How did you find the exam?

[Tragesty]

Sam, what would you have written for the Ledger Account for the last question for owner's equity? I put Capital - since while it affects the profit and loss summary accounting, this eventually just goes to Capital?

And if my answer was correct, except the numerical values were not (still balanced, ledger accounts correct) - would I get any marks out of 3? Thanks again!

[Nima2703]

I included 29 june and 30. FML.

[Tittan99]

What did everyone write for 3.e?
it was:
Explain the effects on the income statement for the month ended 20 june 2012 if memo 9 was not recorded (memo 9 was stock given to local shopkeepers as promotion).

I said that overall it would have no effect because the unaccounted for stock would be picked up in the physical stocktake and therefore profit wouldn't be effected.

I said that it would overstate the Ajusted Gross profit (because we have to use as stock loss) and understate the Other expesnes

Yes thats the same as what I wrote.

[sam.utute]

Bank would have decreased 19600, liabilities would have decreased $2800 (2 days at $1400 per day), owner's equity would have decreased $16800 due to wages expense - I think. I got that one wrong regardless ha - I saw $1400, and 14 days and did $100 per day. Sly tricky VCAA!

Yep, that's correct.

Sam, going by your past experience, how would you rate the difficulty of this exam? What do you think the cutoff will be?

In terms of the difficulty of questions, it wasn't too bad. There were A LOT of little tricks that VCAA threw in, but there wasn't anything that was ridiculously hard to answer.
HOWEVER, the timing of the exam was extreme, to say the least.
Overall, I would rate this as one of the harder exams, with a very, very low A+ cutoff.

I thought some of the questions in 2011 were harder, but overall, this exam was TOUGH.

[sam.utute]

Sam, what would you have written for the Ledger Account for the last question for owner's equity? I put Capital - since while it affects the profit and loss summary accounting, this eventually just goes to Capital?

And if my answer was correct, except the numerical values were not (still balanced, ledger accounts correct) - would I get any marks out of 3? Thanks again!

Which question? Do you mean Question 7?
Solutions are done!

[abcdqdxD]

Bank would have decreased 19600, liabilities would have decreased $2800 (2 days at $1400 per day), owner's equity would have decreased $16800 due to wages expense - I think. I got that one wrong regardless ha - I saw $1400, and 14 days and did $100 per day. Sly tricky VCAA!

Yep, that's correct.

Sam, going by your past experience, how would you rate the difficulty of this exam? What do you think the cutoff will be?

In terms of the difficulty of questions, it wasn't too bad. There were A LOT of little tricks that VCAA threw in, but there wasn't anything that was ridiculously hard to answer.
HOWEVER, the timing of the exam was extreme, to say the least.
Overall, I would rate this as one of the harder exams, with a very, very low A+ cutoff.

I thought some of the questions in 2011 were harder, but overall, this exam was TOUGH.

Oh no! I didn't find tricks

[Tragesty]

Question 9. In the answer booklet, it was presented as:
                                  Name of ledger account        Increase/Decrease     Amount
Assets               
Liabilities
Owners Equity

They actually asked for a specific ledger account!

Thanks for the solutions.

[Bill Ding]

Where are the answers?

[EFC]

Bank would have decreased 19600, liabilities would have decreased $2800 (2 days at $1400 per day), owner's equity would have decreased $16800 due to wages expense - I think. I got that one wrong regardless ha - I saw $1400, and 14 days and did $100 per day. Sly tricky VCAA!

Yep, that's correct.

Sam, going by your past experience, how would you rate the difficulty of this exam? What do you think the cutoff will be?

In terms of the difficulty of questions, it wasn't too bad. There were A LOT of little tricks that VCAA threw in, but there wasn't anything that was ridiculously hard to answer.
HOWEVER, the timing of the exam was extreme, to say the least.
Overall, I would rate this as one of the harder exams, with a very, very low A+ cutoff.

I thought some of the questions in 2011 were harder, but overall, this exam was TOUGH.

Oh no! I didn't find tricks

sam, what did you get for the income statement and question 7??

[sam.utute]

Question 9. In the answer booklet, it was presented as:
                                  Name of ledger account        Increase/Decrease     Amount
Assets               
Liabilities
Owners Equity

They actually asked for a specific ledger account!

Thanks for the solutions.

I would say Wages Expense, because whenever we deal with this transaction (e.g. post it from the CP journal), we put it straight into the Wages ledger. But, on the other hand, I can see what you mean by putting Capital.
At least 1 mark out of 3 if amounts were wrong.

[sam.utute]

Where are the answers?

They are being proofed. I'm sure I made a few mistakes as I was frantically typing. Will be up here:
http://connecteducation.com.au/exam-answers.html

[sam.utute]

Question 7 I'm sure of:
Simple P/L Summary ledger account, with Expenses on the left, Revenues on the right, and Capital (22000) under Expenses. Account had t be closed (final amount of 38500).

[Bill Ding]

Where are the answers?

They are being proofed. I'm sure I made a few mistakes as I was frantically typing. Will be up here:
http://connecteducation.com.au/exam-answers.html

I went to the Chemistry and biology lectures will i have access to those answers too?

[sam.utute]

Where are the answers?

They are being proofed. I'm sure I made a few mistakes as I was frantically typing. Will be up here:
http://connecteducation.com.au/exam-answers.html

I went to the Chemistry and biology lectures will i have access to those answers too?

Everyone will have access to the solutions. Chem and Bio will be up shortly.
Just waiting on people to proof Not long now!

[Bill Ding]

Ok thanks!