Accounting Exam Discussion Thread

[itsdanny]

By the way, is it required to show working out for the last question to receive the full 4 marks? 
I'm aware that the Working out space is only there to assist you in gaining marks, but ... I had already done the working out in the Qn book, so I just didn't feel the urge to recopy everything down into the Answer booklet again, so I just filled in the figure.

[massachusetts8]

I found it quite good, there were a lot of tricks in it and it was a good difficulty!
I had 15mins left to check but I do wish I had more time to check it over thoroughly haha
Don't fret guys! VCE Accounting is finished! 

[vididid]

With question 8 the wages were payed in July not June the reporting period so is the only thing we had to do record the accrued expense?

[teexo]

A+ cut off definitely somewhere above 90/100 I think

[T335t4r]

Also, with that additional information for the General Journal entries (Q8), were you meant to assume that Inv. 44 had already been through the reports? The fact it was 7 marks really threw me because it would normally be 2 marks x 4 extra entries.

The fact that it was worth 7 marks and there was 3 lines left threw me off as well, ended up second guessing myself and changing my sales revenue to debtors control

[abcdqdxD]

A+ cut off definitely somewhere above 90/100 I think

Agreed, relatively straightforward exam

[Lucho23]

Q8 Only required adjustments and corrections, meaning, the sale that would be recorded in the Sales Journal would not have had to be recorded in the General Journal.

I did, however, add the sale on top of the Sales alread (Sales + 5000) Big ambiguity there so I decided to treat it as if the transaction had been completely ommitted

[Hayes451]

How did everyone handle the customs duty in question 3?

Period or Product Cost?

[Lucho23]

How did everyone handle the customs duty in question 3?

Period or Product Cost?

I treated it as Period because it said 15% on ALL goods. Because they didn't ask how you treated it afterwards, I just left it as a period cost.

[Hayes451]

I treated it as Period because it said 15% on ALL goods. Because they didn't ask how you treated it afterwards, I just left it as a period cost.

Yeah i did the same

[unfamila]

I think i went OK.
Some things i wasn't sure about, In Q1 did the prepaid sales refer to sales sales invoice?
I had some confusion over the scooter too.
And with the last question I took the bad debts instead of leaving it

[Lucho23]

I think i went OK.
Some things i wasn't sure about, In Q1 did the prepaid sales refer to sales sales invoice?
I had some confusion over the scooter too.
And with the last question I took the bad debts instead of leaving it

I don't think it did...I think the Prepaid Sales Revenue was just a seperate thing altogether because the Invoice has $1440 which is consistent with the markup on stock.

Don't beat yourself up! They were fairly ambiguous tricky questions and if you showed working you should be fine to get maximum marks.

[sam.utute]

What did everyone get for the stock gain in Q8? Curious Reminded me of the 2009 exam.

[Kuroyuki]

I did pretty good not as good  as I hoped the exam itself was easy imo but there was tricks me and many ppl allocated the customs as product because it can be allocated so the cost comes to 71
I lost 3 marks that I know of ((
One mark for stupid mistakes and 2 marks in the trial balance question I adjusted cost of sales and sales basically the whole invoice and apparently it's already recorded. 
I'm bound to lose more marks somewhere else as well.
I got 550 Haha it was pretty sneaky

[T335t4r]

Why isn't the customs duty a product cost? It's clearly attributable to the scooters. 15% on each scooter. Did I misread it?