Accounting Exam Discussion Thread

[Mafioso]

Unit 3: 90/100
Unit 4: 96/100
Exam: 85/100

Study score?

38-40. Too hard to tell though.

[Gavi]

definately 40

[Kuchiki]

Yeah, personally, I agree. If its worth less than a $1, then definitely a Period Cost.

Not if the purchase price of each stock item was, like, under $5 or something. That's why it depends on percentages.
And since $2 is ~3% of $60, I'd say that's ample grounds for classifying it as a period cost.

BUT VCAA won't give marks for students who did include it and students who didn't like the Badging - One or the other, not both. Its probably those students who did include the $2 rebadging cost who will get the marks.

Since the follow-up question involves explaining your treatment of the rebadging cost, I believe they would give full marks if you were consistent with your previous answer and properly justified the approach you used.


Anyway, none of us can really predict which way the assessors will decide to go, but that's just what I think.

[TimmyC]

Had a quick peek at the solutions don't want to get to much info haha..

But it said buying expenses was a cost of goods sold... is this definite? As buying expenses seem a bit ambiguous.

Buying expenses is a cost incurred for bringing the stock item into the business. All costs involved in bringing a stock item into a sell-able state or location is part of cost of goods sold

[Damoz.G]

Buying expenses is a cost incurred for bringing the stock item into the business. All costs involved in bringing a stock item into a sell-able state or location is part of cost of goods sold

Yup. Good explanation.

It did make me think for a couple of seconds, and then I decided to included it because it obviously had something to do with BUYING Stock. I think the word "Buying" was the give away that should have been picked up on.

[Uberjew]

Don't think this is the place to discuss study scores

[Damoz.G]

Its not that I can't be bothered, its more that I don't feel comfortable predicting any Scores because its really hard to predict, especially with no benchmarks to go off. Also, I don't think we're allowed to ask for predictions on this thread. =/

[dannynips]

Since this discussion has slowed ill ask now for a study score prediction.

2nd or 3rd in a reasonably strong cohort and a 90/100 on exam

[nappch681]

this was an exam which had many little tricks to it which many people would have overlooked

an example after looking at the answers is question 8 with the stock gain which was seen as $250 if you just did figures and didn't include the drawings of stock by the owner which then boosted the gain to $550

[Elts.Dam]

After looking at the sample solutions posted, I have a few questions regarding the exam:
It would be great if you guys could answer them 

QST 3c) Was it necessary to discuss whether the owner was correct or not? I just disagreed and explained that if not all of the stock is sold at the end of the reporting period (i.e. 30th June), profit would be higher under product costing and lower under period costing, hence the owners statement is incorrect. I thought this would've been sufficient for a 3 mark question regarding the treatment of delivery charges.

QST 4a) Approximately how many marks would you lose for misinterpreting the question and putting the 5 damaged units of stock after the stock write down to $15 in the out column despite having no source document for the actual sale at the local market?

QST 4b) Approximately how many marks would you lose for recording one general journal entry, that is
DR STOCK WRITE DOWN - $560
CR STOCK CONTROL - $560

QST 10) I didn't pick up on that 50% of debtors pay in the month 'FOLLOWING A SALE" and thus subsequently calculated my answer as if 50% of Debtors pay in the month of the sale, 35% of debtors paying in the second month and 10% of debtors paying in the third month. I showed my calculations as such:

$40,000 x 0.5 = $20,000 x 1.1 = $22,000
$19,200 x 0.35 = $6720 x 1.1 = $7392
$28,000 x 0.1 = $2800 x 1.1 = 3080
=> Total Cash Received from debtors = $32,472

Would I get 1 mark at the least for showing knowledge that GST had to be added to each month?

These mistakes have been annoying me for the past few days, so thanks for your replies in advance !