Accounting Question Thread

[TyErd]

ohhok thnx

[eeps]

Here are some Accounting NOTES which I found on my computer. =P

NOTE: I didn't make the notes or anything - I thought it would be useful if people want to download it.

[LFTM]

With the very last question in last years exam, is creditors turnover an acceptable response? It doesn't say it in the assessment report.

[Stormer]

What's the question?

[LFTM]

State one other key indicator that could be used when assessing business liquidity.
Besides, DTO, STO, QAR and WCR.

[LFTM]

the answer says Interest cover and cash flow ratios.

[Stormer]

Yeah, that's fine. Unless they're really harsh and contend that CTO is more reflective over business liquidity. But nah, I had that and my teacher (a marker) said it was correct.

[LFTM]

Ok thanks, i was just curious as to why it wasn't in the assessment report.

[eeps]

How did people find the VCAA 2009 exam? I found it easier than I thought it would be. Some questions were tricky here and there, but overall I thought it was a good exam - that netball question was sneaky =P but other than that, it was good.

[LFTM]

How did people find the VCAA 2009 exam? I found it easier than I thought it would be. Some questions were tricky here and there, but overall I thought it was a good exam - that netball question was sneaky =P but other than that, it was good.

I got the netball question wrong too. I only included the poster price for the balls being written down.
Overall it was an easy exam, that rent thing tricked me as well.

[eeps]

I also noticed that in Question 2.1.3 - recording the Sales Return and Purchase Return, that there wasn't enough space to record the Purchase Return. I added one more line to fit Creditors Control in the General Journal.

I don't think this was mentioned in Assessor's Report. =='

In the report, they somehow had enough lines to fit both the Sales and Purchase Return.

[darcy42]

The Box Man talked about this in his lecture.
He said that they told him that the exam writers expected students to write both the debtors control and subsidiary entries on the same line, which he said was acceptable but he had no idea why they did it. Same with the creditors entries. Of course, he gave marks for either way. If you're sure that you are right, just go under the given lines. These misunderstandings do happen so sometimes you just have to improvise!

[eeps]

LOL the "Box" Man. Neville, what a champ. =P

I got his hotmail - he must have quite a few contacts since he gives his e-mail address out to every lecture he goes to.

Back to the question...

He said that they told him that the exam writers expected students to write both the debtors control and subsidiary entries on the same line, which he said was acceptable but he had no idea why they did it. Same with the creditors entries. Of course, he gave marks for either way.

Oh right. I was never taught to write the Debtors Control and Subsidiary entries on the same line. =O I don't understand how there can be mistakes in the exam, when I suppose the exam is checked over and over again before it is published and whatnot. I probably done 6 or 7 exams, where: a) there is an error b) there is an ambiguous question c) the solution is debatable.

[darcy42]

Yeah it isn't taught, but apparently in the scary 'real world' both methods are fine.
oh god I know, every company exam i've done has had a debatable solution or 5.

[eeps]

Quick Question!

In the 2008 VCAA exam, did people get a closing balance of $2,100 for the Cash at Bank at 31 December 2009? My debit side totaled $663,300 and credit side totaled $661,200.

I did read: http://vcenotes.com/forum/index.php/topic,30583.0.html

Though, it didn't give me a clear indication to whether I was right or wrong.

Am I right? =O

Cheers if anyone can confirm if I'm right or wrong.

LOL fail. =P