2012 Unit 4 Exam Discussion- How was it?

[thetimeis]

do they take off marks for incorrect points..? like do they try to give you maximum marks or deduct marks for incorrect points? interesting..

Dont scare me bro. Although I dont think what I said was wrong, it would technically lead to more accurate net profit each period (so in turn, more relevant.) Who knows. I just want solutions so I can move on and study Chemistry for tomorrow.

[BoredSatan]

looking at the answers as we speak

should have them up by 10

[Toto.]

Mentioning conservatism isn't wrong, it's just irrelevant though, but I think you'll be fine because you've covered everything else

Yes! Chemistry tomorrow. Yay...... :/

Thanks BoredSaint

[abcdqdxD]

my honest opinion was that i thought the photocopier should be on reducing balance.. but i obviously didn't write that (never argue with the examiner!)

[sam.utute]

do they take off marks for incorrect points..? like do they try to give you maximum marks or deduct marks for incorrect points? interesting..

Dont scare me bro. Although I dont think what I said was wrong, it would technically lead to more accurate net profit each period (so in turn, more relevant.) Who knows. I just want solutions so I can move on and study Chemistry for tomorrow.

First draft of the solutions are complete. BoredSaint is kindly taking a look at them now (giving up his own time despite having his own exams to worry about - what a champ!).

[harroo]

should get 90/90

[bitterz]

should get 90/90

http://img.tapatalk.com/ae8dd56f-961c-6ce9.jpg

[johnny77]

should get 90/90

hahahahahah yep...

[thetimeis]

should get 90/90

Good work, hard work paying off is always a relief I think

[BoredSatan]

I've read over the answers, LOOK SET TO BE UPLOADED SOON

A big cheer for Sam for making them.

THANKS SAM!!!

[Imsobored]

For the depreciation ques, I said something about relevance and going concern principle ( recognising the asset's contribution to revenue n the future, has to be reflected etc. talked about consistency and comparability too.

For the other 6m question, said it was surprising due to the improvement n DTO despite the consistent levels of bad debts- better management of debtors despite the level of tardy/ bad debtors being relatively the same. Went on to compare budgeted DTO and DTO. Said how in 09 and 10, the business reflected on the variances between the budgeted and actual DTO, thus producing more accurate budgeted DTOs for 2011 and 2011( the days between budgeted and DTO were less) said the improvement was largely due to identifying problems in advance ( using the budgeted DTO) before tackling problems in advance, resulting in improved DTO- favourable trend from blah blah days to lag blah days. Went on to say that the business may have adopted methods such as more rapid invoicing so as to receive cash more rapidly. Perhaps increased discount revenue as an incentive for more rapid payments etc.
Yeah went into a bit of detail

[thetimeis]

For the depreciation ques, I said something about relevance and going concern principle ( recognising the asset's contribution to revenue n the future, has to be reflected etc. talked about consistency and comparability too.

For the other 6m question, said it was surprising due to the improvement n DTO despite the consistent levels of bad debts- better management of debtors despite the level of tardy/ bad debtors being relatively the same. Went on to compare budgeted DTO and DTO. Said how in 09 and 10, the business reflected on the variances between the budgeted and actual DTO, thus producing more accurate budgeted DTOs for 2011 and 2011( the days between budgeted and DTO were less) said the improvement was largely due to identifying problems in advance ( using the budgeted DTO) before tackling problems in advance, resulting in improved DTO- favourable trend from blah blah days to lag blah days. Went on to say that the business may have adopted methods such as more rapid invoicing so as to receive cash more rapidly. Perhaps increased discount revenue as an incentive for more rapid payments etc.
Yeah went into a bit of detail

Exactly what I said except I said he was suprised due to actual DTO being so much better than budgeted after 2010. Also made the link between after 2010, bad debts decreased in both years with the actual DTO. Unlike the former discuss question, I think this one has pretty similar responses between most.

[abcdqd]

the only thing i see people answering differently is what the "surprise"was. i wrote that it differed from budgeted figures, but some people said that that there was no correlation between bad debts and dto and that bad debts should have decreased at a greater rate.

[liamlizza1]

With that question, I kind of split it into three different sections.

Part 1 - Analyse and interpret the graph

Part 2 - Explain why he was surprised

Part 3 - Indicate why these changes may have happened

[Imsobored]

Haha I said it was a surprise as with improved DTO - indicates a more efficient management of debtors. Yet the bad debts level remained around 14000-15000. Not much difference! Generally better management of debtors -> likely to have less occurrence of bad debts since debtors are paying their average balances a a faster rate.

Well that's just my take on the issue XD