Official Accounting Exam Discussion

[davo]

dammit i didnt take into account the gst clearing when doing the table.
will prob only lose 3 or 4 marks though.
how come so many people got A+ in mid year? there was 5 in my class

[makesh]

Hmm...the last few were worth the most

I'm guessing it was...
21 Nov- Order : No effect x3
25th Nov- Deposit : Increase, Increase, No effect.
21st Dec- 15 beds delivery: Decrease, No effect, Decrease
15th Jan- Increase, Decrease, Increase.

21st is wrong, as u make a sale ur actually increasing assets overall, as debtors control increases at a higher rate then the decrease in stock control.   
 it should be increase, no effect , increase

[cecille]

oshiz was there gst included in the increase/deacrease/no effect question? cos i remember in my last transactions i listed Liabilies as either inc/dec cos i was thinking about the gst..

[ben4386]

oshiz was there gst included in the increase/deacrease/no effect question?

yeh look on the previous page, i made a post about this question.

for the last two transactions there was an effect in every equity and asset

[cecille]

nvm just red someones' asnwer lawl.

what did you guys do for the depreciation question?

did you split the 25,000 into 21,000 (dep'ed at 12 months)  the 4000 the four thousand that was sold (dep`ed for like 9 months)
 then the new 8000 shopfittings at deprecn of 6 months then add?

and what was the cost of the deluxe guitars, did youzeszes include the freight charge? so total of 180 per unit? ps. did people record Gibner Ltd as a sundry Creditor when recording the insurance on delivery ?? or was it someone else who provided the insurance on credit that was supposed to be a period cost? (or was it a period cost at all?)

lmao i said the cash sale would improve because they budgeted that it would -.-" and since they have a goal they're probably going to work towards it with planning. lol...couldnt think of something proper.

this exam was harder than the mid year... so long i barely finished. but then again i didnt finisht eh mid years. but it seemed like you had more thinking to do with this one lol. def i reckon the A+ cut off will be lower than that of the mid years !

[cecille]

thanks `

[*Roxxii*]

Hmm...the last few were worth the most

I'm guessing it was...
21 Nov- Order : No effect x3
25th Nov- Deposit : Increase, Increase, No effect.
21st Dec- 15 beds delivery: Decrease, No effect, Decrease
15th Jan- Increase, Decrease, Increase.

21st is wrong, as u make a sale ur actually increasing assets overall, as debtors control increases at a higher rate then the decrease in stock control.  
 it should be increase, no effect , increase

Ooooops my bad
Was thinking too simplistically lol
Heyyy...this means that there's a chance i actually did it correctly in the exam
Coz i thought about it differently haha...hmmmmz

[xox.happy1.xox]

If Accounting was this hard, what hope do I have in Methods tomorrow?

EDIT: Sorry if this is irrelevant, but now I'm scared that VCAA are doing this with all their exams this year (except for English?  :idiot2:)

[Athomas]

If Accounting was this hard, what hope do I have in Methods tomorrow?

EDIT: Sorry if this is irrelevant, but now I'm scared that VCAA are doing this with all their exams this year (except for English?  :idiot2:)

Oh dw, you'll beat me if it's any consolation (in methods).

[mrx]

hey guys....i think i stuffed up the product cost question...but i used that answer for the next question (cost price etc)....will i get consequential?

because i think that is all i got wrong and i think i could do very well (unless that screws me over)?

cheers in advance

[HannahL]

The prepaid sales question wasn't that bad if you had done last years exam...
the part that was a deposit went in the GJ (the 4 beds) and the sale of the rest (11) went in the sales journal.
THey had something like that last year though and they accepted 2 answers. This year the question wasnt as hard though.
Basically they ordered it (doesn't require any recording)
Then a deposit was made (received prepaid revenue) but only for part of it
sold the 15 beds (requires a BDA and also an entry in the sales jounal)
then sold the extra 5 beds - so thats another normal sales entry

what we had to do was the GJ for the BDA of the 4 beds and then the regular sales entry for the other 11 that make up the 15...

[Fyrefly]

hey guys....i think i stuffed up the product cost question...but i used that answer for the next question (cost price etc)....will i get consequential?

because i think that is all i got wrong and i think i could do very well (unless that screws me over)?

cheers in advance

U'll get consequential.

Examiners generally aim 2 only punish u once 4 a mistake.

[mrx]

[/quote]

U'll get consequential.

Examiners generally aim 2 only punish u once 4 a mistake.
[/quote]

Thats good now i feel confident of dropping less than 5 marks. I went with my gut on that product costing question and got it wrong, but i did get the prepaid sales part right so if im not punished for that as well its all good

Only one other question is troubling me but i gave a solid definition so that should help

[Tauk]

owned

OMG IT WAS TERRIBLE. IM SO CUT ANGRY FUCKEN PISSED OFF.
THAT WAS A PIECE OF SHIT. WAS RIDICULOUSLY HARD. HOLY FUCK TOOK SO LONG WAS WRITING TO THE LAST SECOND AND JUST FINISHED ON TIME. IM SOO EMOTIONAL THAT I CAN BARELY FORM WORDS. HATE WORLD. HATE LIFE
BYE

Reversed ownage.
Well deserved too.