2012 Unit 4 Exam Discussion- How was it?

[abcdqdxD]

yeh it can

[liamlizza1]

Found it fairly simple, originally got done by some of the "sneaky" VCAA tricks.

- Discount revenue in the first question, I originally missed it. Got too caught up in the sales return.

- "Prior to applying the lower of cost and NRV" - Not really a sneaky, but I looked at the table and assumed it was "after" applying the rule.

- The $200 interest expense in the income statement (Loan of 4000, repay 4200)

- Question 4 - discount revenue again.

[abcdqdxD]

Missed the interest revenue.. found out straight after the exam..

You reckon it will be consequential in the cash flow statement if u write 4200, since u were unable to recognise interest expense incurred from the Income statement? That would be penalising the same error twice right?

[Tragesty]

I recognized interest in the cash flow but not the income statement I knew my income statement was missing something!

[liamlizza1]

Missed the interest revenue.. found out straight after the exam..

You reckon it will be consequential in the cash flow statement if u write 4200, since u were unable to recognise interest expense incurred from the Income statement? That would be penalising the same error twice right?

There was interest revenue?!?!?!

[abcdqdxD]

expense**

[BoredSatan]

What was the discussion question?

[splash.of.colour]

Quote from: Tragesty on 9 minutes  ago

Found it too easy which has me worried!

Was the 10000 deposit on the tractor meant to be reported as debit on the sundry creditor ledger? I did so but something felt odd...




Yeah i believe Tragesty, with reference "Bank".

dammnn.... i just subtracted the 10 000 from the sundrey creditor entry because thats what they did in one of the practice exams i did --> the deposit was debited to the NCA, not the sundry creditor.

sigh well there goes another few marks

[abcdqdxD]

There were two..

One was on depreciation methods (as I correctly predicted ) and another was on analysing and discussing variances/trends in ratios

[liamlizza1]

expense**

Oh thank God!

I had 3 or 4 lines at the bottom of my income statement so there being interest revenue would have been believable...

Anyone else have lots of spare room?

[abcdqdxD]

same I knew I missed something cus it was 7 marks..

[Tragesty]

I only had 4 'other expenses', forgot interest. Had so many spare lines -_-

[abcdqdxD]

I'm angry that there were no BDA's... I worked so hard on them 

[liamlizza1]

I still feel like I missed something...

I got the office expense of $26800 because of the prepaid and balance remaining.

I think I got the wages right... but it was a steep increase in wages so I thought I may have interpreted it wrong. Something like $170000.

[abcdqdxD]

I got 164xxx for wages

EDIT: I didn't do office expenses on the prepaid, because they didn't give the amount they paid for the prepaid office expenses in the current reporting period.. so u can't use that figure i think