Accounting Exam Discussion Thread

[S61778]

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.

my guess is the the insurance expense was within other expenses.
and ohhh i just debited prepaid sales revenue and credited sales. wasn't it just the adjustment? the sale invoice would be included

[IT_Failure]

for the last question i got $24860 and so did my teacher once he tried. Is it right 

I have the same answer so I'd assume its right, it's rates tot make exactly the same mistake as someone else :p

[b_blah]

Argh, seeing more posts make me believe I've got heaps more wrong because I didn't read the question, which totally sucks.
Guess I'll have to wait till the answers come out.

[S61778]

I have the same answer so I'd assume its right, it's rates tot make exactly the same mistake as someone else :p

yeah no one in my class got my answer 

[BoredSatan]

Lol I just question 4 for the answers the sam will submit soon. And i didnt put in the stock loss because I thought it was only about stock valuation

I did have 2 separate entries for Stock Write Down because they had 2 different memos. Would have been easier to determine what to put in if I knew how many lines they gave you guys.

[S61778]

Lol I just question 4 for the answers the sam will submit soon. And i didnt put in the stock loss because I thought it was only about stock valuation

I did have 2 separate entries for Stock Write Down because they had 2 different memos. Would have been easier to determine what to put in if I knew how many lines they gave you guys.

yeah thats what i thought too haha

[Damoz.G]

Lol I just question 4 for the answers the sam will submit soon. And i didnt put in the stock loss because I thought it was only about stock valuation

I did have 2 separate entries for Stock Write Down because they had 2 different memos. Would have been easier to determine what to put in if I knew how many lines they gave you guys.

I think it was 6 or 7 lines.

[itsdanny]

Lol I just question 4 for the answers the sam will submit soon. And i didnt put in the stock loss because I thought it was only about stock valuation

I did have 2 separate entries for Stock Write Down because they had 2 different memos. Would have been easier to determine what to put in if I knew how many lines they gave you guys.

For that question I believe there were 7 lines provided.

[dannynips]

Yeah I got 24860 too

[BoredSatan]

For that question I believe there were 7 lines provided.

then probably include the stock loss

[Damoz.G]

Also, there was a typo for Q10. For November, it says (Estimated). Its meant to be Actual, not Estimated.

The business is preparing a Cash Budget for the MONTH of December 2013. A couple of other typos that I picked up on as well.

[Kuroyuki]

What do you guys think will be the cut off for like a 45 + approx
95?

[S61778]

predicting A+ cutoff wil be 89+

[Damoz.G]

What do you guys think will be the cut off for like a 45 + approx
95?

Yeah, something around that. I think 95±1. That's what I think I got for the Exam as well.

[IT_Failure]

yeah no one in my class got my answer 

I did it again just now and got this answer by multiplying Sept, Oct, Nov by 0.8 then September by 0.1, October by 0.35 and November by 0.5. Then added them together and multiply by 1.1 to include GST