ATAR Notes: Forum
Archived Discussion => Business Studies => 2011 => End-of-year exams => Exam Discussion => Victoria => Accounting => Topic started by: lanancieee on November 11, 2011, 01:47:18 pm
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It was long yeah? But goood. (:
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It was long, i finished with 5 minutes to go as opposed to the half an hour in unit 3. I thought it was a relatively easy, straightforward exam, however, there were many sly tricks which i picked up on during writing time which i didn't in reading time, such as why the creditors turnover increasing was bad (as the restriction was you could not use because it is not taking advantage of discounts.)
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Long, but relatively straight forward.
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too easy to the point im worried the A+ cuttoff will be ridiculously high
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pretty good, feel sorry for ESL students as some questions were worded like shit
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i don't feel sorry for the ESL students.......
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i don't feel sorry for the ESL students.......
good on ya champ
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hope A+ cut off is low tho..
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i don't feel sorry for the ESL students.......
good on ya champ
FUAAARK thanks man i feel pretty good about it feelsgoodman.jpg
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i don't feel sorry for the ESL students.......
FUAAARK thanks man i feel pretty good about it feelsgoodman.jpg
defs mirin, SS = 50 brah
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i don't feel sorry for the ESL students.......
i dont get it
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Nacho was your writing legible :P
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Nacho was your writing legible :P
Let's just say;
im accounting on the fact
that it was ledgerble
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Nacho was your writing legible :P
Let's just say;
im accounting on the fact
that it was ledgerble
damn son! wpwp
sounds like the exam was pretty good, i'd relaly like to see the CFS question
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long, but straight forward. good exam :] i really llikeed it.
oh hhey matty and kang LOL
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I'm dreading the A+ cut off >< perhaps 80?
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Did anyone pick up the putting the stock gain and stock writedown in where it told about other expenses cos it was in the same period.
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Also how bad was it that the capital in the budget for the period did not equal 72000 the book was wrong
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I'm dreading the A+ cut off >< perhaps 80?
wooah crap,
i didnt find it hard, but i didnt find it that easy either! >.<
praying i didnt make sillies in budgeting i dont even know what mikesguns is on about.. :/
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Did anyone pick up the putting the stock gain and stock writedown in where it told about other expenses cos it was in the same period.
What the ?
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Did anyone pick up the putting the stock gain and stock writedown in where it told about other expenses cos it was in the same period.
I did this.
But my friend said you weren't supposed to (he did another exam where a similar thing showed up, and if it wasn't part of the same question like 1.2.1 and 1.2.2, as opposed to 1.2.1 and and 1.31)
really thats fucking unfair though...
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thats farkin bs its the same period and the same business, im gonna put in a complaint to vcaa haha.
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sucks to be you guys
that's what you get when your TOO good at accounting bahahah
na im sure you'll smash the exam anyway (u might even be right and anon's friend is trying to psych him out)
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Anyone who took the stock write down and the stock gain over will not get penalised, same as the people that didnt do it.
Considering it was only worth one mark it was a ridiculous mark allocation for that question anyway, even without carrying forward previously derived information!
For the Prepaid Rent question...1.5.3
I got..
37000 dr Prepaid rent revenue
37000 cr Rent revenue
37000 dr prepaid rent revenue
37000 cr p/l summary
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the sales revenue gets closed to the profit and loss summary bad luck, i think it should be 37200
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#37200** my bad
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nah man rent is an expense of course it has to be closed to the P/L summary, bad luck
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Also how bad was it that the capital in the budget for the period did not equal 72000 the book was wrong
oh man, just too fucking ambiguous
wasnt sure whether to use the old capital + profit - drawings, or to just use the figure they provided....
the figure they provided "should" be correct, so I just used it...fuckkkkKFIOWHSG*(WYHIOGfwagtweasv 33rf
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@soggie, not prepaid rent revenue
it would have been rent revenue
which i didnt do anyway
yay more marks lost
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ii meant rent revenue not sales
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the sales revenue gets closed to the profit and loss summary bad luck, i think it should be 37200
I obviously meant rent revenue should be closed not prepaid rent revenue
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what are you guys talking about? the accounting exam stunk......coz i took a dump on it. MUHAHAHAA
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Did everyone include the $10000 trade in allowance in the general journal, 2.3.1
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yeah I did
Delivery Vehicle
Prepaid Insurance Exp
GST Clearing
Sundry Creditor - King Motors
Sundry Creditor - King Motors
Disposal of Delivery Vehicle
AMIDOINITRITE :(
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ofc
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In terms of the 'other expense question'
you would have also have had to deduct the sales return from question 1.1.1 in order to make net sales
there is no way this is for one mark
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In terms of the 'other expense question'
you would have also have had to deduct the sales return from question 1.1.1 in order to make net sales
there is no way this is for one mark
vcaa is fucking with you. why do you act surprised?
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vcaa clearly had no intention of that information from 1.1.1 being carried forward. they arent fucking with me, they are just retarted
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isnt total sales net sales
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for the "Other Expenses" question
Sales were given as 320,000 or something (meh, lets just call it that)
GPR = Gross NP / 320,000 = 30% ---> go figure out Gross NP
NPR = NP / 320,000 = 10% ----> go figure out NP
NP - Gross NP = Other Expenses... right? D:
cant remember the figures exactly but that's what had to be done no?
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isnt total sales net sales
Total sales = credit + cash sales
Net sales = Total sales - sales returns
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everytime i come back to this thread i realise i forgot something =.=
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everytime i come back to this thread i realise i forgot something =.=
yeah i really need to get banned,
after exam: yeah did alright
now: whfi8hweo2aghiioegw3etg
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same haha i noticed with the rent rev i forgot to put jan in so i had 34200 instead of 37200, stupid oh well
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This is what i did but i didnt include the stock write down and stuff cos it seemed that wouldve made it too confusing for a 1 mark questiom
Sales was 320000
GP was 30% so 96000
NP was 10% of sales so 320000
so i just did 96000-32000 = 64000 other expenses
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for the "Other Expenses" question
Sales were given as 320,000 or something (meh, lets just call it that)
GPR = Gross NP / 320,000 = 30% ---> go figure out Gross NP
NPR = NP / 320,000 = 10% ----> go figure out NP
NP - Gross NP = Other Expenses... right? D:
cant remember the figures exactly but that's what had to be done no?
there was a stock gain, a stock write down and a sales return from 1.1.1 that could have been used in that calculation
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wtf 2.1.3 only wants operating outflows? GG me, did whole of operating activities
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wtf 2.1.3 only wants operating outflows? GG me, did whole of operating activities
omg...same
gg my life
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for the "Other Expenses" question
Sales were given as 320,000 or something (meh, lets just call it that)
GPR = Gross NP / 320,000 = 30% ---> go figure out Gross NP
NPR = NP / 320,000 = 10% ----> go figure out NP
NP - Gross NP = Other Expenses... right? D:
cant remember the figures exactly but that's what had to be done no?
there was a stock gain, a stock write down and a sales return from 1.1.1 that could have been used in that calculation
Surely not... It was a change of question. Plus it was only one mark
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Did everyone fill there cash outflows, i was sitting there for like five minutes wondering if i had an alien
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LOL, I was so relieved when it said that it was only operating outflows...
couldn't be fucked doing the whole cash flow
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Yeah thank god it was only a midget cash flow, if like passed years it was a whole page of cash flow and then a whole page of profit and loss I would have shat myself
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this year was a bit of a spoon feed.. they gave us what a profit and loss statement looked like.. who does that :/
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What happened to the 43mark stock card?
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for the "Other Expenses" question
Sales were given as 320,000 or something (meh, lets just call it that)
GPR = Gross NP / 320,000 = 30% ---> go figure out Gross NP
NPR = NP / 320,000 = 10% ----> go figure out NP
NP - Gross NP = Other Expenses... right? D:
cant remember the figures exactly but that's what had to be done no?
well first it's a percentage so you had divide 30 by 100, and what if you had other revenue? it doesn't make sense to just subtract gross profit you had to work out COGS and total expenses and then subtract COGS to give you other expenses
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for the other expenses calculation..
did we have to remember to included the stock write down and stock gain from before.. cause thats A LONG WAY BACK..
cause i completely forgot and just did GP-NP... -1 mark? :(
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did the whole operating cash flows shit was in such a rush. How much is that gonna cost me.... probably my 40 :(
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Oh my god. The more i think about it the more i realize how much i screwed it up. 80% were credit purchases and 20% were cash, i didn't add the cash purchases of stock in my cash flow! aarrghh
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i am so happy accounting is over :)
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for the other expenses calculation..
did we have to remember to included the stock write down and stock gain from before.. cause thats A LONG WAY BACK..
cause i completely forgot and just did GP-NP... -1 mark? :(
I didnt, and not many people did. That question was definitely not worth only 1 mark, shoulda been at least 2...
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for the other expenses calculation..
did we have to remember to included the stock write down and stock gain from before.. cause thats A LONG WAY BACK..
cause i completely forgot and just did GP-NP... -1 mark? :(
I didnt, and not many people did. That question was definitely not worth only 1 mark, shoulda been at least 2...
no we should be happy its only 1.. otherwise we would lose 2 for not including
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for the other expenses calculation..
did we have to remember to included the stock write down and stock gain from before.. cause thats A LONG WAY BACK..
cause i completely forgot and just did GP-NP... -1 mark? :(
I didnt, and not many people did. That question was definitely not worth only 1 mark, shoulda been at least 2...
wait did we have to include the stock gain??
no we should be happy its only 1.. otherwise we would lose 2 for not including
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for the other expenses calculation..
did we have to remember to included the stock write down and stock gain from before.. cause thats A LONG WAY BACK..
cause i completely forgot and just did GP-NP... -1 mark? :(
I didnt, and not many people did. That question was definitely not worth only 1 mark, shoulda been at least 2...
no we should be happy its only 1.. otherwise we would lose 2 for not including
are you sure we had to include the stock gain?
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for the other expenses calculation..
did we have to remember to included the stock write down and stock gain from before.. cause thats A LONG WAY BACK..
cause i completely forgot and just did GP-NP... -1 mark? :(
I didnt, and not many people did. That question was definitely not worth only 1 mark, shoulda been at least 2...
no we should be happy its only 1.. otherwise we would lose 2 for not including
are you sure we had to include the stock gain?
It you had to include the stock gain, then you also had to include the stock write down under gross profit, and you also had to deduct the sales return from sales to make 'net sales'...
there is no way VCAA were intending for all of the information derived in 1.1.1 to be carried forward into the other expense question for only 1 mark. Anyone who did it the way it with or without this information will get the mark
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The answer is NO, you were not supposed to carry forward that information.
I did - but my friend said he did another exam where something similar happened, and as they were not part of the same question [as in 1.1.1 and 1.anythingbut1.x] you were not supposed to...
really i think its unfair if they take marks off though...if you showed correct working then IMO you should get the mark
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I hope its one of those questions we all get a mark for
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The answer is NO, you were not supposed to carry forward that information.
I did - but my friend said he did another exam where something similar happened, and as they were not part of the same question [as in 1.1.1 and 1.anythingbut1.x] you were not supposed to...
really i think its unfair if they take marks off though...if you showed correct working then IMO you should get the mark
you wont lose a mark for including it thats for sure..
but yeah im sure not many people would have remembered that far back.. so im hoping its right to not included as well
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Pretty sure I included the stock write down and maybe even the gain, but not the sales return. Would I get a mark or lose it for including only some of the previous information?