Thoughts on exam?

[abraverman]

Thoughts on the exam?
I found it slightly easier than I expected. Same content examines again like usual.

[Natalie96]

Yeah I found it to be easier than I expected too. It better have been easy considering all the practice exams I did  but yeah overall I feel alright about it.

[moviesareawesome]

Overall, I thought it was okay. There were quite a few tricks, so I just hope I didn't make silly mistakes.

In question 10 though, I'm annoyed that I forgot to include the GST when calculating cash received.

Does anyone know if you would still receive marks in question 10 if you showed working but forgot to include GST?

[joblues64]

If you showed all your working, but forgot GST, you'd hope it would be 3 out of 4 marks. But the exam was awfully written. In question 8, there was no mentioning of prepaid insurance expense, so it was impossible to know how much of it had been incurred and had to be adjusted. Same goes with the adjustment for prepaid sales revenue. It wasn't clear whether the entire sale hadn't been recorded, or just the adjustment (which wouldn't be done on balance day).
And with question 3, they asked about different treatment of delivery. But there was only one way! It couldn't be product costed, as there was no logical basis.

[00Shane]

Does anyone know if you would still receive marks in question 10 if you showed working but forgot to include GST?

Since it was out of 4, I presume one mark for the answer and 3 working marks? So I'm guessing if you forgot one thing you would lose 2 at most.

[Damoz.G]

In question 8, there was no mentioning of prepaid insurance expense, so it was impossible to know how much of it had been incurred and had to be adjusted.

I agree! That was pretty bad. It was necessary for the closing of the Expense Accounts.

[moviesareawesome]

Completely agree!

Except for question 3 regarding the delivery charges. I actually wrote down that it was a product cost because the delivery charges were $2100 and there were 210 units of stock, which means that $10 could be allocated to each unit of stock?

[bovawatkins]

i included the delivery as a product cost because it was 2100/21 units of stock??

[bovawatkins]

sorry i 210* meant

[Mafioso]

i included the delivery as a product cost because it was 2100/21 units of stock??

Yeah same and I got a unit price if $81

[bridgetwatson]

In question 3 I don't think you can product cost it though because each unit is a different price, size and weight etc

[Damoz.G]

Delivery Cost cannot be allocated on a logical basis, so its not a Product Cost. Whenever an invoice has more than 1 item, costs such as Delivery is not included as a Product Cost.

[00Shane]

Yeah I got my unit price as $69

60 plus 9 (the 15% on customs)

I emitted the $2 badgeing charge as it was a very insignificant amount (3% of total cost)

And Delivery could not be divided logically as they are different items (e.g might differ in size)

[rozza]

What did u guys get for your operating activities section in question 1d? 

[Uberjew]

I agree! That was pretty bad. It was necessary for the closing of the Expense Accounts.

I think it's best to just not do anything about it because it's not included in the information, but isn't it possible that was purchased just before the end of the RP to be used in a future RP so there could well be 0 expense consumed?