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July 21, 2025, 10:26:02 pm

Author Topic: Accounting Exam Discussion Thread  (Read 54597 times)  Share 

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Accounting40+

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Re: Accounting Exam Discussion Thread
« Reply #75 on: November 11, 2013, 03:49:53 pm »
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damn i guess you had to record the stock loss

I included it, but contemplated whether i should or not for a full minute. Seeing as there were 3 marks i assumed it had to be.
1 mark  for stock loss
1 mark for stock write down
1 mark for second stock write down

S61778

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Re: Accounting Exam Discussion Thread
« Reply #76 on: November 11, 2013, 03:51:00 pm »
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was customs duty included in the cost price?

sam.utute

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Re: Accounting Exam Discussion Thread
« Reply #77 on: November 11, 2013, 03:51:34 pm »
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Where are our answers? I'm getting anxious  :-X

Coming, coming! Questions 6-10 have been submitted for proofing :)

Was fairly straightforward. Not too many issues, though the wording of some questions leaves a lot to be desired.

tulip

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Re: Accounting Exam Discussion Thread
« Reply #78 on: November 11, 2013, 03:52:24 pm »
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I'm anxious to see the exam questions! Someone post them?

sam.utute

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Re: Accounting Exam Discussion Thread
« Reply #79 on: November 11, 2013, 03:52:39 pm »
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was customs duty included in the cost price?

Really depends on your interpretation of the "15%" sentence.

S61778

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Re: Accounting Exam Discussion Thread
« Reply #80 on: November 11, 2013, 03:53:12 pm »
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I included it, but contemplated whether i should or not for a full minute. Seeing as there were 3 marks i assumed it had to be.
1 mark  for stock loss
1 mark for stock write down
1 mark for second stock write down

I guess you could be right. Changes to the valuation of stock...stock loss isn't changing the value of each unit it's just decreasing the units i would argue

Haha95

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Re: Accounting Exam Discussion Thread
« Reply #81 on: November 11, 2013, 03:54:00 pm »
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Coming, coming! Questions 6-10 have been submitted for proofing :)

Was fairly straightforward. Not too many issues, though the wording of some questions leaves a lot to be desired.


Thanks can't wait!!

Accounting40+

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Re: Accounting Exam Discussion Thread
« Reply #82 on: November 11, 2013, 03:54:35 pm »
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I didnt include it because it stated that it was 15% for the whole transaction which included different scooters, trail bikes and soccer balls. Therefore it has to be treated as a period cost as the cost cant be allocated on a logical basis. The customs duty could vary for each different item of stock.

This is my opinion but just depends on how you read the information.

S61778

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Re: Accounting Exam Discussion Thread
« Reply #83 on: November 11, 2013, 03:54:52 pm »
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Really depends on your interpretation of the "15%" sentence.

yeah i interpreted it as 15% of the entire purchase not 15% from each item of stock. If it was the entire thing then it can't be directly allocated to each item cause they're different lines.  :(

pumpkinbread

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Re: Accounting Exam Discussion Thread
« Reply #84 on: November 11, 2013, 03:56:40 pm »
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Wait wait waiiittttt was the delivery charge part of the product cost?

omg.

S61778

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Re: Accounting Exam Discussion Thread
« Reply #85 on: November 11, 2013, 03:57:16 pm »
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for the last question i got $24860 and so did my teacher once he tried. Is it right  :-\

joblues64

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Re: Accounting Exam Discussion Thread
« Reply #86 on: November 11, 2013, 03:57:40 pm »
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Yep. Stock loss, stock write down and stock write down, probably as three separate entries.
Customs Duty can be product costed, as its 15 % of each unit, so 15 % * 60 = $9 for scooter.
Problem was, delivery cost cannot be product costed, which made the question about treatment of delivery very silly. (I did reporting period principle).
Also, in question 8, it didn't specify how much of the prepaid insurance expense had been incurred - extremely flawed - why don't they vet these things!
Therefore, it's unclear whether you had to do an adjusting entry or not.
Also, it wouldn't really make sense for the adjusting entry on prepaid sales revenue not to have been recorded, but the rest of the invoice had been!
Because adjusting entry for prepaid revenue is not a BDA, so it wouldn't happen on the 30th unless the entire transaction had been omitted. So i put the COS and Stock Control entry in the GJ as well, which would give a stock gain of 3550. They're going to have to accept either, you would imagine.


S61778

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Re: Accounting Exam Discussion Thread
« Reply #87 on: November 11, 2013, 03:57:57 pm »
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Wait wait waiiittttt was the delivery charge part of the product cost?

omg.

nup i didn't include it

Accounting40+

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Re: Accounting Exam Discussion Thread
« Reply #88 on: November 11, 2013, 03:58:05 pm »
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the stock valuation and whether the customs duty was a product cost were definitely the two most confusing questions for me.

Wait wait waiiittttt was the delivery charge part of the product cost?

omg.

No i think its a period cost so its excluded, because its for the whole transaction.

dannynips

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Re: Accounting Exam Discussion Thread
« Reply #89 on: November 11, 2013, 03:59:43 pm »
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Delivery was not. CUSTOME DUTY I believe was a product as it was 15% on every single good so it was .15 x 60 scooters



On an earlier qn is buying expenses cost of goods sold? - annoys me cud it's not clear what buying expenses are

And I forgot about prepaid expense in q1 operating :'(

I also got 550 stock gain.

What did everyone get for last qn?
2013: Maths Methods 44 | Accounting 45
2014: English Language | Specialists Maths | Physics
*Extension Accounting at Monash