Overall how did everyone find the Accounting Exam?

[Schroeder]

How was it? Was it easy or hard? What do you expect to get?

I found it okay...a little tricky here and there and the theory questions were different.

[cheese360]

Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder 

[mba]

Well it was definitely near par with 2009, harder then 2007 and 2009. Lot's of different types of questions that hadn't been seen before.

[ks04]

Yea i recon it was too easy also, makes silly errors (which as seemingly easy in accounting) all the more valuable.

[mba]

Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder 

What did you get for interest expense for question 1.3.1?

[Akirus]

Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder 

What did you get for interest expense for question 1.3.1?

50000*.09/2=$2250

[Aqualim]

Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder  

What did you get for interest expense for question 1.3.1?

Something like this;

Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250

Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250

[mba]

Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder 

What did you get for interest expense for question 1.3.1?

Something like this;

Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250

Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250

Hmm, but the loan was taken out on the 31st of January. So doesn't that mean only five months interest has been consumed at the date of the report (30 June 2010).

Feb/Mar/Apri/May/June

Therefore it = 50 000 * .09 = 4500
4500 / 12 = 375
5 * 375 = 1875

Interest Expense DR 1875
Accrued Interest Expense CR 1875

[mojomojo]

Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder 

What did you get for interest expense for question 1.3.1?

Something like this;

Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250

Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250

Hmm, but the loan was taken out on the 31st of January. So doesn't that mean only five months interest has been consumed at the date of the report (30 June 2010).

Feb/Mar/Apri/May/June

Therefore it = 50 000 * .09 = 4500
4500 / 12 = 375
5 * 375 = 1875

Interest Expense DR 1875
Accrued Interest Expense CR 1875

i think that's what i wrote.

[LFTM]

Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder 

What did you get for interest expense for question 1.3.1?

Something like this;

Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250

Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250

Hmm, but the loan was taken out on the 31st of January. So doesn't that mean only five months interest has been consumed at the date of the report (30 June 2010).

Feb/Mar/Apri/May/June

Therefore it = 50 000 * .09 = 4500
4500 / 12 = 375
5 * 375 = 1875

Interest Expense DR 1875
Accrued Interest Expense CR 1875

i think that's what i wrote.

yep i got this. it was 5 months yeah?

[mojomojo]

Felt it was too easy to be honest. Silly mistakes can really affect whether you get a high or low A+. Wish it could have been a bit harder 

What did you get for interest expense for question 1.3.1?

Something like this;

Loan was $50,000 so I did, 50,000 x 0.09 = 4500 then I halfed it so 2250

Entry was something like;
Interest Expense DR 2250
Accrued Interest Expense CR 2250

Hmm, but the loan was taken out on the 31st of January. So doesn't that mean only five months interest has been consumed at the date of the report (30 June 2010).

Feb/Mar/Apri/May/June

Therefore it = 50 000 * .09 = 4500
4500 / 12 = 375
5 * 375 = 1875

Interest Expense DR 1875
Accrued Interest Expense CR 1875

i think that's what i wrote.

yep i got this. it was 5 months yeah?

Yeah should be, Loan was taken out in 31 Jan, report ends at 30 June.

[Schroeder]

Yeah 1875 is what i got as well...from 31 January to 30 June is only 5 months.

[Yitzi_K]

Even if the loan started 31st January, you could still have interest for January, if it's just charged at the 31st of every month.

[mba]

Even if the loan started 31st January, you could still have interest for January, if it's just charged at the 31st of every month.

Mate, that is a bit stupid don't you think. Interest for one day, I doubt that very much. You would have to calculate how much it is, the examiners would not expect you to do that unless it is specifically instructed.

[Akirus]

Nah, they're right, it should be 5 months.