Last Year's Exam

[elaine]

I did the 2007 paper and it was relatively easy compared to other years.

Do you guys think that because it was (relatively) easy last year, they'll up the ante and the exam this year will be super-duper hard?

I found this was the case for bus man last year- with all the past year papers, all questions were pretty easy, but then BAM!- the 2007 exam took a bizarre angle on a question that was worth 10 marks.

[costargh]

It is almost certain that this years exam will be harder than the 2007 one (new study design). Apparently there was VERY LITTLE theory last year so we should expect a bit more theory.

Expect a P+L Statement
Expect less mark allocations for Cash Flow (8 marks last year)
Expect a tougher Stock card or less mark allocation
Expect a question on Disc Rev or exp.


PLEASE NO SUPER DUPER HARD BDA'S =(

[elaine]

It is almost certain that this years exam will be harder than the 2007 one (new study design). Apparently there was VERY LITTLE theory last year so we should expect a bit more theory.

Expect a P+L Statement
Expect less mark allocations for Cash Flow (8 marks last year)
Expect a tougher Stock card or less mark allocation
Expect a question on Disc Rev or exp.


PLEASE NO SUPER DUPER HARD BDA'S =(

ah crap.

aww but i love cash flows and stock cards though
thanks for that list though, that's quite nifty.

did you do the VCAA 2008 sample questions?

[costargh]

No are they on the site?

[elaine]

yep- they're under the exams and assestment report section
no solutions though grr.

[costargh]

Do you mean the 2007 sample questions?

Has anyone done 2008 Neap, Insight, TSSM and 2007 VCAA exam?

Ill share my results and you can share yours

Neap 2008 70.5/90 (Ran out of time and was ranked 3rd in class LMAO)
TSSM 2008 79.5/90 Did this way back....
Insight 2008 82.5/90 Ranked 2nd
VCAA 2007 aprox 84/90

Need to consistently be hitting the 80+ range over the next few days. =( If not then WESTGATE here I come


elaine. Im going to do those sample questions now so once I finish it we can compare answers and see if we're heading down the right path

[elaine]

elaine. Im going to do those sample questions now so once I finish it we can compare answers and see if we're heading down the right path

oh sweet

Do you mean the 2007 sample questions?

Has anyone done 2008 Neap, Insight, TSSM and 2007 VCAA exam?

Ill share my results and you can share yours

Neap 2008 70.5/90 (Ran out of time and was ranked 3rd in class LMAO)
TSSM 2008 79.5/90 Did this way back....
Insight 2008 82.5/90 Ranked 2nd
VCAA 2007 aprox 84/90

i've only done the neap and VCAA ones, i don't have the other ones but instead of those, we got CSE and Compak.

I can't really remember my marks, but they were about 87ish at best, 75ish at worst lol.

[costargh]

I want 87 =( lol

Heres my answers
1.1.1
Sales Journal
Jan 8 City S.C Inv 1 COS- 1350 Sales- 2150, GST 215, Total debtors 2365

Purchases Jornal
Jan 6 Acme Dist. Inv 76, Stock- 12000, GST- 1200, Total Creditors 13200

1.1.2
                                                            Stock Control

Jan 1 Balance 20000                                                     Jan 31 Sales/GST Clearing 2365
Jan 31 Creditors Control/ GST Clearing 13200                     Feb 1 Balance               30835

                        33200                                                                   33200
                                     
                                                       GST Clearing
Jan 31 Creditors Control 1200                                         Jan 31 Debtors Control 215
                                                                                 Feb 1 Balance 985
               1200                                                                        1200

1.1.3
(just give the end balance)
Qty 25 Cost 50 Total 1250

1.1.4- My answer is most probz wrong.

1.2 Consistancy?
lol... combining the revenues does nto allow for consistant recording in the general ledger... cant be compared

1.3.1

                                   Prepaid Advertising
Feb 1 Bank 9000                                           June 30 Advertising expense 1500
                                                                  June 30   Balance 7500
              9000                                                             9000

1.3.2   Cash Flow Statement
Prepaid Adv. Operating Outflow 9000
GST paid Operating outflow 900

P+L Statement
Adv expense expense 1500

1.4.1
June 20 A1 Sports Supplies chq 7  Bank 1463  Disc rev 77   Creditors 1540
June 25 Office stationary chq 8  Bank 1100    GST 100 Sundies 1000

General Journal

June 30 Office stationary expense DR 750
                    Prepaid office stationary CR 750
Stocktake revealed 250 worth of office stationary on hand memo 17

June 30 Bad debt DR 300
                    Debtors control CR 300
                   Debtor- J Hart                   (Subsid) CR 300
Debt written off as irrecoverable Memo 18

1.4.2
Relevance
Rev earned and exp incurred in reporting period must be used in calc of profit because they belong in the that reporting period. By including accrued expenses and prepaid expenses we can ensure all relevant information is included when we make reports (p+L)

[elaine]

1.1.2
                                                            Stock Control

Jan 1 Balance 20000                                                     Jan 31 Sales/GST Clearing 2365
Jan 31 Creditors Control/ GST Clearing 13200                     Feb 1 Balance               30835

ahhh crap i put debtors control as my debit cross reference . lol i FAIL
i think your credit entry is supposed to be Cost of Sales

1.1.4 This was a toughie. I still don't know how to answer it properly. I just stated what stock control accounts and stock cards do and then said that it elimates unnecessary detail in the ledger. But I still don't know what to put for how they both help manage stock. hmm.

1.2 Consistancy?
lol... combining the revenues does nto allow for consistant recording in the general ledger... cant be compared

lol well i fail again, i put a characteristic. i would've put consistency too if i'd read the question properly lol

                                  Prepaid Advertising
Feb 1 Bank 9000                                           June 30 Advertising expense 1500
                                                                  June 30   Balance 7500
              9000                                                             9000

I put advertising expense as $7500, as there have been  5 months advertising consumed since Feb? i don't like reporting periods

other than that, i got basically the same.

thanks costargh

[costargh]

1.1.2
Yeh cross reference should be Cost of Sales. Ive done that in a few prac exams now... Pretty stupid. how can GST be a cross reference for Stock Control DUH. lol

Im gonna draw up some templates and memorise them so I can easily identify if I have used a wrong cross reference.

1.3.1 ( Prepaid Adverstigng)

Your right.  I actuaally worked out that 5 months had been consuemd but i got the figures mixed up. Balance should be 1500 and Advertising expense should be 7500.

I did the rewritten for current study design 2006 VCAA exam... I made a few errors..

I have a question.
If you have a NCA which is being depreciated (eg. Equipment) and then you purchase more Equipment, how do you go about depreciating them if they are now combined as one item...

[elaine]

I did the rewritten for current study design 2006 VCAA exam... I made a few errors..

I have a question.
If you have a NCA which is being depreciated (eg. Equipment) and then you purchase more Equipment, how do you go about depreciating them if they are now combined as one item...

i just did the 2006 rewritten one. omg i did so many stupid mistakes

is your question in relation to the 2006 question 1.3.2? coz i couldn't get the right answer for that one

[costargh]

Yeh I didnt get the answer for that either. Maybe an error in the re-written exam?

[elaine]

i got $1700 (well not when i actually did the prac exam, coz i only calculated the new computer-whoops).

Computer- 7000*0.2= 1400
New Computer- [(6000*0.2)/12]* 3 months= 300

therefore 1400+300= 1700

and btw, why did they change the depreciation rate? isn't that a breach of consistency?

i think the solutions also had an error for the stock cards, i just checked the 2006 assesment report.

[costargh]

Their was an error on the stock cards. I ticked myself correct cause it was just a subtraction error on their behalf.

I didnt understand that change in depreciation rate either. I think it may be exaplained by the person rewrittin the exam just tryin to fit more of the course in (as u can see, there isnt 90 marks... i think lol)

I included the old computer but it didnt make sense.
Old computer equipment as at 1st Jan 2006 $3000 (COMMENCENT OF BUSINESS OPERATIONS)
The balance sheet extract is 30 June 2005. 7000 less 300 acc dep= 6700 <--- wtf?

How can there be a balance sheet prior to the commencement of the business (maybe it was a personal balance sheet?)

Im not liking it lol

[elaine]

Their was an error on the stock cards. I ticked myself correct cause it was just a subtraction error on their behalf.

I didnt understand that change in depreciation rate either. I think it may be exaplained by the person rewrittin the exam just tryin to fit more of the course in (as u can see, there isnt 90 marks... i think lol)

I included the old computer but it didnt make sense.
Old computer equipment as at 1st Jan 2006 $3000 (COMMENCENT OF BUSINESS OPERATIONS)
The balance sheet extract is 30 June 2005. 7000 less 300 acc dep= 6700 <--- wtf?

How can there be a balance sheet prior to the commencement of the business (maybe it was a personal balance sheet?)

Im not liking it lol

LOL good pick up! maybe it's actually a psychic business and they had balance sheets even before operations lol