Monash AFC1000 Mid-Semester Test Discussion

[lynt.br]

How did you find it? Personally I was surprised how much focus there was on theory questions rather than practical questions (No ledger, trial balance or statement preparation), especially since my lecturer seemed to imply he was more interested in practical application rather than theory.

Some pretty challenging questions nonetheless. Definitely a good shock for someone who is used to having tests that simply repeat questions in the textbook. I guess that shows my naivety going into university!

Also, what exactly did it mean by credit repayments at a rate of 2/10, n/30? Apparently that means there is a discount if it is paid within 10 days? Has this ever been mentioned in the lectures/textbook? I don't recall ever seeing that form of notation before...

[*ryan777*]

WTF as if so many marks on conceptual framework! its my weakest area so far

i agree, big shock as id mostly focused on practical textbook type questions

with the discount notation, dont worry about it, i dont think it has been taught in AFC1000 yet and i think we were just ment to ignore it for now

overall, i did quite poorly on that test

[lynt.br]

with the discount notation, dont worry about it, i dont think it has been taught in AFC1000 yet and i think we were just ment to ignore it for now

Unfortunately I didn't ignore it and tried to guess at what it meant -___-"

[Fyrefly]

yes... 2/10 n/30 means: a 2% discount if paid within 10 days, with the net (full) amount due in 30 days.

[TrueTears]

Alright test, some ambiguous questions like the rent paid on June 15th, was it for the month of June (15 days of June and another 15 days of July) or was it for the total month of July, pretty much purely up to interpretation. Overall not a bad test - plenty of tricks in there to put people off etc.

[*ryan777*]

with the discount notation, dont worry about it, i dont think it has been taught in AFC1000 yet and i think we were just ment to ignore it for now

Unfortunately I didn't ignore it and tried to guess at what it meant -___-"

it think its a bit unfair that one of the groups of ppl doing exam (south1 i think) got told to ignore it while no1 else had that advantage...meh oh well

btw how much needed to be said for that 1st theory question? the warranty one, im sure i got some marks but still unsure on what to write and how much

[TrueTears]

I just wrote how it satisfied the conditions for the definition criteria and recognition criteria for a liability, took the first page and then half of the 2nd page.

[*ryan777*]

I just wrote how it satisfied the conditions for the definition criteria and recognition criteria for a liability, took the first page and then half of the 2nd page.

oh, i think i wrote that, but no where near that length

out of curiosity, what room were ppl in? i was in R4 btw

[TrueTears]

Rotunda, R2

[methodsman]

I wrote so much bs for the 7 mark theory questions...might get a few marks there. I went into shock when i saw the werid transactions with the "discounts"....I didn't even noe they were discounts   Why would they put something they didn't tell us about in that test?! I heard that 80% of people failed the afc1000 mid sem last year. For the warantee question, i wrote that while it satisfies the liability criteria, it didn't satisfy the recognition criteria (as the value of the provision can change, depending on the customer's claim) - complete guess.


Rotunda, R6. (some guy's fone went off during the test, lol)

[TrueTears]

I wrote so much bs for the 7 mark theory questions...might get a few marks there. I went into shock when i saw the werid transactions with the "discounts"....I didn't even noe they were discounts  Why would they put something they didn't tell us about in that test?! I heard that 80% of people failed the afc1000 mid sem last year. For the warantee question, i wrote that while it satisfies the liability criteria, it didn't satisfy the recognition criteria (as the value of the provision can change, depending on the customer's claim) - complete guess.


Rotunda, R6. (some guy's fone went off during the test, lol)

what did u write for the 7 mark theory question? that was the one about the conceptual framework yeah? I think i just rewrote the book's explanation for that, completely regurgitated what I memorised LOL

i dont think the discount thing affected anything right? the date that they paid was more than 10 days wasn't it?

[*ryan777*]

I wrote so much bs for the 7 mark theory questions...might get a few marks there. I went into shock when i saw the werid transactions with the "discounts"....I didn't even noe they were discounts  Why would they put something they didn't tell us about in that test?! I heard that 80% of people failed the afc1000 mid sem last year. For the warantee question, i wrote that while it satisfies the liability criteria, it didn't satisfy the recognition criteria (as the value of the provision can change, depending on the customer's claim) - complete guess.


Rotunda, R6. (some guy's fone went off during the test, lol)

what did u write for the 7 mark theory question? that was the one about the conceptual framework yeah? I think i just rewrote the book's explanation for that, completely regurgitated what I memorised LOL

i dont think the discount thing affected anything right? the date that they paid was more than 10 days wasn't it?

yep the discount shouldnt have been recorded as the return was 12 days after purchase i think

[methodsman]

I wrote so much bs for the 7 mark theory questions...might get a few marks there. I went into shock when i saw the werid transactions with the "discounts"....I didn't even noe they were discounts  Why would they put something they didn't tell us about in that test?! I heard that 80% of people failed the afc1000 mid sem last year. For the warantee question, i wrote that while it satisfies the liability criteria, it didn't satisfy the recognition criteria (as the value of the provision can change, depending on the customer's claim) - complete guess.


Rotunda, R6. (some guy's fone went off during the test, lol)

what did u write for the 7 mark theory question? that was the one about the conceptual framework yeah? I think i just rewrote the book's explanation for that, completely regurgitated what I memorised LOL

i dont think the discount thing affected anything right? the date that they paid was more than 10 days wasn't it?

That was about the Malaysian provision thing. For conceptual framework, I discussed how if the event doesn't satisfy the recognition criteria, it doesnt get included in the financial statements (whether or not it satisfies the criteria for the account). And then I bs'ed about how it helps maintain consistency in financial records and produces faithful and relevent information

[hyperblade01]

it think its a bit unfair that one of the groups of ppl doing exam (south1 i think) got told to ignore it while no1 else had that advantage...meh oh well

I was in South 1 . We got told because supposed "so many people had asked what it meant"

[methodsman]

I wrote so much bs for the 7 mark theory questions...might get a few marks there. I went into shock when i saw the werid transactions with the "discounts"....I didn't even noe they were discounts  Why would they put something they didn't tell us about in that test?! I heard that 80% of people failed the afc1000 mid sem last year. For the warantee question, i wrote that while it satisfies the liability criteria, it didn't satisfy the recognition criteria (as the value of the provision can change, depending on the customer's claim) - complete guess.


Rotunda, R6. (some guy's fone went off during the test, lol)

what did u write for the 7 mark theory question? that was the one about the conceptual framework yeah? I think i just rewrote the book's explanation for that, completely regurgitated what I memorised LOL

i dont think the discount thing affected anything right? the date that they paid was more than 10 days wasn't it?

That was about the Malaysian provision thing. For conceptual framework, I discussed how if the event doesn't satisfy the recognition criteria, it doesnt get included in the financial statements (whether or not it satisfies the criteria for the account). And then I bs'ed about how it helps maintain consistency in financial records and produces faithful and relevent information

i think it did meet the critera because theyd be able to reliably measure the cost of insurance based on previous years and past claims and there is a probable occurrence of future economic outflow of benefits to  meet obligations under the provisions warranty which come with the cars.

also with the 2n shit alan serry told every1 during the test to not worry about it. ALSO one more thing ummmmmmm nah thats it lol share ur views.

My tutor told us that he marked the tests and that half of the class failed >_<".  He told us that the provision thing was a liability - so u guys are right - but he said u can still get marks; depending on ur argument. As for the cooperate governance questions, no one got 7/7 for them.