ATAR Notes: Forum
Archived Discussion => 2010 => End-of-year exams => Exam Discussion => Victoria => Accounting => Topic started by: schona on November 04, 2010, 08:38:52 am
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Hope there's plenty of theory questions! :D :smitten:
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what kind of theory questions will they ask? hoping for a free 2 mark NRV question :) and period+product, but is that likely?
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what kind of theory questions will they ask? hoping for a free 2 mark NRV question :) and period+product, but is that likely?
Those have been on most of the trial exams so I guess there is a high chance of it being on the real one as well :)
GOOD LUCK EVERYONE!
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Do you think they'll have the complete reports or just extracts? I'm thinking maybe all of the CFS and half of the P&L (for stock write down and sales returns and maybe period costing)
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Do you think they'll have the complete reports or just extracts? I'm thinking maybe all of the CFS and half of the P&L (for stock write down and sales returns and maybe period costing)
Yeah I agree with you.
There probably will be a budgeted current asset or current liabilities extract of the balance sheet as well
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Oh true, and they may throw us off with a prepaid expense or accrued expense, anything goes!
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product cost is a cost that can be traced back to an individual item of stock and the extra cost must be 10% or greater than the original price. Whereas, a period cost is a cost that c an't be traced back to and individual item of stock and is written off as an expense.
is this enough for 2 marks?
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I didn't have enough room in the cash flow statement and the profit and loss statement.
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I didn't have enough room in the cash flow statement and the profit and loss statement.
same i made my own rows
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For P&L i had just enough, but for CFS i had 2 rows missing
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was the interest on the loan opperating?
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yes, of $700
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product cost is a cost that can be traced back to an individual item of stock and the extra cost must be 10% or greater than the original price. Whereas, a period cost is a cost that c an't be traced back to and individual item of stock and is written off as an expense.
is this enough for 2 marks?
What? What does the 10% have to do with anything?
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yeah cash flow i had 3 rows missing o well~i thought it was okay, easier than the mid year~
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what was the answer to the question that had the insurance and delivery costs listed on the invoice, and said the accountant made it a product cost and then asked you to work out the cost of a individual item? were we meant to use product or period? I am not sure if it was a little trick question..
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underneath the invoice it specifically said insurance and delivery is allocated as product cost~~O.O maybe u ignored that, should of highlighted it
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It was something like XX.20 (20 cents)
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underneath the invoice it specifically said insurance and delivery is allocated as product cost~~O.O maybe u ignored that, should of highlighted it
I didn't include it. Because it worked out to be 20 cents each...
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i remember i got 12.2 for that question...but it was only worth 1 mark~not gonna drop u a whole grade^_^ l'm just waiting for the suggested solution
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21.20
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what was the answer to the question that had the insurance and delivery costs listed on the invoice, and said the accountant made it a product cost and then asked you to work out the cost of a individual item? were we meant to use product or period? I am not sure if it was a little trick question..
It simply asked for the effect on profit if you were to treat all additional costs as product and/or period....
My answers for this question (1.5.2) were basically:
If all expenses are written off as period costs, then profit is understand, as not all stock has been sold, and the extra amt has yet been consumer/expensed
If all expenses were product costs, then profit will be slightly higher, as only the amount consumed is written of as cost of sales.
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21.20
:) Same
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yeh same but I thought they said that to trick us and the accountant made a mistake...hmmmm
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also, do you need to put dates on the reconstructions?
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what was the answer to the question that had the insurance and delivery costs listed on the invoice, and said the accountant made it a product cost and then asked you to work out the cost of a individual item? were we meant to use product or period? I am not sure if it was a little trick question..
It simply asked for the effect on profit if you were to treat all additional costs as product and/or period....
My answers for this question (1.5.2) were basically:
If all expenses are written off as period costs, then profit is understand, as not all stock has been sold, and the extra amt has yet been consumer/expensed
If all expenses were product costs, then profit will be slightly higher, as only the amount consumed is written of as cost of sales.
Not all additional, just Insurance. I said if it were a period cost, Net Profit would be $100 lower than if Product Cost were used as Period Cost includes the entire $200. With Product Cost, it only includes $100 of Insurance Expense within it (the stock) because half the items were sold.
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It asked about insurance and the spray, so it would be understated $600, or did I do something wrong?
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My apologies. Mistake on my behalf, $600 would be right
However, I don't think numbers would have been crucial, you may have (Im hoping) gotten away with just mentioning the half for product and full for period.
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What did you guys talk about for the difference between profit and profitability?
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Did anyone actually take the liberty to draw out a sales journal in the last question? Haha, and I used the cost of sales from the previous budgeted reports to find mark up, assuming that there is a constant mark up..
I dunno, who else drew a sales journal, and just did it normally? :P
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What did you guys talk about for the difference between profit and profitability?
profit is difference revue less expenses were profitability is ability to pay short term debts, obviously expanded on that though
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What did you guys talk about for the difference between profit and profitability?
profit is difference revue less expenses were profitability is ability to pay short term debts, obviously expanded on that though
Yup
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What was up with the question "Why did the accountant ask for the sales figures?". It was such a wierd question, obviously you can't make a budget without the sales figures.
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What did you guys talk about for the difference between profit and profitability?
profit is difference revue less expenses were profitability is ability to pay short term debts, obviously expanded on that though
You mean profitability is the firms ability to generate profit relative to a base? You're talking about liquidity :P
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What did you guys talk about for the difference between profit and profitability?
profit is difference revue less expenses were profitability is ability to pay short term debts, obviously expanded on that though
Yup
um that's liquidity not profitability... I hope you only made that mistake here and not on the actual exam
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What was up with the question "Why did the accountant ask for the sales figures?". It was such a wierd question, obviously you can't make a budget without the sales figures.
I expanded on that mind process. LOL.
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What did you guys talk about for the difference between profit and profitability?
profit is difference revue less expenses were profitability is ability to pay short term debts, obviously expanded on that though
Profitability is the firm's ability to earn profit in relation to another base such as Assets, OE etc. . .
It has little to do with liquidity. .
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My bad, didn't read that part. But yeah, ability to earn profit, can be compared against a base
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Pretty easy exam...although it was pretty long, except for that last question - that was a total pain. Apparently my teacher said they probably won't count the last question...I really hope that's the case =/
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I put $21. I thought the 20 cents was too irrelevent.
There goes another mark.
But where in the question did it say it was treated as a product cost?
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I put $21. I thought the 20 cents was too irrelevent.
There goes another mark.
But where in the question did it say it was treated as a product cost?
Omg i did the exact thing! I was like hmmm relevance. It's insignificant.
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I put $21. I thought the 20 cents was too irrelevent.
There goes another mark.
But where in the question did it say it was treated as a product cost?
Omg i did the exact thing! I was like hmmm relevance. It's insignificant.
Same.
It said "The accountant decided to treat the Transport and Insurance and Spray costs as products costs rather than period costs."
Which I didn't read. >.<
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I put $21. I thought the 20 cents was too irrelevent.
There goes another mark.
But where in the question did it say it was treated as a product cost?
Omg i did the exact thing! I was like hmmm relevance. It's insignificant.
Same.
It said "The accountant decided to treat the Transport and Insurance and Spray costs as products costs rather than period costs."
Which I didn't read. >.<
Omg totally did not read that.
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If I get over 80, I'll be happy.
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I put $21. I thought the 20 cents was too irrelevent.
There goes another mark.
But where in the question did it say it was treated as a product cost?
Omg i did the exact thing! I was like hmmm relevance. It's insignificant.
Same.
It said "The accountant decided to treat the Transport and Insurance and Spray costs as products costs rather than period costs."
Which I didn't read. >.<
I happened to notice it as i was re-reading the question... bit of a dud question though because most people would assume it was not material and thus not relevant... *sigh* hopefully the rest of my exams won't be as poor as this one!
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I've just counted and i've definitely lost more than 10 marks.
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It twas. Can't believe I lost such cheap marks from not reading the question carefully. It will be my downfall if I don't get A+. I'm hoping to get some free marks with my theory questions.
I counted as well, I think I might have lost 8 or 9 marks. Time will tell.
I doubt the A+ cut-off will be as low as the VCAA 08' exam - I'd be happy if it was though.
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I think i lost about 8 or 9 marks not too sure
Even if i dont get A+
I hope an A, A+ A can get me over 33
Otherwise I'll be devestated
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I hope an A, A+ A can get me over 33
Those grades in itself should be higher than 33 - more like 36~37.
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I think i lost about 8 or 9 marks not too sure
Even if i dont get A+
I hope an A, A+ A can get me over 33
Otherwise I'll be devestated
It'll deff get you over 33. I was so crap at bio last year, i got C+ A B+ - that gave me a 33.
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I always lose the stupidest marks by not reading things properly.
I totally overlooked the stock writedown in stock card question, i calculated period costs when it clearly said product.
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Looking over the paper now, I could probably get 4 or 5 marks back just by reading the question again. That's what is annoying.
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Looking over the paper now, I could probably get 4 or 5 marks back just by reading the question again. That's what is annoying.
yep, just the pressure i guess.
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I didn't mind the exam at all. Thought the theory questions were interesting, not the usual ones but still not too tricky.
There wasn't enough room in the cash flow statement, and i had the right amount og room in my profit and loss report because i wrote the revenue heading in the same line as the $ signs.
Last question didn't expect you to calculate cost of sales.
Otherwise pretty reasonable I thought.
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Looking over the paper now, I could probably get 4 or 5 marks back just by reading the question again. That's what is annoying.
Me too. Arghh. How annoying!!
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Time to forget about this and hit the methods books.
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Time to forget about this and hit the methods books.
Yup and economics!
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Eh economics.. havn't started studying yet
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Eh economics.. havn't started studying yet
I guess it's easy to make stuff up. I'm gonna concentrate on methods. I fail at that D:
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i wrote in my own sales journal at the bottom of the page so hope thats accepted
looking back i know i can spot about 9-10 other errors, and about half of them are just very because of minor details missed. But seriously okay they stuffed up the last question thats one thing but not giving enough lines for the report seriously! i missed out on drawings because i thought i was finished gaaaaah + stuffed up the prepaid advertising expense adjustment in report as well
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It's pretty unlikely that if people draw in their own boxes and answer them, then they will get the marks and other people who didn't think of this won't. It's VCAAs fault so they will most likely issue us marks or deduct 5 marks to possibly 3
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Eh economics.. havn't started studying yet
I guess it's easy to make stuff up. I'm gonna concentrate on methods. I fail at that D:
You're not the only one there!!!!!!! Seriously, whose idea was it to have a calc- and note-free exam?? -.-
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Eh economics.. havn't started studying yet
I guess it's easy to make stuff up. I'm gonna concentrate on methods. I fail at that D:
You're not the only one there!!!!!!! Seriously, whose idea was it to have a calc- and note-free exam?? -.-
I'm really screwed for tmr, i'm just relying on the formula sheet :)
Then on the weekend i will do some exam 2s.
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sorry but doest anybody know if i made an error on reontructing the budgeted ledgers on discount expense how many marks i dropped. also i realised in the profit and loss statementthat id gotten it wrong and included the proper amount. would i get the mark if i ddnt follow on with the consequantial error?
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yes you would lose a mark
if you had made a mistake and used the same figure through the paper you'd only lose one mark as its consequential but since you used another figure you'd probably lose 2 marks for this
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I think i lost about 8 or 9 marks not too sure
Even if i dont get A+
I hope an A, A+ A can get me over 33
Otherwise I'll be devestated
It'll deff get you over 33. I was so crap at bio last year, i got C+ A B+ - that gave me a 33.
I think it would be over 36. I got 36 in Psych last year and that was b+, a+, b+
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For P&L i had just enough, but for CFS i had 2 rows missing
Hey, I did too. I ran out of time doing the last part of the last question; and I only managed to put down:
Prepaid Sales Revenue 400
Sales Revenue 400