Accounting Question Thread

[TyErd]

Oh shit, sorry haha
Compak 2010

How did people find the COMPAK 2010 exam?



Mine was done as a trial exam in school, I thought it wasn't too bad - relatively straight-forward. The only tricky/sneaky bits, I found... were the Cost of Sales in the Stock Control account (where you had to reconstruct the account) and also, you had to subtract the Cost of Sales (Sales Return) from the Cost of Sales in the P/L Statement.

got 50/90. massive kick up the bum for me

[aposta28]

Thought Compak was quite easy,
Typical me not reading a few questions properly, but i scored 81/90
which is not too bad, only look to improve

[sam.utute]

I just finished all my accounting prac exams. I got a few questions that I need clarified.

What happens if after adjusting for a Stock Write Down in the Stock Card, we write the written down stock below the stock that is unchanged?
For example:                                           Qty    Unit      Value
In the balance section:                              3      50          150
                                                               2      20           40
Would you lose a mark for doing it that way? If you have to write it the other way around, why?

Thanks,
Sam

[sam.utute]

Next Question:

What happens if the question asks you to record the disposal of the non-current asset, and you also record the credit purchase? I reckon you wouldn't lose any marks, just waste time. Not sure though.

Btw, I'm gonna keep posting up questions (I've got quite a few ).

[sam.utute]

CPAP 2010 Exam 2 Q2.1.2

Reconstruction of the Creditors Control Account:
The information provided clearly states that stock is sold at a mark-up of 100% and that $2500 of sales returns are expected. Additional information also states: "All stock returned by customers is returned to the supplier. Logically, one would assume then that there should be a debit entry of $1250 (2500/2) in the Creditors Control account to take into account purchase returns. There is no entry in the suggested solution. Help?

Thanks

[eeps]

Next Question:

What happens if the question asks you to record the disposal of the non-current asset, and you also record the credit purchase? I reckon you wouldn't lose any marks, just waste time. Not sure though.

Unless it says to "record the purchase of the new ____", then there would be no need to. True, you would just be wasting time.

I just finished all my accounting prac exams. I got a few questions that I need clarified.

What happens if after adjusting for a Stock Write Down in the Stock Card, we write the written down stock below the stock that is unchanged?
For example:                                           Qty    Unit      Value
In the balance section:                              3      50          150
                                                               2      20           40
Would you lose a mark for doing it that way? If you have to write it the other way around, why?

Thanks,
Sam

I asked my teacher, he said it doesn't matter. Either way would be accepted in the exam - it's a minor thing.

[sam.utute]

Thanks EPL! When you have done the CPAP 2010 exam, let me know what you get for the Creditors Control account.

[eeps]

LOL I thought for the benefit of everyone... I'd change the name of thread. =P

EPL.11.4ever.'s Question Thread sounded rather arrogant of me. =)

As shown by the number of people using the Accounting board, I decided to change the name of the thread.

Anyone feel free to post any questions to do with Accounting! - I thought I'd save people the hassle of making a new thread, every time they have a question to ask.

That is all. Enjoy.

GOOD LUCK for the exam people! 17 days to go.

[eeps]

CPAP 2010 Exam 2 Q2.1.2

Reconstruction of the Creditors Control Account:
The information provided clearly states that stock is sold at a mark-up of 100% and that $2500 of sales returns are expected. Additional information also states: "All stock returned by customers is returned to the supplier. Logically, one would assume then that there should be a debit entry of $1250 (2500/2) in the Creditors Control account to take into account purchase returns. There is no entry in the suggested solution. Help?

Thanks

Going off the info above, I think you're right. I think this question/point was already raised in another thread; http://vcenotes.com/forum/index.php/topic,30378.0.html

The solutions would be incorrect and you're right - it should be a debit entry of $1,250 in the Creditors Control account.

[eeps]

LOL it is just me or does doing heaps of Accounting exams get tiring... anyone else find that? =P asap531?

I've done quite a few exams now and I find that the questions are often repeated or just reworded - it's good practice and all, but the amount of exams my school has given me is insane.

Does/has anyone use(d) any other materials besides doing exams for revision... i.e. Checkpoints etc? I don't personally.

[sam.utute]

Lol so true mate. So bloody over doing the same thing over and over... Had my last day of school today , and exams are going to be finished soon, so I'm coping with it.

I also finished the Neap Accounting Study, the Insight Study Guide, the A+ Publishing Exam book and Checkpoints. All of these were a waste of money really. The only thing I'm doing know is going over exam mistakes and reading my notes.

My school is pretty crap, and we don't get many resources at all. Got most of my exams from friends at other schools and VN (Thank god for that).

[TyErd]

how would you guys do this question?

[sam.utute]

Neville Box's method:

Use the General Journal to adjust Prepaid Revenue (i.e DR. Prepaid Sales Revenue 10000, CR. Sales Revenue 10000)

Use the Sales Journal to record everything else.
Date: 29 June
Debtor: Golden Gyms
Cost of Sales: 10000 (5 treadmills for 2000 each)
Sales: 5000 (5 treadmills at 3000 each LESS Prepaid of 10000)
GST: 1500
Total Debtors: 6500

This is probably the easiest method to use. Correct me if I'm wrong

[TyErd]

this was the solution.

[eeps]

asap531's way of working it out is correct.

You would only need to give the "Debtor - name of Debtor", "Debtors Control" etc, if a Sales Journal wasn't provided along with the General Journal.