Accounting Exam Discussion Thread

[TimmyC]

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

yup


FUCK

[Daniel_Le]

Just realised I forgot to calculate the depreciation expense properly... was supposed to calculate it for 2 years and half, not 1 and a half. can only blame myself! DATES! GRR

[Damoz.G]

For Q4b, did you have to include the Stock Loss in the General Journal as well? 

[Lucho23]

For Q4b, did you have to include the Stock Loss in the General Journal as well? 

I did, but it wasn't part of the valuation o_O

So many lines, I just chucked it in, just in case

I did Stock Write Down as 1 transaction in the General Journal, is this right?

[itsdanny]

I did, but it wasn't part of the valuation o_O

So many lines, I just chucked it in, just in case

I did Stock Write Down as 1 transaction in the General Journal, is this right?

I believe it does not matter if two entries for Stock Write-Down are recorded, as long as the accounts are properly adjusted in the reports (which it will be assuming you've recorded the adjustments in the journals correctly).

[pumpkinbread]

For Q4b, did you have to include the Stock Loss in the General Journal as well? 

I think so.. well I did that anyway haha

[IT_Failure]

For Q4b, did you have to include the Stock Loss in the General Journal as well? 

Stick loss does reduce the value of stock so yes. I put stock write down as 2 entries >.< should be one...
Edit: they happen on two different memos, so 2 entries would have to be acceptable.

[Accounting40+]

I think so.. well I did that anyway haha

It should because a stock loss is still affecting the value of stock on hand in the stock card. Although it doesn't affect the actual price it still reduces the valuation of total stock on hand.

[Mafioso]

I did Stock Write Down as 1 transaction in the General Journal, is this right?

I split up the two seperate write downs. Never come across a question with two write downs on the same day before.

[S61778]

WHAT! I didn't put the stock loss in the general journal.

[Lucho23]

I split up the two seperate write downs. Never come across a question with two write downs on the same day before.

I did that initially but changed it because it was on the same day. If I lose marks for that I'm gonna kill the examiners XD

[Mafioso]

Will the A+ cut off be lower or higher than last year?

[IT_Failure]

I split up the two seperate write downs. Never come across a question with two write downs on the same day before.

I think you are right actually though, this is why: if you were doing narrations, they would be seperate because they have seperate Memo numbers. (Unless you can use 2 memos for one adjustment)

[S61778]

damn i guess you had to record the stock loss

[Haha95]

Where are our answers? I'm getting anxious