Hey guys!
Okay, so BoredSaint and I have written up a set of solutions to the exam. They'll be finalised for formatting and uploaded by around 11pm tonight. I'll post up a link to the solutions in a new thread so that everyone can see them.
My thoughts on the exam:
Overall, it was MUCH easier than Unit 3 (in terms of difficulty and content). Most students should have been able to finish it on time.
A lot of the practical questions were straightforward (there were even marks for a Stock Card?! I saw that question and was like: "....really? In Unit 4 as well."
The only issue I had was with Q3. The wording and layout of the question left a lot to be desired. It wasn't clear what the information was trying to communicate and I'll be interested to see how VCAA ends up dealing with this issue. Everyone I've talked to has drawn different conclusions about what information students were required to insert into the budgeted Income Statement.
I personally feel that the Wages expense information (increased by 5%) already takes into account the accrued wages - the base figure comes from the previous Income Statement, which would have already accounted for any adjustments.
For office expenses, we treated the $28,000 as being the amount of cash paid (the question says "will pay, including GST"). This seems to indicate that it is a cash item, and so an adjustment was made to take into account the prepaid amount.
I really hope you're are happy with how you went - regardless, congratulations on getting through it!
Good luck with any exams you may have left (ECONOMICS IS TOMORROW! WOOOOO!)
Enjoy your well deserved break
Sam
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