ATAR Notes: Forum
Archived Discussion => 2010 => End-of-year exams => Exam Discussion => Victoria => Accounting => Topic started by: 4231 on November 06, 2010, 11:16:56 am
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Did everyone get that the loan increaed by 8000? and to include that in the cash flow statement?
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yeah i got that.
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:)
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Also what did some people put for "explain why the accountant requested Sales estimates before strting to prepare the budgets"?
I just said that it is a key factor in both the budgets and also assists in the calculation of other estimates such as cost of sales
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Yeah that is pretty much what I had, just said that sales are the cornerstone of a trading business, and accurate estimates are essential in preparing practically all budgeted reports effectively.
I can't really remember what I said to be honest, but it sounded ok at the time haha
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I just said they can base their expenses around the estimates sales
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Did everyone get that the loan increaed by 8000? and to include that in the cash flow statement?
Where was that? :S
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in the last line of the additional information of the cash flow statement it said the loan was going to be increased so you have to get the end balance of the loan, deduct the orignal balance and add the loan repayments to find out how much the loan was increased by
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Wow, accounting appears to be even more boring than I thought.
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in the last line of the additional information of the cash flow statement it said the loan was going to be increased so you have to get the end balance of the loan, deduct the orignal balance and add the loan repayments to find out how much the loan was increased by
There goes another mark. :\
Oh well, I hope it doesn't cost me too much - this year's exam was full of tricks; much harder than last year's.
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yeh there was a fair amount of tricks...did u add the accrued wages to the wages paid in the P&L statement?
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Wow, accounting appears to be even more boring than I thought.
You're more boring than i thought.
Yeah D:
There goes another mark..
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Also what did some people put for "explain why the accountant requested Sales estimates before strting to prepare the budgets"?
I just said that it is a key factor in both the budgets and also assists in the calculation of other estimates such as cost of sales
I refered it to the definition of profitability where sales is a base that we need to compare when we measure the ability of a firm to earn profit.
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Wow, accounting appears to be even more boring than I thought.
It's actually pretty interesting.
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yeh there was a fair amount of tricks...did u add the accrued wages to the wages paid in the P&L statement?
Yeah, I did.
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did people get a deficit in the Cash flow statement. i re-did with some people and got something like (575) which was wat i got on the exam. Anyone else confirm that?
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did people get a deficit in the Cash flow statement. i re-did with some people and got something like (575) which was wat i got on the exam. Anyone else confirm that?
That's the right answer. I got something else :( Hopefully it's just one thing that stopped me from getting that answer.
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i stuffed up mine up by forgetting to add the financing inflow of $8000 of the loan. it was too long of an exam usually i have enough time to check over to fix those silly mistakes...
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i stuffed up mine up by forgetting to add the financing inflow of $8000 of the loan. it was too long of an exam usually i have enough time to check over to fix those silly mistakes...
AH i think that's what i did!!
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Haha its funny because I got that, but didn't get the profit on disp in the P&L which is almost stated clearly on the sheet :P
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yeh it was pretty long. i did heaps of prac exams and would do really well for time and finish with like 20 - 30 minutes to spare but for this exam i finished with like a couple of minutes left. I'm not sure whether it was just a really long exam or my nerves
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idiot me, i got the increased loan and profit on disposal but i forgot to add on the accrued wages in the p/l statement
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yeh it was pretty long. i did heaps of prac exams and would do really well for time and finish with like 20 - 30 minutes to spare but for this exam i finished with like a couple of minutes left. I'm not sure whether it was just a really long exam or my nerves
Same here. Normally I have plenty of time, but in actual exam I was under the pump - though I did manage to finish.
i stuffed up mine up by forgetting to add the financing inflow of $8000 of the loan. it was too long of an exam usually i have enough time to check over to fix those silly mistakes...
Ditto. That's what is annoying.