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October 22, 2025, 01:27:31 am
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Author Topic: Accounting Mid-Sem  (Read 10976 times)  Share 

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TrueTears

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Re: Accounting Mid-Sem
« Reply #15 on: April 21, 2012, 10:07:22 pm »
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lubarians LOL
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Furbob

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Re: Accounting Mid-Sem
« Reply #16 on: April 22, 2012, 08:49:48 am »
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my tute said 3~5 marks will be based on chapter 6/the ratios and analysis

just sayin'
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tony3272

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Re: Accounting Mid-Sem
« Reply #17 on: April 22, 2012, 09:49:02 am »
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Good luck to everyone doing this tomorrow! I'll probably just be focusing on the theory from chapters 1 & 2 today and then just have a brief look at the rest.
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nacho

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Re: Accounting Mid-Sem
« Reply #18 on: April 22, 2012, 04:50:53 pm »
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What's the answer to the question on slide 18?
I think it's 'no' but I'm not 100% sure

Did he go over the answer in the lecture?

Is it worth knowing the million qualitative characteristics in their respective hierarchies?
If you know the five vce ones?


Company has two shareholders who run the business and 200 employees with high staff turnover. They have no borrowings.

Is the company a reporting entity?
« Last Edit: April 22, 2012, 05:21:42 pm by nacho »
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ShortBlackChick

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Re: Accounting Mid-Sem
« Reply #19 on: April 22, 2012, 08:05:49 pm »
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LOL at the discussion board on blackboard for this subject. Where is that guy pulling all those questions from!
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tony3272

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Re: Accounting Mid-Sem
« Reply #20 on: April 22, 2012, 09:25:15 pm »
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Lol since when were there discussion boards on blackboard? -.-
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_avO

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Re: Accounting Mid-Sem
« Reply #21 on: April 22, 2012, 09:44:03 pm »
+1
Quote from: nacho on April 22, 2012, 04:50:53 pm
What's the answer to the question on slide 18?
I think it's 'no' but I'm not 100% sure

Did he go over the answer in the lecture?

Is it worth knowing the million qualitative characteristics in their respective hierarchies?
If you know the five vce ones?


In the test I did (sem 1 2011) they asked to briefly describe the GAAP (relevance, faithful representation, materiality.. etc forgot the rest they're on the right side of the tree diagram) and SACs 1 and 2 of the Conceptual Framework. They also asked us to evaluate where a transaction (given scenario, our one was about a donation) should be reported as an asset, liability, expense etc and you have to justify it in two parts (the definition criteria and recognition criteria). This was the bulk of the theory, then the practical is basic VCE stuff. Maybe touch up on corporate governance too

Quote from:
Company has two shareholders who run the business and 200 employees with high staff turnover. They have no borrowings.

Is the company a reporting entity?
Doesn't a reporting entity need to satisfy at least 3(?) of the criteria? That one only satisfies one (>200 employees) but there's no indication of assets and revenues as well as having only two owners
« Last Edit: April 22, 2012, 09:45:50 pm by _avO »
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nacho

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Re: Accounting Mid-Sem
« Reply #22 on: April 22, 2012, 11:05:00 pm »
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What are the three criteria in english.. this is the most useless textbook, i've spent the entire week on chapter one and i dont understand a f***ing thing.
im literally going in with vce knowledge tomorrow. FML!
I never knew about discussion board on blackboard either, but no 1 replies its useless...


i hope i can still ace the exam.
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TrueTears

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Re: Accounting Mid-Sem
« Reply #23 on: April 22, 2012, 11:08:59 pm »
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lol some discussion boards are so hectic.... there was one where the lecturer himself posts in the discussion boards and some guy was full on bagging/cussing the shit outta the lecturer... didn't go down too well ;)
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Re: Accounting Mid-Sem
« Reply #24 on: April 22, 2012, 11:10:33 pm »
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Quote from: TrueTears on April 22, 2012, 11:08:59 pm
lol some discussion boards are so hectic.... there was one where the lecturer himself posts in the discussion boards and some guy was full on bagging/cussing the shit outta the lecturer... didn't go down too well ;)
hahaha what an effing idiot
you're supposed to do that in person since they dont know your name

ive introduced myself to john gerrand like 5 times and he still doesnt remember me
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sam.utute

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Re: Accounting Mid-Sem
« Reply #25 on: April 23, 2012, 07:49:10 pm »
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Quote from: nacho on April 22, 2012, 11:10:33 pm
Quote from: TrueTears on April 22, 2012, 11:08:59 pm
lol some discussion boards are so hectic.... there was one where the lecturer himself posts in the discussion boards and some guy was full on bagging/cussing the shit outta the lecturer... didn't go down too well ;)
hahaha what an effing idiot
you're supposed to do that in person since they dont know your name

ive introduced myself to john gerrand like 5 times and he still doesnt remember me
Don't bother trying.
How'd everyone go? (Getting in early because I'm assuming that when everyone finishes, the first they'll do is jump on AN).
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Furbob

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Re: Accounting Mid-Sem
« Reply #26 on: April 23, 2012, 08:29:49 pm »
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deja vu of VCE accounting aside a few MCs here and there

wasn't too bad imo~

what the written part consisted of

-recording general journal entries (including depreciation and accrued expenses)
-recording general journal entries using the revenue and expense method
-recording general journal entries again (including purchase and sales return)
-calculating the cash cycle based on ratios given and discussing the liquidity of 2 businesses including one limitation on using ratios
« Last Edit: April 23, 2012, 08:34:09 pm by Furbob »
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ShortBlackChick

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Re: Accounting Mid-Sem
« Reply #27 on: April 23, 2012, 08:31:59 pm »
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WHATTHEFUCK IS A REVENUE APPROACH?

I think I beasted Q2 of the Short Answer, lets face it, it was quite easy, although I did forget the name of the Sales Return account, so I just took the VCE method and called it that.

And Collywobbles no more for Collywobbles Ltd.?
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nacho

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Re: Accounting Mid-Sem
« Reply #28 on: April 23, 2012, 08:34:46 pm »
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Quote from: Furbob on April 22, 2012, 08:49:48 am
my tute said 3~5 marks will be based on chapter 6/the ratios and analysis

just sayin'
WHAT THE FUCK!!!!!!!!!!!!!!!!!!!!!!!

BYE BYE HD AAAAAAAAAAAAAAAAARFGHADFFSFSDAS

YOU AND YOUR TUTOR ARE ROTTEN LIARS

lost 5 marks on revenue/expense approach (assumed it just meant accrual, was horribly wrong)
prob lost 1-7 marks on the last q
rest was straightforward as fuck
i cant believe there were barely any questions on chapter 1, i knew that shit backwards.. the whole thing i just used vce accounting knowledge..
« Last Edit: April 23, 2012, 08:37:31 pm by nacho »
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Furbob

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Re: Accounting Mid-Sem
« Reply #29 on: April 23, 2012, 08:36:28 pm »
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Quote from: kazdawg on April 23, 2012, 08:31:59 pm
WHATTHEFUCK IS A REVENUE APPROACH?

I think I beasted Q2 of the Short Answer, lets face it, it was quite easy, although I did forget the name of the Sales Return account, so I just took the VCE method and called it that.

And Collywobbles no more for Collywobbles Ltd.?

revenue approach is the "VCE method" and expense approach is when you credit the expense accounts or something like that

(it was the revenue approach in reverse. bleh, im crap at explaining it)
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