Here are my advice/tips for tmr:
Changes to Exam Format 2012
Multiple questions
Stand alone theory question(s)
Higher order skills being examined
Aspects of the accounting system
Understanding what they are and how they function
Strengths and weaknesses of these aspects
- Use the 15 minutes of reading time effectively and plan your attack. Work quickly and do the easiest questions first and the more difficult later.
- Make sure that you can describe all parts of the accounting system.
- Be prepared to provide advantages and disadvantages, and justify why particular processes are done.
- In the past couple of years, the word "discuss" has been used in questions. These questions could be worth as many as five or six marks.
- Remember accounting definitions of Current Assets, Non Current Assets, Current Liabilities, Non Current Liabilities, Owner's Equity, Revenue, Expenses
- Accounting Characteristics and Accounting Principles
- double entry: Double entry accounting means recording in ledger accounts whereby at least two ledger accounts are affected by each transaction and Two entries are made for each transaction – one entry as a debit to one account and the other entry a credit to the other account. These two transactions keep the accounting equation (A=L+OE) in balance
- ‘two-fold effect’?
The two fold effect takes the form of debits and credits. For each debit there is an equal and opposite credit and the sum of all debits must equal the sum of all credits.
NEW TO 2012:
General Journal entries for:
- Contribution of non-current assets by the owner at agreed value
- Use of stock for advertising purposes
- The distinction between historical cost and agreed value in relation to non-current assets
- Posting to the general ledger from the general journal and special journals on a monthly basis
- Process of balancing the general ledger and subsidiary ledger accounts in preparation for the next reporting period
- Reasons for using control accounts
- Internal control procedures and practices of this accounting system
REMEMBER EXAM IS AT 2.45 pm TOMORROW "TUESDAY 12TH JUNE"
attached is the cover sheet of the exam by vcaa.
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