ACCG 323 Final exam (1 Viewer)

[crazy_panda_eye]

I made the awesome choice in deciding to do accg 310 and 323 in the same semester and now I have 3 days to relearn the whole topic.
Is there a way to pass this? Does anyone have any awesome tips?


to students: It says that first question is going to be about rules based principle based accounting with a bit on the creative accounting topic. Does this mean I can shun the other topics in week 1? i.e. political process and the different approaches to accounting regulation?

So angry at myself for choosing to do 14 cp :mad1:


Thanks in advance

 

[havy]

well i'm doing 310+323 as well, 14cp is sure alot of work.

with 323, just look thru the revision lecture slides and the wk13 tips.

 

[tausimon]

Hey guys.. for the first question.. types of accounting standards means rules v principles based innit?? are there more types or thats about it???

 

[tausimon]

btw im doin 310 and 323 as well..

 

[crazy_panda_eye]

So happy to hear that Im not the only one ...suffering :mad1:

^@ tausimon
yeah from the lecture notes it seems to imply that its gonna be a question like
Contrast Principles and rules based accounting and then it'll ask us a bit on the section creative accounting? Maybe what disadv and adv of the different accounting principles have on creative accounting?
Lols dont take word on it

2) International harmonization. Im assuming what he means when he says straight forward is
- Definition of harmonization (as oppose to convergence?)
- Benefits
- Major obstacles (Should we take into account sociocultural factors?)

3) Positive Accounting Theory. Integrated with another topic. You know how Padmon said that we could pretty much guess what the other topic is and everyone laughed like it was so obvious? ... I didnt, I think Im slow. Is it Normative? being implied? lolz

4), Q5) Practical
Its between Lease, Intangibles and Employeebenefits
Pretty Sure Lease is in it, cos Its my most disliked topic? Everything else is russian roulette

6) Combination of Theory and Practical Question
Definitely Heritage and Biological assets

Q7) Choice between Crit accounting and Behavioural. Behavioural has less to read but is so far out there.

And thats my 2 Aussie Cents

And now i have to study for another test which is on wednesday T ___ T
Someone tell me 1 day to study 10 weeks is possible.

 

[crazy_panda_eye]

Btw can someone tell me how PAT has contributed to the development and improvement of accounting practices, and how it has overcome problems of normative accounting theory? Why or Why not?

I tried reading but its just not sinking in

 

[H?]

Btw can someone tell me how PAT has contributed to the development and improvement of accounting practices, and how it has overcome problems of normative accounting theory? Why or Why not?

I tried reading but its just not sinking in

The key thing is with positive accounting theory is that it seeks to explain why accounting policies and decisions are made rather than prescribing the method as to how to account for things.

The main problems encountered with normative accounting theory are that it is prescriptive and that it is vague and without objective. On top of this, normative theories, in prescribing ways in which to operate are based on individual value judgments.

These are overcome with positive accounting theory as PAT explains rather than prescribes (as mentioned previously) and allowed for the use of empirical information to explain actions (see Ball and Brown, Watts and Zimmerman).

Further it assists developers of accounting standards by indicating clearly what standards are most likely to be open to manipulation, based upon the hypotheses put forward by PAT, like the debt covenant, political visibility and bonus plan hypotheses.

 

[crazy_panda_eye]

The key thing is with positive accounting theory is that it seeks to explain why accounting policies and decisions are made rather than prescribing the method as to how to account for things.

The main problems encountered with normative accounting theory are that it is prescriptive and that it is vague and without objective. On top of this, normative theories, in prescribing ways in which to operate are based on individual value judgments.

These are overcome with positive accounting theory as PAT explains rather than prescribes (as mentioned previously) and allowed for the use of empirical information to explain actions (see Ball and Brown, Watts and Zimmerman).

Further it assists developers of accounting standards by indicating clearly what standards are most likely to be open to manipulation, based upon the hypotheses put forward by PAT, like the debt covenant, political visibility and bonus plan hypotheses.

You rock, cheers
Im guessing we can add that little part on falsificationism aswell?
Again thanks for coming to the rescue, glad someone knows their stuff : 3

 

[H?]

You rock, cheers
Im guessing we can add that little part on falsificationism aswell?
Again thanks for coming to the rescue, glad someone knows their stuff : 3

Not sure really as PAT is not really conformant with Popper given the difficulty to find testable implications from the various hypotheses.

 

[crazy_panda_eye]

Just for the fun of it (and partly because I am procrasitinating) here are my guesses to the question of the exam.
Whether they are right or not will have a direct impact on how well i do -__-

1) Contrast Principle and rules based accounting and comment on their methods to counter creative accounting.
2) What is Positive Accounting Theory? and how has it overcome the difficulties in Normative accounting?
3) What is harmonization and state advantages and what possible obstacles there are.
4) Lease accounting question (Probably like lecture example, hopefully not like leasebacks, hopefully not fiddly)
5) Question in Intangible assets because supposedly it wasnt done that well last year
6) Heritage, Bio, Lecture example question prac part?
7) Please, be something on social responsbility.