How did you find the exam?

[Nima2703]

Isn't the question why it is necessary to have a cost assignment method as opposed to explaining FIFO?

Yes why is it necessary: because it allows for ease of reporting..

You could also add what FIFO is.. that wouldnt hurt

I said something about cost of sales, etc.. would that be correct?  So you can track the value of outflows of stock?

I said the same then moved on to why fifo is used with an example of petrol. Stock must be cost assigned to determine a cost of sales figure for a business or something along those lines. Sam, the income statement effect, I've never seen it befor but I said everything perfect but didn't mention adjusted gross profit understated I said stock loss overstated and other expenses understated due to advertising being omitted and said physical stocktake and used $540 in the answer and ended it with net profit having no effect as they negate one another

[Nima2703]

Also Sam, for question 9 the owners equity account is only capital or p&l summary as it is as temporary oe account for balance day..wages account can't be done because it is an expense classification

[sam.utute]

Also Sam, for question 9 the owners equity account is only capital or p&l summary as it is as temporary oe account for balance day..wages account can't be done because it is an expense classification

Hmm... I think because we have a separate Wages account, it seems to be most appropriate. I think you might be able to get away with Capital (but I doubt they will accept P/L Summary)

EDIT: Oh and your answer for the income statement effect sounds pretty much spot on

[Tragesty]

I'm really hoping they do accept the Capital ledger account - I mean after all, the Wages expense account is closed to P and L Summary which is sent to Capital....    No idea if they wanted the original ledger account where it goes (wages expense) or the final resulting ledger (capital).

Out of curiosity, has anyone calculated the theory/prac percentages for this year's exam? 

[Nima2703]

I thought of A accounts, E accounts and OE accounts etc and then capital because wages would be expense ledger and these are assets liabilities and owner's equity :/ what was that justify and explain question? i hope i did well

[Nima2703]

I'm really hoping they do accept the Capital ledger account - I mean after all, the Wages expense account is closed to P and L Summary which is sent to Capital....    No idea if they wanted the original ledger account where it goes (wages expense) or the final resulting ledger (capital).

Out of curiosity, has anyone calculated the theory/prac percentages for this year's exam? 

38% theory

[Tragesty]

Sure didn't feel like that 

[Nima2703]

Sure didn't feel like that 

I know, I did well on theory though, if i lose more than 5 marks and mark up is same as last year i cant get an a+ :///

[DiMennzzaa]

Does anyone else feel doing heaps of practice exams are overrated?
Looking back at the question sheet now, i reckon if i went into the exam only doing a max of 10-11 exams from 2010-2012 i would of done alot better.
Only because you have more of a nothing to lose attitude and could answer more theory questions more logically rather than thinking to yourself "shit ive never seen this before" and than panicking.

thoughts?

[BoredSatan]

Does anyone else feel doing heaps of practice exams are overrated?
Looking back at the question sheet now, i reckon if i went into the exam only doing a max of 10-11 exams from 2010-2012 i would of done alot better.
Only because you have more of a nothing to lose attitude and could answer more theory questions more logically rather than thinking to yourself "shit ive never seen this before" and than panicking.

thoughts?

If you had done all the exams from 2007-2011 and then the new 2012 exams you should have seen all of those questions before..

ALthough this year they did seem to have more theory and the first question with 2 characteristics and 1 principle was a bit more harsh than normal

[Tragesty]

Does anyone else feel doing heaps of practice exams are overrated?
Looking back at the question sheet now, i reckon if i went into the exam only doing a max of 10-11 exams from 2010-2012 i would of done alot better.
Only because you have more of a nothing to lose attitude and could answer more theory questions more logically rather than thinking to yourself "shit ive never seen this before" and than panicking.

thoughts?

Looking back I would've just done 07-11 and 2012 sample, however I had no problem doing the 25 or so I did purely because I enjoy accounting practical (yes, I'm strange like that  )

[abcdqdxD]

Does anyone else feel doing heaps of practice exams are overrated?
Looking back at the question sheet now, i reckon if i went into the exam only doing a max of 10-11 exams from 2010-2012 i would of done alot better.
Only because you have more of a nothing to lose attitude and could answer more theory questions more logically rather than thinking to yourself "shit ive never seen this before" and than panicking.

thoughts?

Looking back I would've just done 07-11 and 2012 sample, however I had no problem doing the 25 or so I did purely because I enjoy accounting practical (yes, I'm strange like that  )

Most of the questions in the real exam were very different to what were in the commercial ones. Those who made the commercial papers simply "guessed" how the real exam would look. Doing all the past VCAA exams from 2007 onwards was probably the best idea.

[Michelle94]

does everyone really think the A+ cut off will be around 73?
that means it would be the lowest A+ cut off ever in accounting mid year?

[Tragesty]

Does anyone else feel doing heaps of practice exams are overrated?
Looking back at the question sheet now, i reckon if i went into the exam only doing a max of 10-11 exams from 2010-2012 i would of done alot better.
Only because you have more of a nothing to lose attitude and could answer more theory questions more logically rather than thinking to yourself "shit ive never seen this before" and than panicking.

thoughts?

Looking back I would've just done 07-11 and 2012 sample, however I had no problem doing the 25 or so I did purely because I enjoy accounting practical (yes, I'm strange like that  )

Most of the questions in the real exam were very different to what were in the commercial ones. Those who made the commercial papers simply "guessed" how the real exam would look. Doing all the past VCAA exams from 2007 onwards was probably the best idea.

Yeah which was fair enough, new study design they only had so much idea what to include in their papers.
Feel sorry for next year's students, what with the removal of mid-years.

[abcdqdxD]

Apparently the cutoffs aren't released until the end of year.. but I'm not 100% sure on this.