how'd everyone go?

[schona]

Hope there's plenty of theory questions! :smitten:

[_avO]

what kind of theory questions will they ask? hoping for a free 2 mark NRV question and period+product, but is that likely?

[lilaznkev1n]

what kind of theory questions will they ask? hoping for a free 2 mark NRV question and period+product, but is that likely?

Those have been on most of the trial exams so I guess there is a high chance of it being on the real one as well

GOOD LUCK EVERYONE!

[_avO]

Do you think they'll have the complete reports or just extracts? I'm thinking maybe all of the CFS and half of the P&L (for stock write down and sales returns and maybe period costing)

[lilaznkev1n]

Do you think they'll have the complete reports or just extracts? I'm thinking maybe all of the CFS and half of the P&L (for stock write down and sales returns and maybe period costing)

Yeah I agree with you.
There probably will be a budgeted current asset or current liabilities extract of the balance sheet as well

[_avO]

Oh true, and they may throw us off with a prepaid expense or accrued expense, anything goes!

[iwannagetA]

product cost is a cost that can be traced back to an individual item of stock and the extra cost must be 10% or greater than the original price. Whereas, a period cost is a cost that c an't be traced back to and individual item of stock and is written off as an expense.

is this enough for 2 marks?

[mmmmm]

I didn't have enough room in the cash flow statement and the profit and loss statement.

[Albeno69]

I didn't have enough room in the cash flow statement and the profit and loss statement.

same i made my own  rows

[_avO]

For P&L i had just enough, but for CFS i had 2 rows missing

[Albeno69]

was the interest on the loan opperating?

[_avO]

yes, of $700

[Stormer]

product cost is a cost that can be traced back to an individual item of stock and the extra cost must be 10% or greater than the original price. Whereas, a period cost is a cost that c an't be traced back to and individual item of stock and is written off as an expense.

is this enough for 2 marks?

What? What does the 10% have to do with anything?

[xharax]

yeah cash flow i had 3 rows missing o well~i thought it was okay, easier than the mid year~

[chap]

what was the answer to the question that had the insurance and delivery costs listed on the invoice, and said the accountant made it a product cost and then asked you to work out the cost of a individual item? were we meant to use product or period? I am not sure if it was a little trick question..