 13 (Quad G025) Andrew Jackson 7347 Thu 09 (Quad 1048) Anna Kuo
9423 Mon 13 (Quad 1048) Archana Gelda 9476 Thu 09 (Quad 1046) Fazlina
2111 Mon 14 (Quad 1047) Diane Mayorga 2138 Thu 10 (Quad 1048) Anna Kuo
2112 Mon 14 (Quad G025) Andrew Jackson 2137 Thu 10 (Quad G025) Brett Crockett
7339 Mon 15 (Quad 1046) Andrew Jackson 2136 Thu 10 (Quad G052) Selina Wong
7338 Mon 15 (Quad 1047) Diane Mayorga 7348 Thu 11 (ElecEng219) Michael Hung
2150 Tue 09 (Quad 1045) Brian Burfitt 2139 Thu 11 (OMB 113) Fazlina
2117 Tue 10 (Quad 1045) Brian Burfitt 2140 Thu 11 (Quad G047) Anna Kuo
2116 Tue 10 (Quad 1046) Andrew Jackson 2142 Thu 13 (Quad G046) Jonathan Chau
2115 Tue 10 (Quad G027) Cathy Hsieh 9477 Thu 13 (Gold G05) Michael Hung
2119 Tue 11 (Quad G026) Andrew Jackson 2141 Thu 13 (Quad G047) Fazlina
2120 Tue 11 (Quad G052) Brian Burfitt 2143 Thu 15 (Quad 1045) Anna Kuo
7340 Tue 12 (Quad 1046) Ruby So 2144 Thu 15 (Quad 1047) Selina Wong
9471 Tue 12 (Quad G046) Brian Burfitt 9448 Thu 17 (Quad G053) Michael Hung
2122 Tue 15 (Quad G046) Andrew Jackson 2145 Fri 11 (Quad 1046) Ruby So
9460 Tue 17 (Quad 1045) Claudia Gormly
9472 Tue 17 (Webst 250) Archana Gelda
2123 Tue 18 (Quad G035) Andrew Jackson
7342 Wed 09 (Quad 1046) Peter Lam
7341 Wed 09 (Quad 1048) Caitlin Ruddock
2125 Wed 10 (Quad 1046) Claudia Gormly
2126 Wed 10 (Quad G027) Peter Lam
8960 Wed 10 (Quad G052) Caitlin Ruddock
9425 Wed 10 (Quad G042) Brian Burfitt
Wed 11 Caitlin Ruddock
8961
(JGoodsLG23)
2129 Wed 11 (Quad G031) Peter Lam
2128 Wed 11 (Quad G047) Claudia Gormly
8962 Wed 12 (Quad G025) Brian Burfitt
7344 Wed 13 (Quad 1045) Claudia Gormly