Accounting Exam Discussion Thread

[sam.utute]

Hi all,

Let's use this topic to discuss the outcomes of the upcoming Accounting exam.

Good luck to everyone tomorrow! I'm happy to put a set of solutions together if someone uploads a copy of the exam.

Sam

[daniel.esdaile]

i know what each are and the definitions quite well, but can someone outline some scenarios of when to refer to relevance and when to refer to reliability.

[kk.08]

i know what each are and the definitions quite well, but can someone outline some scenarios of when to refer to relevance and when to refer to reliability.

A common scenario is always whether to use the agreed value or the historical cost of an asset. For example if you contributed a computer to your business when it first started and it's historical cost was $500 while it's agreed value is $300, which value would you use and explain why with reference to reliability and relevance characteristics and the historical cost principle.

[marsbareater12]

I found it relitively easy, but I thought a couple of the figures were tricky (eg cost of sales where there were sales returns). Hoping for a 38 plus.

(Sorry for spelling, on phone)

[Jason12]

Much harder than last year.  I think there were too many questions for the time given.

[marsbareater12]

^Agreed on length, finished all my practice exams in an hour, but this took an hour forty five D:

Actually, does anyone have any idea how to treat the rental bond? I was stumped on that >.<

[Coralista]

I thought it wasn't too difficult, extremely easy to make mistakes though.
I finished with 30 minutes to go and had time to check so hopefully I've fixed up all of the mistakes 

[Eluminum]

I thought the content was alright, I was definitely strained for time though. Do you think the A+ cutoff for the exam will be lower this year? I definitely found the 2013 one much more doable

[evogamerz]

Is there answers please in nervous I need answer

[sgharrington11]

^Agreed on length, finished all my practice exams in an hour, but this took an hour forty five D:

Actually, does anyone have any idea how to treat the rental bond? I was stumped on that >.<

rental bond was tough but I reported it as a NC asset as it was going to be repaid to the firm in three years time. However, it will not contribute to revenue over it's life (unless you consider it a part of the rent which will in fact contribute to revenue) so unsure if its a NC asset.

[daniel.esdaile]

Someone upload copy of exam so answers will be posted!

[redcracker]

Someone upload copy of exam so answers will be posted!

I have a copy I can upload when I get home.  any predictions for cut-offs for 45 or 50?

[lisax3]

I found it different to every practice exam I had done. There wasn't any discussion questions on agreed value, product vs period costs, reducing balance vs straight line (which I actually studied for). There wasn't any questions relating to qualitative characteristic which was weird, and there weren't any questions where you really had to calculate prepaid/accrued expenses and revenues or depreciation. I hate how we had to prepare both a full balance sheet and cash flow statement.

[BoredSatan]

Hopefully everyone did well!

[chasej]

Much harder than last year.  I think there were too many questions for the time given.

Yeh, definitly. Some question, for example the last one about debt ratio and ROI were a bit to lengthy to explain to give just 3 marks I thought.

Actually, does anyone have any idea how to treat the rental bond? I was stumped on that >.<

Was pretty hard. I put it as a current asset, just re-read the question realised it was due back in three years, thus non-current. oh well. I just called it 'security bond', as it wasn't an expense so couldn't have been a pre-paid thing.

Hope everyone did their best. I literally smiled really hard when i got that cash flow statement correct. 

the cash flow statement was definitely the hardest questions on the paper, not sure if i got it right because I had an extra line or two at the end. oh well again.

I found it different to every practice exam I had done. There wasn't any discussion questions on agreed value, product vs period costs, reducing balance vs straight line (which I actually studied for). There wasn't any questions relating to qualitative characteristic which was weird, and there weren't any questions where you really had to calculate prepaid/accrued expenses and revenues or depreciation. I hate how we had to prepare both a full balance sheet and cash flow statement.

there was a question involving agreed value, product/persiod and depreciation (not discussion questions though). there was also a rather difficult question on revenue balance day adjustments. i thought the exam was pretty fair and reflective of the course. I was VERY surprised that most of the theory questions were lower order 2-4 markers though as they had been trumping up new understanding based discussion questions.

I finished with 5 minutes left, but went to the bathroom, so it took me about 1 hour 50 minutes to complete.
--

I have a copy of the exam I am upholding now so it should be ready in a jiffy.