Anyone lost at ACCT1501? (1 Viewer)

[hieutu612]

2005 Accounting Paper
------------------------------
note: cy = current year; py = previous year

Q1
----
(TCRcy + UNSpy - ARpy) - UNScy + ARcy

Q2
----
(answer from Q1 ie. 365 960) - TCRcy

Q3
----
RPcy - RPpy = Rcy - Ecy

Q46
-----
TCR2005 - TCP2005

Q47
-----
(TCRcy - ARpy + AEpy - PApy) - TCPcy + ARcy - AEcy + PAcy

Q48
-----
cash-based profit 2004 = TCR - TCP
accrual based profit 2004 = TCR - TCP + AR - AE + PA

Q49
-----
RP @ end of 2005 = Accrual based profit 2004 + Accrual based profit 2005
Accrual based profit 2005 = 28 698 [Q47]
Accrual based profit 2004 = TCR - TCP + AR - AE + PA
= 14 531

.: RP @ end of 2005 = 14 531 + 28 698
= 43229

Cash on hand @ end of 2005 = (TCRpy - TCPpy) + (TCRcy - TCPcy)
= (20 340 - 12 678) + (35680 - 10 584)
= 32 758

.: Difference = 43 229 - 32 758
= 10 471

Q50
-----
RP @ end of 2005 = Equity
Accrued Expenses '05 ie. $1 879 = Liabilities
.: b. is the correct answer

 

[hieutu612]

Does anyone have 2004, 2003 etc accounting papers? I need more practice =/

 

[sunjet]

thanks, you machine, that's session 2 paper as well.

 

[Minai]

Does anyone have 2004, 2003 etc accounting papers? I need more practice =/

We didn't have a midsession exam in 2003 for ACCT1501.

 

[rand0m3r]

We didn't have a midsession exam in 2003 for ACCT1501.

nor did the 2004 session 1 cohort.

 

[blackfriday]

2005 Accounting Paper
------------------------------
note: cy = current year; py = previous year

Q1
----
(TCRcy + UNSpy - ARpy) - UNScy + ARcy

Q2
----
(answer from Q1 ie. 365 960) - TCRcy

Q3
----
RPcy - RPpy = Rcy - Ecy

Q46
-----
TCR2005 - TCP2005

Q47
-----
(TCRcy - ARpy + AEpy - PApy) - TCPcy + ARcy - AEcy + PAcy

Q48
-----
cash-based profit 2004 = TCR - TCP
accrual based profit 2004 = TCR - TCP + AR - AE + PA

Q49
-----
RP @ end of 2005 = Accrual based profit 2004 + Accrual based profit 2005
Accrual based profit 2005 = 28 698 [Q47]
Accrual based profit 2004 = TCR - TCP + AR - AE + PA
= 14 531

.: RP @ end of 2005 = 14 531 + 28 698
= 43229

Cash on hand @ end of 2005 = (TCRpy - TCPpy) + (TCRcy - TCPcy)
= (20 340 - 12 678) + (35680 - 10 584)
= 32 758

.: Difference = 43 229 - 32 758
= 10 471

Q50
-----
RP @ end of 2005 = Equity
Accrued Expenses '05 ie. $1 879 = Liabilities
.: b. is the correct answer

thats the last time i trust accountants. thanks a lot !

 

[Eagles]

thats the last time i trust accountants. thanks a lot !

? her answers seems pretty correct to me..

 

[sunjet]

was hard imo.

 

[Eagles]

Heard u guys had some wierd comparing companies using their cashflows and net profits..?

 

[Raginsheep]

Well we were asked to compare in our own words the difference between Big W which increased profits by 3% despite having a 10% rise in sales while Woolworth's electronics division increased profits by 18% but only 16% rise in sales.

Then we had one asking why an investment analysy would be interested in Woolworth's cashflow and net profits.

(BTW, numbers are not exact but their relative values are correct)

 

[Casmira]

fail fail fail

i basicall went into that although big w increased sales was done at a loss and how dse managed to make a profit (but i went more into detail)

 

[implicity]

it wasn't that bad, but i probably messed up one of the calculation questions. The extended response was alright, but i think i probably wrote too much for it (i went over )

I heard from people who did the exam at 9:00 (i had mine at 11:30) that they were mostly disadvantaged by the time constraints... did anyone else find that? i somehow managed to get in about 10 minutes of extra time to read over everything again.