Accounting Question Thread

[eeps]

LOL yeah I just realised I did.

[eeps]

Question:

How would you interpret ratios like WCR - Working Capital Ratio and QAR - Quick Asset Ratio when they're in percentage form? (e.g. 120%) I came across some in past exam papers and wasn't sure how to read it as.

Thanks.

[sam.utute]

I think 120% would be equivalent to 1.2:1 or $1.20 of current/quick assets to every $1 of current/urgent liabilities. It's just another way of expressing ratios. So 2:1 would be 200%. Correct me if I'm wrong someone.
Sam

[eeps]

I think 120% would be equivalent to 1.2:1 or $1.20 of current/quick assets to every $1 of current/urgent liabilities. It's just another way of expressing ratios. So 2:1 would be 200%. Correct me if I'm wrong someone.
Sam

Thanks! Yeah, I think that makes sense.

[eeps]

How many exams have people done/or are planning to do for Accounting?

[toshibaj]

I've done 2. Hopefully I can manage roughly 20 by the time the exam comes around. I wanna do better than last semester 

[eeps]

I've done 2. Hopefully I can manage roughly 20 by the time the exam comes around. I wanna do better than last semester 

I've done 8 so far, I think. I hoping to finish around 20+ exams. LOL I'm hoping to improve as well!

Good Luck!

[mba]

I've done 8 so far, I think. I hoping to finish around 20+ exams. LOL I'm hoping to improve as well!

No offence, but doing this amount of practice exams is useless unless you are actually understanding and comprehending your mistakes. If it takes you 20 exams to get things "perfect" then that's fine. Remember that after every exam you should go over your common errors and revise the THEORY behind your mistakes.  Otherwise, it is pointless doing this amount of exams.

However, if after 5 - 10 exams you are finding that you are only making silly errors, well then generally you're probably not going to get anything from overloading on exams. You're better off ensuring you make use of your reading time appropriately and understand the requirements of the question before you answer. Remember you want to ensure you keep fresh for the exam in November, its only the end of September right now.

Personally I found I did about 8 - 10 exams for the mid year, that's the amount I needed to get pretty much spot on. Then in the lead up to the exam (the week before) I did an exam every two days just to keep fresh.

Just my 2c and remember everyone is different so have differing exam preparation techniques.

MBA.

[eeps]

How often would you do practice exams mba?.. in this current time (hols)... noting that the exam is still a good month and a bit away? I'm assuming you've done Accounting 3/4 before.

I've tried doing one practice paper/exam probably every 2 days. Accounting is a subject that does involve practice, but in saying that I do realise that doing a billion (exaggerated) exams won't matter for anything if you aren't learning from previous mistakes... so I checked my answers against the solutions and wrote down the mistakes I made - normally I would go over the stuff I got wrong, before I'd attempt another paper. So far it seems to be working.

I'm not too sure as to how many exams I will do, hence "20+", but I suppose I'll do as many exams until I'm fully confident that I understand all the material + concepts.

[toshibaj]

Seeing as you're only in year 11, you might as well do as many as you can.

But mba is right, no point doing exams if you're not learning from them.

Anyway, that isn't a problem for you because you're going over your mistakes.

[eeps]

Seeing as you're only in year 11, you might as well do as many as you can.

But mba is right, no point doing exams if you're not learning from them.

Anyway, that isn't a problem for you because you're going over your mistakes.

I'd agree with that. Ta. I suppose there is nothing to lose, since I'm only in Year 11... all to gain. LOL.

[mba]

Sorry mate I didn't see that you were only in Year 11!
20+ would be a big ask for a Year 12 juggling 4 other subjects!
You may as well go for it, do as many as you can considering you don't have any other Year 12 exams but don't forget your Year 11 one's either.

I would stress though just ensure you go over problematic areas, if you are finding that your mistakes are coming from Budgeting for example go back to the textback and do the activities there.

I don't think there is a set "number" of practice exams that you should do. The advice given in the previous post was directed more to Yr. 12 students juggling other subjects. In Year 11, all bets are off. Do as many as you can until you think you are pretty much "perfect"!

[eeps]

Sorry mate I didn't see that you were only in Year 11!
20+ would be a big ask for a Year 12 juggling 4 other subjects!
You may as well go for it, do as many as you can considering you don't have any other Year 12 exams but don't forget your Year 11 one's either.

I would stress though just ensure you go over problematic areas, if you are finding that your mistakes are coming from Budgeting for example go back to the textback and do the activities there.

I don't think there is a set "number" of practice exams that you should do. The advice given in the previous post was directed more to Yr. 12 students juggling other subjects. In Year 11, all bets are off. Do as many as you can until you think you are pretty much "perfect"!

LOL. no worries. Thanks for advice and help!

[naved_s9994]

But still, even though he is a year 11.
After doing X amount of exams, the questions are repetitive.
Although yeah, VCAA always will find new techniques
of questioning

[eeps]

But still, even though he is a year 11.
After doing X amount of exams, the questions are repetitive.
Although yeah, VCAA always will find new techniques
of questioning

LOL there are always those one or two questions which you never come across until the actual exam! (i.e. that FIFO question on the Unit 3 exam!)