Accounting Exam Discussion Thread

[ak97]

the only question which i felt was overly difficult was the cash flow statement, but i guess its good because it creates separation (i hope im not separated lol).

i also felt that almost every single question had tricks in it and was difficult. overall when you added it all together it was a very difficult exam. personally i thought it was the hardest vcaa exam ever, and probably the hardest paper i've done. i also felt that some theory questions were very unrewarding - some questions which would normally be 4 or 5 were only 2 or 3.

I completely agree. I felt the same. There were way to many tricks and little details for people to say it was easy.

[marsbareater12]

I dreamt I was doing thi exam. My dream literally only consisted of doing every question in painstaking detail. Godammit.

Did anyone else do product costing in question 10?

[redcracker]

I'm a bit confused,  if the exam was much harder than normal is it possible that it will scale higher than normal? because I know 2013 methods scaled much higher than  normal and I'd say this would be a reasonably similar situation

[abcdqdxD]

I'm a bit confused,  if the exam was much harder than normal is it possible that it will scale higher than normal? because I know 2013 methods scaled much higher than  normal and I'd say this would be a reasonably similar situation

No, scaling isn't based on exam difficulty but the performance of that subject's cohort. In terms of having a harder accounting exam, your raw/scaled score will still be the same compared to an easier one, it's all about ranking, e.g. top 8% = 40. If it's a hard exam, its hard for everyone so the order of rankings won't change, just that there will be a lower average % and A+ cutoff.

[JWalks1127]

oh that's interesting, that there are teachers agreeing the full effect of a sale return should have been recorded. it was a pretty bad question to cause this much ambiguity.

Yeh it was a shocking question. I spent the last five minutes trying to figure out if they wanted; the whole thing or just the cost of sales part, in fear of losing marks for doing the whole thing resulting in "alien entries". I read between the lines and came to the conclusion that the wording was directing us to just the cost of sales part but I guess not. Apparently the fact that they provided mark-up and 5 marks for the question suggest that the whole part was what they were asking, but if my 5 marks go down the drain simply because of poor wording  in the question I will be so mad! Just hoping others in the state did why I did causing some leniency in marking.

[redcracker]

No, scaling isn't based on exam difficulty but the performance of that subject's cohort. In terms of having a harder accounting exam, your raw/scaled score will still be the same compared to an easier one, it's all about ranking, e.g. top 8% = 40. If it's a hard exam, its hard for everyone so the order of rankings won't change, just that there will be a lower average % and A+ cutoff.

I am well aware of how study scores work,  i was asking about the scaling of subjects.  I would appreciate an explanation of scaling though please

[JustAnotherPrivateSchoolBoy]

Regarding Q5a, the entry of Memo 87 in the IN column of the stock card on 4th of July, what did everyone come up with.

I've never come across an IN memo, so I simply wrote the owner donated stock items to the business.

What's everyone's thoughts?

[JWalks1127]

Regarding Q5a, the entry of Memo 87 in the IN column of the stock card on 4th of July, what did everyone come up with.

I've never come across an IN memo, so I simply wrote the owner donated stock items to the business.

What's everyone's thoughts?

I did owner contributed stock as well. I think They were trying to trick people into saying stock gain.

[JustAnotherPrivateSchoolBoy]

I did owner contributed stock as well. I think They were trying to trick people into saying stock gain.

Yeah that's the only possibility, but I was talking to an accountant I know and they said that it could've been like a credit bonus from the supplier, where due to the firms ongoing relationship with the supplier they have donated some stock items.

But I assume this is far beyond our course.

[chasej]

Yeah that's the only possibility, but I was talking to an accountant I know and they said that it could've been like a credit bonus from the supplier, where due to the firms ongoing relationship with the supplier they have donated some stock items.

But I assume this is far beyond our course.

Yep. Beyond the course. The only thing I can think is capital contribution of stock.

[daniel.esdaile]

Let's get some answers posted!!

[Miokovic]

Someone pls post answers, I will pay

[abcdqdxD]

July 4 is capital contribution, July 31 is stock loss.

[abcdqdxD]

Solutions prepared by abcdqd here: Accounting exam solutions

[angelicachee]

Yep. Beyond the course. The only thing I can think is capital contribution of stock.

I wrote oversupplied to customer and therefore the customer returned it or is this wrong?