ACCT1511 Mid-session (1 Viewer)

[Acid]

What did everyone think of the exam? I thought it was pretty challenging - definitely not what I expected. I thought it was weird how they put that general journal shit in there too. But overall I think I did alright.

One oddity though - for my income statement my net profit after tax was the same as CFO, $883. Anyone else get this?

 

[lah_lah]

Thats originally what I got but I included the proceeds from gain on sale of both equipment and trucks, so I got net profit a bit higher. Is that right?

 

[Eagles]

nfi! apparently 960 works when you reconcil using indirect..

i got 800something..

it didn't feel like an exam... so sleepy..

omg.. u know that share issue crap?? totally forgot the steps.. so i just put dr cash, cr share cap..

was there suppose to be a cash trust or some other bs?

 

[Kazuya]

Hmm I totally forgot about all that shares stuff we learnt at the end of 1A. Like I forgot it existed until I read your post...I just put dr cash, cr share capital. Forgot how to do doubtful debts entries too.

Argh i didn't even use indirect method for Q2. Worked backwards from the CFO figures and used T-accounts and the financial statements to get values for revenue and expenses, boo....

 

[Eagles]

Hmm I totally forgot about all that shares stuff we learnt at the end of 1A. Like I forgot it existed until I read your post...I just put dr cash, cr share capital. Forgot how to do doubtful debts entries too.

Argh i didn't even use indirect method for Q2. Worked backwards from the CFO figures and used T-accounts and the financial statements to get values for revenue and expenses, boo....

whadda you mean use indirect method to work out Q2???

you can use it to check your answer if thats what you mean..

 

[tempco]

kazuya, i did the simple way of issuing shares too. i think is should be fine - i mean that guy just started up his business. as if he's going to have a reserve and all that.

for net profit, i got 9xx. can't remember the two last digits, since people were calling out "oh, i got 930", "oh maaaaaaaan, serious? i got 929." and so on.

i hate accounting.

 

[Acid]

Thats originally what I got but I included the proceeds from gain on sale of both equipment and trucks, so I got net profit a bit higher. Is that right?

I included gain from sale too... hmm. Oh well. Better get at least like 10 out of the 17 marks for that.

 

[t-i-m-m-y]

Just out of interest.. What format was it?? Multi-choice?? or short-answer calculations etc?

 

[tempco]

Just out of interest.. What format was it?? Multi-choice?? or short-answer calculations etc?

3 questions, first two short answer calculations questions.

last one was a table you had to fill out.

 

[ace]

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

 

[Acid]

For the table I got - no effect, no effect, increase, increase, increase increase...

 

[ace]

im pretty sure i got the same

 

[Acid]

This might be a stupid question.. but on Part 1 where you had to do the general journal entries, in the adjusting entries you know how there are expenses (i.e. dr insurance expense, cr prepaid insurance)? Did you write that the account was an Expense account or an Owner's Equity account in the brackets?

 

[ace]

yeah, in each statement i identified each account type (or at least hte account type i thought it was)

since that is what the example mandated so as to get marks

i know it might seem pedantic and stupid, and eh, that was what the test asked for

 

[Acid]

That wasn't my question.. my question was if you identified the expenses account as Expense or as Owner's Equity...

 

[ace]

oh shit sorry, i skimmed read your question

my bad

i wrote expense account, but i really got nfi

 

[Acid]

i wrote expense account, but i really got nfi

Me too, but I know someone that wrote OE.

 

[Eagles]

I wrote tempory account to be closed off in the P&L in the closing stage..

if anyone wants to know the answer to q2..

pg 573 of text book should get you either: happy, or, unhappy. I was the latter.

 

[tempco]

I wrote tempory account to be closed off in the P&L in the closing stage..

if anyone wants to know the answer to q2..

pg 573 of text book should get you either: happy, or, unhappy. I was the latter.

oh dayem, i forgot about the overprovision of income tax at the end. meh, oh well.

 

[Grizzly]

*looks around* who did the 2b exam yesterday
Was fair, bit tricky tho...