2012 Unit 4 Exam Discussion- How was it?

[liamlizza1]

Yeah that's the one

[abcdqdxD]

what do you think cutoff will be?

[jm123]

There was one BDA (sort of) when they asked for the depreciation. I reckon the cutoff will be 79/90 as many people may still miss the discount expense, interest from the loan and the income statement. (Prepaid expense and accrued wages)

[liamlizza1]

Have to be very high, only question that will split anyone up is the two discuss questions.

So I'd say 81 - 82 /90 will be the cut off

[abcdqdxD]

i think around ~80/90.. TWO discuss questions will definitely pull it down.. depreciation one was quite straightforward, but i'd say analysing the ratios one was more challenging

[tulip]

I got the discount expense, but do you apply it on the new invoice price of 1100? or original of 1650 before the sales return?

[liamlizza1]

I agree liverpool, I'm personally not confident with discuss questions. Only pulled in 3/5 in the midyear for the discussion

I got the discount expense, but do you apply it on the new invoice price of 1100? or original of 1650 before the sales return?

I think it's on the amount outstanding, so 1100. But couldn't guarantee that.

[abcdqdxD]

btw, did you guys record the purchase of the 3 chairs (q 1 or 2 from memory..) as sundries or stock control? Question didn't specify whether it sells chairs..

[abcdqdxD]

i did it on 1100.. discount expense should be on balance owing

[liamlizza1]

btw, did you guys record the purchase of the 3 chairs (q 1 or 2 from memory..) as sundries or stock control? Question didn't specify whether it sells chairs..

They didn't purchase two chairs? They sold them...

[abcdqdxD]

u had to record it in the CPJ of the business who bought them..

[liamlizza1]

OH damn it! "in the CPJ of Lyall's imports" ....
Sneaky VCAA

I put it in stock control i think... but i lose a mark anyways for the details being "Lyall's Imports"

[Tragesty]

Alright back home! I got 164750 for wages (95000*1.05+65000), and i didn't take off 2000 off office expense, didn't see it - but probably should have, in my opnion :/

6 mark theory questions:

Hi Melissa,

When reviewing your financial statements from last year, I noticd that you depreciated the photocopier system using the reducing balance method of depreciation. I reccomend that you use the straight-line method from now on. Using this method wil provide a more appropriate depreciation expense each year for the photocopier.

Regards,

Ben

With refeence to appropriate accounting principles and qualitative characters, discuss the factors that the accountant would have considered when making this reccomendation.

The other 6 marker provided a graph and stated the owner was 'surprised' at the graph's showings. Had X axis of years (2009-2012), Y axis of days, and showed a bar graph of bad debts staying relatively unchanged, line graph of budgeted and actual debtors turnover (with 2010-2011 having budget expecting slowing of DTO, actual was big improvement)

Identify and analyse the trends that are revealed by the graph. In your response, include an explanation of why the accountant thought it was 'surprising' and indicate possible causes of the trends.


I reckon the A+ will be higher but not by much. I'm sure the discussion and the office and interest expense may have caught people.

Having already lost 2 marks at least, Im gonna go study for my business exam and try not to let this get to me! FOUR MORE DAYS 

[abcdqdxD]

Yeah probably 1 mark off since its /2

[liamlizza1]

On your query liverpool, you'd have to say that they would accept both answers.