what to expect on Accounting theory 2010?

[iwannagetA]

I think this question will be on the exam:

With reference to one accounting principle, explain why stock is valued at the lower of cost or NRV.

what else should we expect ??

[eeps]

Duh. =P LOL.

This question appears on 99.5% of practice papers and has appeared on every single VCAA paper since 2007, even way back as 2000. I'd think the harder theory questions will come with Liquidity and Profitability - the examiners have a wider scope to test students on this area. (i.e. how can ROA improve but NPR decrease etc - not a hard theory question, I know.)

The VCAA will probably give one "wacko" theory question worth 2 or 3 marks which happens every year, and doesn't appear in any other practice papers. That'll test students' knowledge of what they've learnt.

[Phenotype]

Well, probably count in the Financial and Non Financial indicators. They appear everywhere.

[lilaznkev1n]

Haha @EPL i agree with you with "The VCAA will probably give one "wacko" theory question worth 2 or 3 marks which happens every year, and doesn't appear in any other practice papers" like the mid year one about the FIFO theory question. That was the only question i got 0 in....

I would expect to see a theory question about a prepaid or accrued revenue and telling you to explain why it should be adjusted with reference to a qualitative characteristic or accounting principle. (yeah pretty easy)

[eeps]

Haha @EPL i agree with you with "The VCAA will probably give one "wacko" theory question worth 2 or 3 marks which happens every year, and doesn't appear in any other practice papers" like the mid year one about the FIFO theory question. That was the only question i got 0 in....

Same! :@ That question was stupid. =='

[eeps]

I'm expecting the theory to be harder this year than previous years gone by - more obscure questions.

[mmmmm]

Would they have a cash vs profit question again?

[eeps]

They might, I have seen the "Cash V. Profit" question on a few practice papers, but not many. Though, you never know with VCAA. I would have thought it's more a Unit 3 question than a Unit 4 question.