First SAC

[Aqualim]

So how did everybody go? feel as if you had done your best?
Personally, I was very disappointed with my mistake... I screwed up the errors revealed from a trial balance, and that cost me my 100%, seeing as majority of the class lost marks for using short-cuts when preparing the General Ledger Accounts e.g. writing Bank, instead of Bank Overdraft.
Very strict teacher..

[LFTM]

So how did everybody go? feel as if you had done your best?
Personally, I was very disappointed with my mistake... I screwed up the errors revealed from a trial balance, and that cost me my 100%, seeing as majority of the class lost marks for using short-cuts when preparing the General Ledger Accounts e.g. writing Bank, instead of Bank Overdraft.
Very strict teacher..

I don't think your teachers being strict cos my teacher has warned us what shortcuts you can and can't take and she warned us not to shorten things like stock control to stock or debtors control to debtors etc.cos apparently you'll lose marks.

Anyways, haven't had my first sac yet, coming up in a few weeks time.

[Fyrefly]

So how did everybody go? feel as if you had done your best?
Personally, I was very disappointed with my mistake... I screwed up the errors revealed from a trial balance, and that cost me my 100%, seeing as majority of the class lost marks for using short-cuts when preparing the General Ledger Accounts e.g. writing Bank, instead of Bank Overdraft.
Very strict teacher..

I don't think your teachers being strict cos my teacher has warned us what shortcuts you can and can't take and she warned us not to shorten things like stock control to stock or debtors control to debtors etc.cos apparently you'll lose marks.

Anyways, haven't had my first sac yet, coming up in a few weeks time.

On the exams, you're not even allowed to write "COGS"... you MUST write "Cost of Goods Sold" or you'll lose marks... take a look at the 2009 assessor's report for Unit 3... they rant on about shortcuts for two paragraphs.

[Albeno69]

i havnt got mine for another 2 weeks got cmp this week think im behiend.

[darkphoenix]

Guys don't stress too much about SACs, they are only worth 34% of overall SS.

I got like average 70-80% on SACs and still managed to get A+, yeah i know it may have been low but i was still pretty pleased with it given my inconsistencies with SACs.

[laineytheman]

the only shortcut you can have in an exam is 'Accn Depn' or something along those lines since its a long word, everything else u must put in. damn my average for SAC's was 90%, and you beat me dp, that sucks..

[Chavi]

The only shortcuts allowed in accounting are:

Acc. Dpn
Disc. Rev
Disc. Exp

That is all

PS If you have a bank overdraft, remember to report it as "Bank" in the BS rather than Bank overdraft - so says a VCAA insider.

[naved_s9994]

The only shortcuts allowed in accounting are:

Acc. Dpn
Disc. Rev
Disc. Exp

That is all

PS If you have a bank overdraft, remember to report it as "Bank" in the BS rather than Bank overdraft - so says a VCAA insider.

Actually there is one more.
Cash at Bank can be reffered to as Bank.

[darkphoenix]

the only shortcut you can have in an exam is 'Accn Depn' or something along those lines since its a long word, everything else u must put in. damn my average for SAC's was 90%, and you beat me dp, that sucks..

Hahah that probably means your schools SACs are too easy. Our schools ones are pretty hard, they always threw in questions to trick us and throws us off, its as if they wanted us to do badly.

And for all the abbreviations and names, guys check the assesment report. It will detail it all.

[emb_23]

I havent done it yet its next week
chapters 1 2 3 4 any tips?

[Aqualim]

- Include full Cross References
- Ensure you read every question carefully
- Know your definitions well, and know how to apply them to a given question. e.g. "Explain how Cash sales is classified as revenue"