the midsession was bullshit, especially the first question
journal entries, i did 1A a year ago, and its not like i revised 1A for a 1B EXAM damnit!
stupid test.
for hte 2nd question i got 940, most people i hear are getting numbers rangeing from 880-960, so its anyones guess what is correct.
bleh, im going to loss quite some marks alreadly.
bleh, i typed something wrong into my calculator for straight line dep, i somehow did 12 yrs instead of 10, even on calculators getting typos, DAMN
pretty screwy exam overall.
oh and for those whom wanted to know the structure, timmy i believe
the structure was
> 10 marks
- journal entries based on a page of writings
some company,
500k contributed by parents, 20k by owners, 500k issued shares
heaps of other crap i really don't want to start to think about to write out
> 17 marks
- given balance sheet, given cash flow from operations, given additional information, create the INCOME statement (WTF WTF?!)
- write out the sale of office equipment i believe
- write out the cash paid for truck depn (it better be 0, since i remember reading Kar ming's post in webct saying, depn exp is never paid by cash, and anyone caught paying cash for depn should be put into a rehab program or something)
> 5 marks
- acquired 150 million cash from a six year borrowings thingy
- then used 50 million to reduce a ST loan of the company
- then used the remaining 100 million to acquire 100 million worth of equipment
it asked, overall what is the; (and you had to fill out a table)
. . . . . . . . . . . . . . . . affect . . . . . . . net cash affect
CA
net profit
TA
CFF
Cur ratio n/a (for net cash affect)
Leverage n/a (for net cash affect)
kinda freaky i know the table off by heart in my head still, it will soon be purged
final comments; super shit mid session, kar ming should be tortured, or if he didn;t write the test, whomever wrote it, should be tortured : D
