Accounting Tips

[eeps]

Thats weird i know someone who got 33 in accounting and was allowed to do uni accounting.

Was it at Monash? Depends on the uni, I think.

Not sure, not really close to that person. Is it only monash and melb that offer these programs or do other unis offer it as well?

I'd assume so - other universities would offer it, I think - it's probably not as well-known/popular as Monash and Melbourne.

[Furbob]

I wouldn't worry too much EPL! At one stage I was really concerned about my GMA marks and I asked one of the Enhancement members about "how low can I go" and she said to just try to maintain a B average across all of your subjects that arent related to your preference.

Also, at the info night they showed that around 440/480 applicants were successful and the main reason why the other 40 didnt get it was due to turning the offer down because of traveling etc (or other reasons).

Apply and see what happens~ you can always turn the offer down

[eeps]

LOL I'm still worried about the bit where the e-mail said "A minimum is 41 for all subjects, and preferably higher for your subject preference" - I'll wait and see on Dec 13.

[Furbob]

so did you apply? LOL that makes it 4 people that I've manage to persuade to try out for MUEP/UMEP with me
wow I feel like some (evil) mastermind or something hahaha

[eeps]

so did you apply? LOL that makes it 4 people that I've manage to persuade to try out for MUEP/UMEP with me

LOL I'm still thinking on it. I'll wait on applying, till I get my score for Accounting.

wow I feel like some (evil) mastermind or something hahaha

HAHA.

[eeps]

Here are the solutions to Chapter 17 of the Cambridge textbook. The pdf version of it is outdated - Budgeting no longer includes GST.

Also, if I haven't already mentioned - if anyone wants any other practice exams or Cambridge SACs - try cleo_xo - she has a mediafire folder, containing Accounting papers and so on.

[eeps]

Another tip for Accounting students is when, memorising ratios and non-financial/financial indicators (Unit 4) - try to link it to something, that you can remember easily.

Unit 4 is different from Unit 3 in that you learn how to re-construct accounts and learn about ratios - Liquidity, Profitability and so on (won't ruin it for you guys!). IMO Unit 3 is much more straight-forward than Unit 4 - the content is vastly different - Unit 4 really builds off Unit 3. IMO, VCAA uses more tricks in the Unit 3 than Unit 4 exams - hence, READ THE QUESTION CAREFULLY.

Make sure you have enough time to revise for the exam, especially with Unit 3. I'm sure the Accounting students of 2011 will do well. =)

[eeps]

Unit 3 Summary

Unit 3 as I already said is straight-forward. The first few chapters are relatively simple - may sure you know the meaning of terms like revenues, expenses, assets and so on. From personal experience, the different journals (i.e. Cash Payments, Cash Receipts, General) were quite confusing to me. Read through the textbook and follow the examples given. Don't get confused with Control Accounts and Subsidiary ledgers - that's important. The basic principles and characteristics are a must to know in Unit 3.

Stock cards are the easiest marks you can get in an exam. Students generally ace this bit - in Unit 3 - it is very, very simple. Balance Day Adjustments are also relatively easy, just make sure you read the REPORTING PERIOD of the business - otherwise you could screw up the calculation. Remember, if you think you have got a calculation wrong, still use that figure throughout since you'll only lose the one mark - consequential marks.

This probably won't make sense now, though it will come to make sense when you are doing it.

[eeps]

Unit 3 Summary (continued)

The first chapters (i.e. 1, 2, 3) of any textbook is basically revision from Units 1/2. If you didn't do Accounting 1/2, like myself, it's best to learn it over the holidays. The harder chapters are later on. Once you reach the journals (as mentioned in the previous post) make sure you practice these journals till it comes natural to you, as this is also tested in Unit 4. The General Journal in Unit 3, is probably the most easiest journal, hence it's quite a short chapter - it involves infrequent, non-cash transactions - that's pretty much it.

I'm not too sure whether these things were taught in Accounting 1/2 - sorry if I'm re-explaining a few things. Determining Profit or Loss is also quite easy - it's self-explanatory once you read it. Depreciation of Non-current Assets is essential to know - this isn't a hard topic, yet it's not easy either - I suggest spending a bit of time on this topic. The final topic in Unit 3 is The Cash Flow Statement (depending on your textbook), this once again is simple enough. Make sure you know the distinction between Operating, Investing and Financing Activities and the difference between Cash and Profit.

I was a middle-average student in my class - considering the strength of my class. Personally, I was average 75~80% on SACs which wasn't too bad. Remember, do well on both exams and anything is possible. You want your class/cohort to be doing well as well, because this will also increase your SAC marks. In my case, no one in my class got lower than an A for the mid-year exam, and I'd be expecting the same time for the end-of-year exam. I achieved an A on the mid-year exam and am waiting to see my result. These were the topics in which I found hard and had trouble with. Some of you may find that some chapters are easier than others and are different to what I've said. That's good. Prior to the exam or in your spare time, go through your weak areas - make sure you understand it fully. Accounting is in no way a daunting subject, if anything; the opposite. Also get ahead and stay ahead, don't slack off during the year just because you're ahead of the class - don't put "your foot off the pedal" so to speak - that's the thing that can catch students out.

[eeps]

I thought I might as well post up every Accounting notes/work I have.

[eeps]

Continued.

[eeps]

More.

[eeps]

Insight 2008 Unit 3 exam.

[eeps]

TSSM 2007-2010 Exam 1.

[eeps]

Insight 2009 Unit 3 exam.

(Sorry, I don't have the solutions!)