ATAR Notes: Forum
Archived Discussion => Commerce Subject Exams => VCE Exam Discussion 2016 => Exam Discussion => Victoria => Accounting Exam Discussion => Topic started by: The Usual Student on October 28, 2016, 09:37:20 pm
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Hey guys
The accounting Exam is only a week away...... better late then never for a thread :p
How is preparation going?
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Haven't done work for days as been busy with exams, should do a bit on the weekend. After Further on Monday gonna be smashing them out. Feeling pretty confident though, how about you? Accounting community wasn't that big throughout the year so hopefully some new faces pop up around exam time :)
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Haven't done work for days as been busy with exams, should do a bit on the weekend. After Further on Monday gonna be smashing them out. Feeling pretty confident though, how about you? Accounting community wasn't that big throughout the year so hopefully some new faces pop up around exam time :)
Nice!
Yeah accounting used to be huge on AN a few years back but it's almost empty now :(
Either way feel free to post any questions guys! Someone will answer 😁
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Haven't done work for days as been busy with exams, should do a bit on the weekend. After Further on Monday gonna be smashing them out. Feeling pretty confident though, how about you? Accounting community wasn't that big throughout the year so hopefully some new faces pop up around exam time :)
Likewise. Hoping to get a good amount done this weekend and following both Further and BusMan on Monday.
Will do, and thanks Usual! All the best.
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Just wondering can we write outside the boxes for the theory question? Saw it being discussed on vce discussion space and people were saying you couldn't but a lecture I went to the lecturer said you could??? Cheers
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Just wondering can we write outside the boxes for the theory question? Saw it being discussed on vce discussion space and people were saying you couldn't but a lecture I went to the lecturer said you could??? Cheers
from my understanding, try not to write too much outside the box but a few lines are fine, they mainly want to limit how much you are writing because they don't want to read a 3 paragraph essay per theory question. That is why they have the boxes, but a few lines outside are fine.
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When I was doing one of the theory questions I happened to realise what i was doing was completely wrong...since it was in pen i had no choice but to cross is all out and write right beneath the lined spaces. Will this still be assessed even though nothing i wrote was on the lined spaces above?
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How did you guys feel about the accounting exam? I feel completely distraught after that exam. I answered all the questions. I feel like I did pretty well with the theory questions but I screwed up in some questions. I feel so horrible because accounting was never an easy subject for me. I've been revising for accounting since August and I did more than 20 papers. I honestly don't know why I screwed up. Anyone else feel like that? Sorry for all this negativity. I'm just really sad. I feel like it's going to impact my ATAR negatively.
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When I was doing one of the theory questions I happened to realise what i was doing was completely wrong...since it was in pen i had no choice but to cross is all out and write right beneath the lined spaces. Will this still be assessed even though nothing i wrote was on the lined spaces above?
Yes, absolutely.
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How did you guys feel about the accounting exam? I feel completely distraught after that exam. I answered all the questions. I feel like I did pretty well with the theory questions but I screwed up in some questions. I feel so horrible because accounting was never an easy subject for me. I've been revising for accounting since August and I did more than 20 papers. I honestly don't know why I screwed up. Anyone else feel like that? Sorry for all this negativity. I'm just really sad. I feel like it's going to impact my ATAR negatively.
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I feel like most people screwed up because there was such a large focus on Account reconstruction of which many people dont practice much and the absence of any stock card maybe threw people off
Personally lucky for me i went over account reconstruction heavily with my teacher which was v lucky, general census was some people didnt finish in time however majority did however many people were upset/ not happy with how they went coming out, like mentioned above the areas where you had to re-evaluate the Machinery HC etc threw people off
It was just very dependant on whether you studied on this particular area, if you did it didnt take long and you could finish with 15mins to go, personally i messed up the debt ratio question but apart from that found it generally easy if you picked up on the areas where they could throw you off
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How did you guys feel about the accounting exam? I feel completely distraught after that exam. I answered all the questions. I feel like I did pretty well with the theory questions but I screwed up in some questions. I feel so horrible because accounting was never an easy subject for me. I've been revising for accounting since August and I did more than 20 papers. I honestly don't know why I screwed up. Anyone else feel like that? Sorry for all this negativity. I'm just really sad. I feel like it's going to impact my ATAR negatively.
Which questions did you feel that you really screwed up on? Question 6 got my whole cohort questioning it .. wasn't too sure what made it so complicated though, maybe the fact that there was no sundry creditor involved I wasnt really too sure.
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How did you guys feel about the accounting exam? I feel completely distraught after that exam. I answered all the questions. I feel like I did pretty well with the theory questions but I screwed up in some questions. I feel so horrible because accounting was never an easy subject for me. I've been revising for accounting since August and I did more than 20 papers. I honestly don't know why I screwed up. Anyone else feel like that? Sorry for all this negativity. I'm just really sad. I feel like it's going to impact my ATAR negatively.
I know exactly how you feel :// i literally have no idea why but i feel like i screwed up really badly :( disposal completely screwed me up coz i left it till last since i didnt think it would take too long for me to get it done. its just worse for me because accounting was my favorite subject and i worked really hard for it. Other than that i thought the exam was okay, i just wish they had more medium difficulty than putting in something that throws a lot of people off, but hey i guess thats VCE! good luck for the rest of your exams and don't stress about it too much( easier said than done fml so sad rn) since its over and you can only work on the exams you have left!!
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That's the same with me. I don't really know why I feel so horrible. I'm literally questioning every other VCE exam I've done.
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Which questions did you feel that you really screwed up on? Question 6 got my whole cohort questioning it .. wasn't too sure what made it so complicated though, maybe the fact that there was no sundry creditor involved I wasnt really too sure.
It was mainly the account reconstructions that I screwed up. I was fine with question 6. Also question 3, I couldn't think straight although it was quite easy. Not sure if I got it right. Might have screwed up other bits and bobs too :(
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Is there any suggested solutions for exam？I want to know how many marks I lost——\no, how many marks I can get, I give up accounting already:(
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Question 9a - payments to creditors
I had drawn the ledger account like this:
________Creditors_______
25000| 26000
750 | 123200
Bank |
______| _______
149200 | 149200
Which I think is correct except I reversed the balances (25000 and 26000)
I did the stock control ledger as well.
However as I got the final answer off by $2000, will I still get 4/5? I am worried that because I put no cross references this might be an issue. I thought dates and cross references were ignored in account reconstructions, but I'm not sure.
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If anyone has a copy of the exam that they could upload then that would be amazing !!
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If anyone has a copy of the exam that they could upload then that would be amazing !!
I have a copy and I tried to scan it but it messed up :/
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Here's a copy of the 2016 Accounting Exam for those who want it!=
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Hi guys,
Can anyone upload a copy of the Accounting exam. I might be able to develop some worked solutions.
Thanks
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Hi guys,
Can anyone upload a copy of the Accounting exam. I might be able to develop some worked solutions.
Thanks
Someone just uploaded before your comment
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Hi!
If i was rank 1 (weak cohort), what score would i need on the exam to get a 45?
I'm thinking i got in the mid 90s/100.
Thanks!
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Hi!
If i was rank 1 (weak cohort), what score would i need on the exam to get a 45?
I'm thinking i got in the mid 90s/100.
Thanks!
Mid 90s would get you a high 40s, low 90s would get you a 45
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Hey!
if i got about 80-85 for the exam, and ranked second in the cohort, what will that get me?
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Hey!
if i got about 80-85 for the exam, and ranked second in the cohort, what will that get me?
low 40, if its 80 then probably a 37-39ish
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How would you guys compare this years accounting exam to previous years? and predictions for A+ cut off? I found question 6 and the last one to be quite tricky and probably spent way too long thinking about them, wasting my time for other areas :( anyone else felt pushed for time?
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My answers to question 1 - happy to be corrected.
Im curious about the "bank/disc. expense" total in the debtors control ledger, you added an additional amount, presumably from the bad debts that has occurred as 0.25cents for every dollar will be received. However wouldn't that receipt already have been received on the 25th and therefore be included in the 49000 for debtors control in the cash receipts journal?
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How would you guys compare this years accounting exam to previous years? and predictions for A+ cut off? I found question 6 and the last one to be quite tricky and probably spent way too long thinking about them, wasting my time for other areas :( anyone else felt pushed for time?
Finished the exam but rushed through Q9 and theory which led to mistakes. Does anyone know what the cross reference for the trade in was? There was no sundry creditor so I just left it as bank.
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Quick question. If you get the qualitative characteristic or the accounting principle wrong, but explain it correctly, can you still receive marks? Or do you need the QC and AP to be correct to receive any?
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Finished the exam but rushed through Q9 and theory which led to mistakes. Does anyone know what the cross reference for the trade in was? There was no sundry creditor so I just left it as bank.
My teacher said it didn't matter, I don't see why they couldn't make it more clear though. My thinking was due to it being a "trade in" it was sundry creditor but there was no name haha. Still went with sundry creditor though.
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Quick question. If you get the qualitative characteristic or the accounting principle wrong, but explain it correctly, can you still receive marks? Or do you need the QC and AP to be correct to receive any?
If you explain it correctly, how can it be wrong? If the explanation is not relevant to the question then I assume you wouldn't receive marks but not sure.
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Finished the exam but rushed through Q9 and theory which led to mistakes. Does anyone know what the cross reference for the trade in was? There was no sundry creditor so I just left it as bank.
Not talking about question 6 are you?
I'm pretty sure the cross reference was bank. I hope it was.
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Not talking about question 6 are you?
I'm pretty sure the cross reference was bank. I hope it was.
How can it be bank though if nothing went in or out of it, Asset removed, credit not cash received, a trade in only affects the creditors account, it doesn't affect yours. If it was cash disposal it would of been bank
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How can it be bank though if nothing went in or out of it, Asset removed, credit not cash received, a trade in only affects the creditors account, it doesn't affect yours. If it was cash disposal it would of been bank
That was my thinking but it wasn't clear. There was no name for the sundry creditor and the purchase was on cash which I haven't seen before when it was a trade in. Like I said above I said Sundry creditor but my teacher says it doesn't matter what you said.
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How can it be bank though if nothing went in or out of it, Asset removed, credit not cash received, a trade in only affects the creditors account, it doesn't affect yours. If it was cash disposal it would of been bank
True. But I only really put that because there was no mention of any sundry creditor.
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True. But I only really put that because there was no mention of any sundry creditor.
Not that it matters- I didn't perform well in this particular question on the whole- but I also used Bank as the cross-reference. I did this for the same reason: the additional information specified that the outstanding/remaining balance was paid via cash (and not credit).
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Anyone have the values for 9a?
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Anyone have the values for 9a?
cash received from debtors: 225000
Payments to creditors: 121450
GST paid: 1500
That's what I got when I did them again. Not sure if they're correct.
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How can it be bank though if nothing went in or out of it, Asset removed, credit not cash received, a trade in only affects the creditors account, it doesn't affect yours. If it was cash disposal it would of been bank
If the trade in is decreasing the amount of cash paid for the new asset, could it be that the business pays the full amount, and then receives cash for the trade in, hence the cross reference would be bank?
Also, Question 4a, what did everyone get for depreciation of the vehicle? Because the reporting period was 6 months, I depreciated it to Jan 1 and then depreciated again on the new carrying value to June 30. Not sure if this was meant to be a trick question or if I overcomplicated it.
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If the trade in is decreasing the amount of cash paid for the new asset, could it be that the business pays the full amount, and then receives cash for the trade in, hence the cross reference would be bank?
Also, Question 4a, what did everyone get for depreciation of the vehicle? Because the reporting period was 6 months, I depreciated it to Jan 1 and then depreciated again on the new carrying value to June 30. Not sure if this was meant to be a trick question or if I overcomplicated it.
Depreciation --> June 1 2015 - June 30 2015 = $2000
Depreciation --> July 1 - Dec 30 = (120000 - 2000) x 0.2 = 23,600 / 2 = $11,800
Depreciation --> Jan 1 - June 30 2016 (what we want) = (118,000 - 11,800) x 0.2 = 21,240 / 2 = 10,620
Therefore $10,620
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Depreciation --> June 1 2015 - June 30 2015 = $2000
Depreciation --> July 1 - Dec 30 = (120000 - 2000) x 0.2 = 23,600 / 2 = $11,800
Depreciation --> Jan 1 - June 30 2016 (what we want) = (118,000 - 11,800) x 0.2 = 21,240 / 2 = 10,620
Therefore $10,620
If we didn't get the depreciation amounts but did right accounts (Dep/acc dep) do we still get 1 mark or get 0 assuming
that entry has 2 marks
Also for 9A)
Apart from the marks for getting right answer, where are the other marks allocated, id assume it would be if you account for x you get 1 mark. As it didn't ask you to actually create the account id assume its got a combination between your working as well as your end result if you didn't get the right answer, i.e. you got 210,000 for Payments from debtors, you missed 1 thing, you get 2 marks; etc Would i be right in saying this or does anyone else have any ideas.
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If we didn't get the depreciation amounts but did right accounts (Dep/acc dep) do we still get 1 mark or get 0 assuming
that entry has 2 marks
Also for 9A)
Apart from the marks for getting right answer, where are the other marks allocated, id assume it would be if you account for x you get 1 mark. As it didn't ask you to actually create the account id assume its got a combination between your working as well as your end result if you didn't get the right answer, i.e. you got 210,000 for Payments from debtors, you missed 1 thing, you get 2 marks; etc Would i be right in saying this or does anyone else have any ideas.
Yeah 1 mark is allocated to the correct accounts, and the other mark for the correct amounts, so you will definitely get 1
Yeah if your figure is wrong, but the assessor can identify some correct working then you could absolutely achieve up to 4/5 for the creditors question and 2/3 for the debtors. If you showed an account reconstruction it would make it easier for the assessor to allocate you more marks, but even if you didn't, as long as your working is clear and logical, you will be fine.
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Yeah 1 mark is allocated to the correct accounts, and the other mark for the correct amounts, so you will definitely get 1
Yeah if your figure is wrong, but the assessor can identify some correct working then you could absolutely achieve up to 4/5 for the creditors question and 2/3 for the debtors. If you showed an account reconstruction it would make it easier for the assessor to allocate you more marks, but even if you didn't, as long as your working is clear and logical, you will be fine.
Ok thanks :)
Just thinking bout that question now id assume,
1 mark for accounting for Discount rev
1 mark for accounting of GST on stock purchases
1 mark for accounting for stock purchases
2 marks for answer
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Ok thanks :)
Just thinking bout that question now id assume,
1 mark for accounting for Discount rev
1 mark for accounting of GST on stock purchases
1 mark for accounting for stock purchases
2 marks for answer
They would also probably like some working from the stock control account, as that is where you find your stock purchases amount
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Predictions for A+ cutoff?
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Predictions for A+ cutoff?
was 85/100 last year, some people I've heard thinking its 81-83 this year
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was 85/100 last year, some people I've heard thinking its 81-83 this year
Sounds about right. I actually found this one more difficult than 2014 which had an A+ cut off at 79. Probably just me though. There was just heaps of tricks thrown in there.
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Sounds about right. I actually found this one more difficult than 2014 which had an A+ cut off at 79. Probably just me though. There was just heaps of tricks thrown in there.
wouldn't be complaining if it was 79 hahaha ;) wouldn't be surprised tbh, many easy mistakes too make
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cash received from debtors: 225000
Payments to creditors: 121450
GST paid: 1500
That's what I got when I did them again. Not sure if they're correct.
For this question, i got $1400 for gst paid, which was $1000 from advertising expense and $400 from delivery expenses
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Could someone post the answers?