Accounting Mid-Sem

[tcg93]

Does anyone who has done this subject from past semesters have any helpful tips for studying for the AFC 1000 mid-sem?

Is the focus on practical or theoretical work?

Do we get proformas, lined paper, or blank paper?

[aes_999]

I reckon, just study everything, basically from wk 1 to 6. On another note, does someone have a link to past mid year accounting exams? I can't find them for some reason.

[tcg93]

I reckon, just study everything, basically from wk 1 to 6. On another note, does someone have a link to past mid year accounting exams? I can't find them for some reason.

That's because there isn't one. So the best thing we can get is advice on the style of Qs from those who have already done the unit

[TrueTears]

hey, i've done the unit, midsem is REALLY REALLY REALLY similar to the questions you do from set exercises from your book (that is if the course hasnt changed as i did it a long time ago), basically it's mostly practical but there's a bit of theory here and there. Make sure you know how to do those long extended practical problems from your set questions coz they come up on the midsem, almost the same but with different numbers and different entries for the ledger etc. So make sure you check over your tutorial questions!

[TrueTears]

from memroy i think the first section is multiple choice, second section is more practical, they have lined pages for those that are related to theory, explanations etc and they have the ledgers already for you to enter in stuff for the more practical q's. Also remember to study the theory on corporate governance, i rmb in my sem, alot of ppl got stomped on that theory question becoz they didnt suspect it would come up on the exam.

Soz for double post, sent from my phone and cant edit

[sam.utute]

The theory on the exam screws everyone up. Watch out for questions on the Conceptual Framework, GAAP, AASB etc.
The practical section is usually very straightforward. Just gets you to fill in a general journal, does a few sums etc.

[mystikal]

all the above

one of their favourite theory questions, is that they give you a situation and you have to decide whether the object is asset,liability, expense, income etc... supporting ur argument with the criteria etc...

journal entries are straight forward they like to trick you with the "time related entries" such as pay some now and pay some later or sumthing like that

[tcg93]

Also remember to study the theory on corporate governance, i rmb in my sem, alot of ppl got stomped on that theory question becoz they didnt suspect it would come up on the exam.

The theory on the exam screws everyone up. Watch out for questions on the Conceptual Framework, GAAP, AASB etc.

Would knowing definitions and what they ask us in tute Qs be sufficient for these theoretical bits or do we really need to understand them in more detail?

[sam.utute]

Also remember to study the theory on corporate governance, i rmb in my sem, alot of ppl got stomped on that theory question becoz they didnt suspect it would come up on the exam.

The theory on the exam screws everyone up. Watch out for questions on the Conceptual Framework, GAAP, AASB etc.

Would knowing definitions and what they ask us in tute Qs be sufficient for these theoretical bits or do we really need to understand them in more detail?

Definitions are not enough when they ask questions about the SACs and the conceptual framework etc.
They're okay when they ask you to make a table and justify why a particular item is an asset/liability/income/expense.

[tcg93]

Definitions are not enough when they ask questions about the SACs and the conceptual framework etc.

But we don't need to go outside the scope of the slides and textbook yeah? just basic stuff like objectives, why they are used, etc for stuff like conceptual framework, corporate governance ?

Also, do they tend to ask for interpretations of ratios (liquidity, solvency, profitability)? There just seems to be so many things to to write for these questions.

[sam.utute]

Definitions are not enough when they ask questions about the SACs and the conceptual framework etc.

But we don't need to go outside the scope of the slides and textbook yeah? just basic stuff like objectives, why they are used, etc for stuff like conceptual framework, corporate governance ?

Also, do they tend to ask for interpretations of ratios (liquidity, solvency, profitability)? There just seems to be so many things to to write for these questions.

Stick to the slides and the textbook.

Not too sure what they'll ask about in relation to the ratios. They weren't on our mid-sem exam (I think).

[nacho]

cant even be effed doing prac if they dont give you templates lol
there better be templates, bloody template-less tute questions are massive ceebs

how thorough are the templates given for say, the income statement, everything but the account names are filled out? or do we have to do that

here's a list of what im gonna be studying mainly from now till monday (keep in mind i did vce accounting so hoping the prac stuff is still with me)

-corp governance
-SAC 1 , SAC2
- accounting standards (im memorising all 50 of them lol jks sam said just know what it is, anyon care to explain cause i dont know yet havent checked textbook but if ur reading this post and know the answer, it'd tkae like 25 seconds of your time [which i will compensate you for in a reverse favour] to type the answer )
- GAAP
- IASB
- AASB
- triple bottom line
- recognition criteria
- sustainability reporting (already know it, was my group presentation)

and ratios
AND
conceptual framework

furthermore,
i also heard they were putting ratios in but i havent been to my tute in a few weeks,
i believe it's because they pushed the date for the test 1 week ahead cause it clashed with the eco test date, and as a result they include an extra week's worth of knowledge

ALSO!:

I do believe that a question like this will be on the mid sem test:
Discuss, by referring to the Framework's definition and recognition criteria of assets, if intellectual property would be shown in the statement of financial position of Monash Uni.

for a full 7 marks, Bazza Bee's approach to this question was:
1. identify a possible entry (DR/CR)
2. test the balance sheet element first (A or L)
3. do no test for an item that is not controversial
4. test your definition criteria
5. provide a conclusion
6. test your recognition criteria
7. provide a conclusion

Although the tute solution answer was shorter (steps 4-7 only(, and i dont even know how you'd go about doing steps 1- 3

[TrueTears]

u guys have the midsem on monday? is it 6pm in the rotunda? coz i got a midsem on monday as well

[nacho]

its at south1 @ 6pm

[ShortBlackChick]

its at south1 @ 6pm

it depends on what tute your in you noob. eg. ive got some lady called Luba as my tutor so mine is in R7 in the Rotunda
btw, any lubarians here?