ATAR Notes: Forum
Archived Discussion => 2010 => Mid-year exams => Exam Discussion => Victoria => Accounting => Topic started by: Schroeder on June 08, 2010, 06:10:38 pm
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How was it? Was it easy or hard? What do you expect to get?
I found it okay...a little tricky here and there and the theory questions were different.
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Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder :-[
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Well it was definitely near par with 2009, harder then 2007 and 2009. Lot's of different types of questions that hadn't been seen before.
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Yea i recon it was too easy also, makes silly errors (which as seemingly easy in accounting) all the more valuable.
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Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder :-[
What did you get for interest expense for question 1.3.1?
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Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder :-[
What did you get for interest expense for question 1.3.1?
50000*.09/2=$2250
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Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder :-[
What did you get for interest expense for question 1.3.1?
Something like this;
Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250
Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250
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Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder :-[
What did you get for interest expense for question 1.3.1?
Something like this;
Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250
Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250
Hmm, but the loan was taken out on the 31st of January. So doesn't that mean only five months interest has been consumed at the date of the report (30 June 2010).
Feb/Mar/Apri/May/June
Therefore it = 50 000 * .09 = 4500
4500 / 12 = 375
5 * 375 = 1875
Interest Expense DR 1875
Accrued Interest Expense CR 1875
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Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder :-[
What did you get for interest expense for question 1.3.1?
Something like this;
Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250
Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250
Hmm, but the loan was taken out on the 31st of January. So doesn't that mean only five months interest has been consumed at the date of the report (30 June 2010).
Feb/Mar/Apri/May/June
Therefore it = 50 000 * .09 = 4500
4500 / 12 = 375
5 * 375 = 1875
Interest Expense DR 1875
Accrued Interest Expense CR 1875
i think that's what i wrote.
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Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder :-[
What did you get for interest expense for question 1.3.1?
Something like this;
Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250
Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250
Hmm, but the loan was taken out on the 31st of January. So doesn't that mean only five months interest has been consumed at the date of the report (30 June 2010).
Feb/Mar/Apri/May/June
Therefore it = 50 000 * .09 = 4500
4500 / 12 = 375
5 * 375 = 1875
Interest Expense DR 1875
Accrued Interest Expense CR 1875
i think that's what i wrote.
yep i got this. it was 5 months yeah?
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Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder :-[
What did you get for interest expense for question 1.3.1?
Something like this;
Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250
Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250
Hmm, but the loan was taken out on the 31st of January. So doesn't that mean only five months interest has been consumed at the date of the report (30 June 2010).
Feb/Mar/Apri/May/June
Therefore it = 50 000 * .09 = 4500
4500 / 12 = 375
5 * 375 = 1875
Interest Expense DR 1875
Accrued Interest Expense CR 1875
i think that's what i wrote.
yep i got this. it was 5 months yeah?
Yeah should be, Loan was taken out in 31 Jan, report ends at 30 June.
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Yeah 1875 is what i got as well...from 31 January to 30 June is only 5 months.
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Even if the loan started 31st January, you could still have interest for January, if it's just charged at the 31st of every month.
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Even if the loan started 31st January, you could still have interest for January, if it's just charged at the 31st of every month.
Mate, that is a bit stupid don't you think. Interest for one day, I doubt that very much. You would have to calculate how much it is, the examiners would not expect you to do that unless it is specifically instructed.
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Nah, they're right, it should be 5 months.
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Even if the loan started 31st January, you could still have interest for January, if it's just charged at the 31st of every month.
Mate, that is a bit stupid don't you think. Interest for one day, I doubt that very much. You would have to calculate how much it is, the examiners would not expect you to do that unless it is specifically instructed.
Actually no, I don't think it's stupid. I never said interest for one day, I meant interest for the month. If the bank charges interest at the end of each month for the whole month, regardless of how long during the month you've had the loan. Otherwise, you're getting one day completely interest free.
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It said reports start at Feb 1st, therefore Jan is omitted.
Making it 5 months.
Damnit, I didn't see the Accrued Wages adjustment, I knew they put it there (highlighted it) but didn't figure out where to put it.
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It said reports start at Feb 1st, therefore Jan is omitted.
Making it 5 months.
Damnit, I didn't see the Accrued Wages adjustment, I knew they put it there (highlighted it) but didn't figure out where to put it.
Accrued wages?? what question is this? last bit?
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akirus - for the very first question (balance sheet extract), if you did everything except the accrued rent, how many marks would you lose?
because i think recording the accrued rent will also change the GST clearing figure by 200, so you'll have 3700 DR instead of 3500 DR
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It said reports start at Feb 1st, therefore Jan is omitted.
Making it 5 months.
Damnit, I didn't see the Accrued Wages adjustment, I knew they put it there (highlighted it) but didn't figure out where to put it.
The one with like the firm pays wages on 17th of every month or something?
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It said reports start at Feb 1st, therefore Jan is omitted.
Making it 5 months.
No they didn't. It says trading starts 1 Feb. Reports most definitely start during Jan, because you have to do a Balance Sheet at 31st Jan.
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Even if the loan started 31st January, you could still have interest for January, if it's just charged at the 31st of every month.
Mate, that is a bit stupid don't you think. Interest for one day, I doubt that very much. You would have to calculate how much it is, the examiners would not expect you to do that unless it is specifically instructed.
Actually no, I don't think it's stupid. I never said interest for one day, I meant interest for the month. If the bank charges interest at the end of each month for the whole month, regardless of how long during the month you've had the loan. Otherwise, you're getting one day completely interest free.
I don't think you're supposed to include 1 day's interest. The clear intention is to start incurring Interest from the start of the next month.
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akirus - for the very first question (balance sheet extract), if you did everything except the accrued rent, how many marks would you lose?
because i think recording the accrued rent will also change the GST clearing figure by 200, so you'll have 3700 DR instead of 3500 DR
No, because the GST isn't paid until the rent is paid, which would be during February, so there is no effect on GST clearing.
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long and tiring. found first question quite difficult.
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It said reports start at Feb 1st, therefore Jan is omitted.
Making it 5 months.
No they didn't. It says trading starts 1 Feb. Reports most definitely start during Jan, because you have to do a Balance Sheet at 31st Jan.
lol lets just get someone elses opinion. wheres ilovemathsmeth?
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akirus - for the very first question (balance sheet extract), if you did everything except the accrued rent, how many marks would you lose?
because i think recording the accrued rent will also change the GST clearing figure by 200, so you'll have 3700 DR instead of 3500 DR
GST isn't recorded until you get the tax invoice, which they haven't.
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Did anyone actually find the exam easy??
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Did anyone actually find the exam easy??
Easy, except for the question that shouldn't have been in there. =/
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Did anyone actually find the exam easy??
not me. it was better than 08 i think.
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With the very first question, how many marks would i receive if i did this:
Current Assets
Stock control 35 000
cash at bank 10 000
Non current Assets
Deliveryvan 20 000
Current liabilities
Accrued Rent 2000
loan 10 000
Noncurrent liabilities
loan 40 000
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With the very first question, how many marks would i receive if i did this:
Current Assets
Stock control 35 000
cash at bank 10 000
Non current Assets
Deliveryvan 20 000
Current liabilities
Accrued Rent 2000
loan 10 000
Noncurrent liabilities
loan 40 000
Probably -1 for cash calculation, -1 for GST Clearing.
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With the very first question, how many marks would i receive if i did this:
Current Assets
Stock control 35 000
cash at bank 10 000
Non current Assets
Deliveryvan 20 000
Current liabilities
Accrued Rent 2000
loan 10 000
Noncurrent liabilities
loan 40 000
Probably -1 for cash calculation, -1 for GST Clearing.
U def had to calculate bank - cash capital contrib less stock payment add Loan
it was 5 marks
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With the very first question, how many marks would i receive if i did this:
Current Assets
Stock control 35 000
cash at bank 10 000
Non current Assets
Deliveryvan 20 000
Current liabilities
Accrued Rent 2000
loan 10 000
Noncurrent liabilities
loan 40 000
Probably -1 for cash calculation, -1 for GST Clearing.
U def had to calculate bank - cash capital contrib less stock payment add Loan
it was 5 marks
So i'd get 3?
thanks
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It was out of five so I'm guessing the mark allocation would be:
1 - GST Clearing
1 - Bank
1 - Loan (10 000 CL and 40 000 NCL)
1 - Accrued rent
1 - Stock control and delivery van (as this was a simple copy and paste)
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anyone care to put up complete solutions? accurate preferably :) cheers
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what do you guys reckon the cutoff for A+ will be?
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what do you guys reckon the cutoff for A+ will be?
Similar to 2008, 75/90.
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Probably high 70's like pretty much every year. 78/90
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long and tiring. found first question quite difficult.
So, what is the actual answer? Cos i included that month tooo :P
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Personally, i reckon the wordings/ layout in the 2010 exam are misleading.
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Does anyone know if the Answer Booklet available so that someone can do solutions without too much effort?
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i'm pretty sure i've lost 5 marks already. (excluding the sundry creditor question which everyone is unsure of!)
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i'm pretty sure i've lost 5 marks already. (excluding the sundry creditor question which everyone is unsure of!)
lol.. same here. I'm unsure about that as well... all this exam discussion is showing me where I went wrong... looking back, I've lost a few cheap marks already!
Yaah, cause of the exam atmosphere. D:
My heart was pumping faster than usual.
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Well, i guess it's not that bad when everyone found it hard.
Unlike the chem exam where everyone is saying it's REALLY easy, so the cut off for A+ is gonna be HIGH.
Which means silly mistakes are even more costly!
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It depends on the individual(s) too. Most kids at my school found the accounting exam extremely easy, but had a bit of trouble with chem.
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yeh. that's what exam pressure does. I did quite a few practice exams before hand (under timed conditions), but when it came to the real thing... I was under the pump... kept looking at the clock. -_-
I wanted to look at the clock but i was sitting at the edge of the room while the clock was in the middle at the front. And everyone was sitting so close to each together lol, so i was too scared to look around just in case if the examiner might warn me or something.
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lols. at my school, when we were waiting outside the examination room, we saw a TV showing the whole room... seats, tables and all... I think they had cameras placed around the examination room... just to make sure no one cheated. full-on stuff.
LOL nice.
Our school can't afford such expensive technology.
Just a supervisor.
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Ahh, this exam has turned me into an emo.
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Ahh, this exam has turned me into an emo.
Agreed.
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I went into the accounting exam pre-depressed. =/
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Actually, I realize that pressure is not that much of a factor for me in exams.
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That's awesome!!!!!!!
Teach me your ways Mr. Akirus! What herbal remedies allow you to posses such chillaxness?
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I was nervous to death as it was my first unit 3/4 exam.
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I can see a lot of people are still worrying about this exam with the amount of visitors each day. :)
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I can see a lot of people are still worrying about this exam with the amount of visitors each day. :)
i just really hope i can scrape in for an A+, if the cutoff is as low as 08 i can probably make it. But this all depends on how they mark. Are examiners harsh as a whole or does that depend on each examiner.
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I can see a lot of people are still worrying about this exam with the amount of visitors each day. :)
i just really hope i can scrape in for an A+, if the cutoff is as low as 08 i can probably make it. But this all depends on how they mark. Are examiners harsh as a whole or does that depend on each examiner.
yaa, i really hope that i can just get a low A+. It depends on the Sundry Creditor controversy too.
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I had my first 3 VCE exams in the span of 2 days. Stressing out really wasn't an option for me, so I prioritized staying calm above last minute cramming despite my illness prior to examination week (of course, I went overboard with that to the point of complacency, which you don't want; there is a fine balance between urgency and indifference).
Ultimately, dealing with pressure effectively is a matter of mentality, and the way you approach it will vary with the individual. Few good things to note, though:
1. Panicking is a waste of energy and detrimental to your performance.
2. It does not matter if you fail. It does not matter if you fail. It does not matter if you fail.
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I can see a lot of people are still worrying about this exam with the amount of visitors each day. :)
i just really hope i can scrape in for an A+, if the cutoff is as low as 08 i can probably make it. But this all depends on how they mark. Are examiners harsh as a whole or does that depend on each examiner.
yaa, i really hope that i can just get a low A+. It depends on the Sundry Creditor controversy too.
does anyone actually know the correct answer to that question anyway? will be interesting...
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From boredofstudy, i saw that we're meant to use pen for the exam??? :O
Does it matter? I used pencil for the whole exam lol.
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I can see a lot of people are still worrying about this exam with the amount of visitors each day. :)
i just really hope i can scrape in for an A+, if the cutoff is as low as 08 i can probably make it. But this all depends on how they mark. Are examiners harsh as a whole or does that depend on each examiner.
yaa, i really hope that i can just get a low A+. It depends on the Sundry Creditor controversy too.
does anyone actually know the correct answer to that question anyway? will be interesting...
DR Equipment
DR GST Clearing
CR Sundry Creditor - business
CR Stock Control
Something like that, don't have the question book on me.
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From boredofstudy, i saw that we're meant to use pen for the exam??? :O
Does it matter? I used pencil for the whole exam lol.
it doesnt matter, pencil is fine. i know people who used pencils for the whole bio exam and nothing happened
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I can see a lot of people are still worrying about this exam with the amount of visitors each day. :)
i just really hope i can scrape in for an A+, if the cutoff is as low as 08 i can probably make it. But this all depends on how they mark. Are examiners harsh as a whole or does that depend on each examiner.
yaa, i really hope that i can just get a low A+. It depends on the Sundry Creditor controversy too.
does anyone actually know the correct answer to that question anyway? will be interesting...
DR Equipment
DR GST Clearing
CR Sundry Creditor - business
CR Stock Control
Something like that, don't have the question book on me.
i did:
DR drawings (dont ask...lol)
CR stock control
DR gst clearing
DR installation
CR sundry creditor (didn't name who it was though)
How many marks do you reckon ill get akirus?
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I can see a lot of people are still worrying about this exam with the amount of visitors each day. :)
i just really hope i can scrape in for an A+, if the cutoff is as low as 08 i can probably make it. But this all depends on how they mark. Are examiners harsh as a whole or does that depend on each examiner.
yaa, i really hope that i can just get a low A+. It depends on the Sundry Creditor controversy too.
does anyone actually know the correct answer to that question anyway? will be interesting...
DR Equipment
DR GST Clearing
CR Sundry Creditor - business
CR Stock Control
Something like that, don't have the question book on me.
i did:
DR drawings (dont ask...lol)
CR stock control
DR gst clearing
DR installation
CR sundry creditor (didn't name who it was though)
How many marks do you reckon ill get akirus?
Depends on their marking scheme, but probably 1/3. There shouldn't be drawings in there and you should have been able to recognize that the installation is apart of the HC of the equipment. GST Clearing and sundry creditor is correct, as well as CR stock control, so maybe a mark there. From what I hear, they may take out a mark for the sundry creditor, though. It COULD be 1/2 or 2/3 depending on your figures.
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Why did they even ask a question that involves with Sundry Creditor anyway. >.<
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I can see a lot of people are still worrying about this exam with the amount of visitors each day. :)
i just really hope i can scrape in for an A+, if the cutoff is as low as 08 i can probably make it. But this all depends on how they mark. Are examiners harsh as a whole or does that depend on each examiner.
yaa, i really hope that i can just get a low A+. It depends on the Sundry Creditor controversy too.
does anyone actually know the correct answer to that question anyway? will be interesting...
DR Equipment
DR GST Clearing
CR Sundry Creditor - business
CR Stock Control
Something like that, don't have the question book on me.
i did:
DR drawings (dont ask...lol)
CR stock control
DR gst clearing
DR installation
CR sundry creditor (didn't name who it was though)
How many marks do you reckon ill get akirus?
Depends on their marking scheme, but probably 1/3. There shouldn't be drawings in there and you should have been able to recognize that the installation is apart of the HC of the equipment. GST Clearing and sundry creditor is correct, as well as CR stock control, so maybe a mark there. From what I hear, they may take out a mark for the sundry creditor, though. It COULD be 1/2 or 2/3 depending on your figures.
wait..wasn't the question out of 4 marks, or are they taking bits out?
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I can see a lot of people are still worrying about this exam with the amount of visitors each day. :)
i just really hope i can scrape in for an A+, if the cutoff is as low as 08 i can probably make it. But this all depends on how they mark. Are examiners harsh as a whole or does that depend on each examiner.
yaa, i really hope that i can just get a low A+. It depends on the Sundry Creditor controversy too.
does anyone actually know the correct answer to that question anyway? will be interesting...
DR Equipment
DR GST Clearing
CR Sundry Creditor - business
CR Stock Control
Something like that, don't have the question book on me.
i did:
DR drawings (dont ask...lol)
CR stock control
DR gst clearing
DR installation
CR sundry creditor (didn't name who it was though)
How many marks do you reckon ill get akirus?
Depends on their marking scheme, but probably 1/3. There shouldn't be drawings in there and you should have been able to recognize that the installation is apart of the HC of the equipment. GST Clearing and sundry creditor is correct, as well as CR stock control, so maybe a mark there. From what I hear, they may take out a mark for the sundry creditor, though. It COULD be 1/2 or 2/3 depending on your figures.
wait..wasn't the question out of 4 marks, or are they taking bits out?
Oh, it was? Don't have the paper on me. If so, then 2/4.
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btw, what would be an appropriate answer for 1.2.5? - Explain one benefit of using specialised journals in the recording process.
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Specialized journals allow all similar frequent transactions to be aggregated into convenient totals. This improves the efficiency of the posting process and greatly reduces clutter in the general ledger.
There are others, but this is the most obvious one.
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There was a newspaper article in the Sydney Morning Herald or something about a kid who masturbated before the exams to relief stress.
I believe this was posted on BoS.
Scientifically speaking, it is true, as masturbation releases endorphins (http://en.wikipedia.org/wiki/Endorphin) in our bodies.
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tried and true.
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btw, my teacher is an assessor, and she said that for the sundry creditor question, everyone will get 4 marks. by everyone, i meant everyone that attempted the paper.
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My accounting teacher (who is an exams marker) said that they're giving 4 out of 4 marks for the students who have attempted the water tank question.
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btw, my teacher is an assessor, and she said that for the sundry creditor question, everyone will get 4 marks. by everyone, i meant everyone that attempted the paper.
lol, you beat me to post the news. xD
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Really? I find this hard to believe lol
What If you spent xx minutes on the question that could've been spent somewhere else on the paper?
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Really? I find this hard to believe lol
What If you spent xx minutes on the question that could've been spent somewhere else on the paper?
then bad luck, i guess :S
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I'm wondering what if someone wrote something that're totally irrelevant to the water tank question?
Like... wages, bad debts, discount revenue on the debit side, etc. lol
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I'm wondering what if someone wrote something that're totally irrelevant to the water tank question?
Like... wages, bad debts, discount revenue on the debit side, etc. lol
They "Attempted" it.... so I suppose they'd get the marks.
It'll be so funny in the assesment report.
Like
Marks 0 1 2 3 4
50% 0% 0% 0% 50%
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I'm wondering what if someone wrote something that're totally irrelevant to the water tank question?
Like... wages, bad debts, discount revenue on the debit side, etc. lol
They "Attempted" it.... so I suppose they'd get the marks.
It'll be so funny in the assesment report.
Like
Marks 0 1 2 3 4
50% 0% 0% 0% 50%
I think it's if they attempted the paper, not the question..
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I'm wondering what if someone wrote something that're totally irrelevant to the water tank question?
Like... wages, bad debts, discount revenue on the debit side, etc. lol
They "Attempted" it.... so I suppose they'd get the marks.
It'll be so funny in the assesment report.
Like
Marks 0 1 2 3 4
50% 0% 0% 0% 50%
I think it's if they attempted the paper, not the question..
Really?
But my teacher asked the class as a joke: "Did anyone left the question blank? Hopefully not."
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what if you only filled in two lines? still 4 marks?
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what if you only filled in two lines? still 4 marks?
Well, apparently...Yes
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It's confirmed, anyone who attended the exam gets 4 out of 4 for that question.
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Does that mean the cutoff for A+ won't be as low as we expected, seeing as everyone automatically gets 4 marks.
Giving 4 marks to everyone isn't fair for the people who actually did it right (not that i did).
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I'm thinking if vcaa does give us those marks, the cutoff will be no less than 79 or 80
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I'm thinking if vcaa does give us those marks, the cutoff will be no less than 79 or 80
yeah, so its not a good thing that everyone gets the 4 marks.
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Does that mean the cutoff for A+ won't be as low as we expected, seeing as everyone automatically gets 4 marks.
Giving 4 marks to everyone isn't fair for the people who actually did it right (not that i did).
It is fair. Only way it isn't is for the people who spent a lot of time doing it, regardless of whether they got it right or not.
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Does that mean the cutoff for A+ won't be as low as we expected, seeing as everyone automatically gets 4 marks.
Giving 4 marks to everyone isn't fair for the people who actually did it right (not that i did).
Yeah, i guess cutoff for A+ would be like low 80.
I don't think it's unfair for the people who did it right, as it is unfair for some people in the first place.
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Weird how the topic isn't in the Unit 3 study design but is in the Neville Box textbook briefly, in a Unit 3 chapter.
I don't mind everyone getting the marks, i guess it is only fair
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Maybe that's a factor why the question was approved on the exam, I guess they didn't take into consideration all the other textbooks, or didn't do their research thoroughly enough.
My teacher said there will be some sort of verification as to what the examiners will do some time next month (possibly on the VCAA website)
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Maybe that's a factor why the question was approved on the exam, I guess they didn't take into consideration all the other textbooks, or didn't do their research thoroughly enough.
My teacher said there will be some sort of verification as to what the examiners will do some time next month (possibly on the VCAA website)
It's already confirmed that everyone who sat the paper will get 4 marks for the question. Moreover, approval is not based on the content provided in textbooks; it is dependent on the content outlined in the study design.
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Maybe that's a factor why the question was approved on the exam, I guess they didn't take into consideration all the other textbooks, or didn't do their research thoroughly enough.
My teacher said there will be some sort of verification as to what the examiners will do some time next month (possibly on the VCAA website)
It's already confirmed that everyone who sat the paper will get 4 marks for the question. Moreover, approval is not based on the content provided in textbooks; it is dependent on the content outlined in the study design.
Can I get a link or statement of some sort to an official confirmation of that? I'd like my friends who don't use VCENotes to know it for real, they really bug me when it comes to stuff like this xD
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Maybe that's a factor why the question was approved on the exam, I guess they didn't take into consideration all the other textbooks, or didn't do their research thoroughly enough.
My teacher said there will be some sort of verification as to what the examiners will do some time next month (possibly on the VCAA website)
It's already confirmed that everyone who sat the paper will get 4 marks for the question. Moreover, approval is not based on the content provided in textbooks; it is dependent on the content outlined in the study design.
Can I get a link or statement of some sort to an official confirmation of that? I'd like my friends who don't use VCENotes to know it for real, they really bug me when it comes to stuff like this xD
Hmmm sorry i don't have an official confirmation with me, because my teacher said she got an email from VCAA and she printed it off for us to look at.
Just ask your Accounting teacher.
btw, my Accounting teacher is an exam marker.
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Okay I guess your teacher is in the loop more than mine is, she's an exam marker as well but has barely told us anything about this issue :)
Thanks for the reply