Accounting Exam Discussion Thread

[unfamila]

It said it had not yet been accounted for.

[itsdanny]

How is there a stock gain of $550 if the drawings were on the 15th  June and the physical stock take, surely taking this into account, revealed there was $250 stock gain at 30th june.

Q)8

Drawings was not recorded.

[Damoz.G]

How is there a stock gain of $550 if the drawings were on the 15th  June and the physical stock take, surely taking this into account, revealed there was $250 stock gain at 30th june.

Q)8

Gotta take into account the Drawings of $300.

[jsquish]

Did anyone else have a shit load of lines left over for the cash flow statement on Question 1, or did i just really screw that one up? 

[sam.utute]

I can't get over the fact they through in the schedule question thingy in Q10. That never comes up. Ever.

[FunkyAfrican]

I walked out of that exam feeling wonderful and accomplished. Now this discussion is bringing some of my errors to light

[Damoz.G]

Did anyone else have a shit load of lines left over for the cash flow statement on Question 1, or did i just really screw that one up? 

I used up all the Lines. But I include the titles "Cash Inflows" and "Cash Outflows".

[IT_Failure]

LOL! I still think its correct, but I'll wait.

Because it was a Stock Gain of $250. Then Drawings of $300. Doesn't it mean Stock Loss of $50?

Stock control was overstated by $300 because drawings was not included, therefore the stock gain was $300 more, resulting in $550 stock gain.
Edit: My accounting teacher agrees with me

[Accounting40+]

For question 9d) it asked for non financial indicators that could be used to evaluate performance, so does that mean the results of a  customer satisfaction survey and staff satisfaction survey could be correct. Just tried to think of Business Management performance indicators for this one.

[BoredSatan]

question 3 is mega ambiguous..

[Damoz.G]

For question 9d) it asked for non financial indicators that could be used to evaluate performance, so does that mean the results of a  customer satisfaction survey and staff satisfaction survey could be correct. Just tried to think of Business Management performance indicators for this one.

Yup, both of them are acceptable.

[unfamila]

question 3 is mega ambiguous..

YESSSSSSSSSSSSSS!!!!!!!!!!!!

[pumpkinbread]

did anyone else forget the gst on the last question?? :O 

[IT_Failure]

For question 9d) it asked for non financial indicators that could be used to evaluate performance, so does that mean the results of a  customer satisfaction survey and staff satisfaction survey could be correct. Just tried to think of Business Management performance indicators for this one.

Should be fine, but I was worried about whether the non financial indicators had to relate to information given... Eg I'd use customer complaints and sales returns number are acceptable for Gross Profit Margin, but are those acceptable for the ratios given?

[Accounting40+]

did anyone else forget the gst on the last question?? :O 

Yes