VCE Accounting practice questions

Original questions for all eleven topics: General Journal entries marked line by line, inventory cards, reports, budgets and variance questions, each with its working, and extended-response questions where every figure is checked and Mia reads your written answers.

Examination	One written examination at the end of the year: 15 minutes reading, 2 hours writing
Marks	100 marks, all questions compulsory
Questions	Short-answer and extended-response, many in several parts
Study score	Examination 50%; School-assessed Coursework 25% in each of Units 3 and 4
Equipment	One scientific calculator

How the practice works

Short questions: one idea at a time, from a journal entry to a figure for a report, with the working after you check.
Case questions: one business, several parts, each part marked on its own.
Extended-response questions: figures checked against the key, and written parts read by Mia, who says which points your answer makes and what to add.

Try 4 questions

Question 1 · Short question · Recording transactions2 marks

Recording transactions

On 9 March 2026 Yarra Yoga Supplies received a purchase invoice from Bayside Distributors for inventory bought on credit, $6,600 including GST.

Record the purchase in the General Journal. Narration is not required. (2 marks)

Account name	Debit $	Credit $

Leave any spare lines blank.

Question 2 · Short question · Receivables and control2 marks

Receivables, payables and control

This is a practice calculation: in the exam the indicator values are given. For the year ended 30 June 2026, Ironbark Tools' Accounts Receivable was $18,000 at the start of the year and $26,000 at the end, and its net credit sales were $200,000 (excluding GST). The formula is average accounts receivable x 365 / net credit sales (plus GST).

Calculate the accounts receivable turnover for the year, in days to one decimal place. (2 marks)

Question 3 · Short question · Budgeted reports2 marks

Budgeted reports

The owner of Fernhill Footwear lists items for the budget for the quarter ending 30 September 2026.

Select the three items that belong in the Budgeted Income Statement. (2 marks)

Tick 3Cash drawings by the ownerGST paid on inventory purchasesRepayment of $5,000 of the loan principalPurchase of new shop fittings for cashDepreciation of the delivery vehicleDoubtful debts expenseCost of sales

Question 4 · Short question · Variance reports2 marks

Variance reports and decision-making

Corella Cookware budgeted wages of $21,500 for the quarter ending 31 March 2027. The variance report shows a favourable wages variance of $1,300.

Calculate the actual wages for the quarter ($). (2 marks)

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Questions people ask

Where do the questions come from?

Every question is original, written for the study design accredited from 2025. None is copied or adapted from a VCAA examination.

Does the practice follow the study design's GST rules?

Yes. GST is included throughout except where the study design excludes it, such as settlement discounts, inventory drawn or used for advertising, a trade-in and an unearned revenue deposit.