final exams tips n resources (1 Viewer)

[Toby]

righteo.. thanks for the hint and guidelines guys
hope alex didn't change too much...
man, I can't wait till accg is over,
worst
subject
ever

 

[flowin']

Don't forget Accg101.. where no one gets any help!

 

[choco]

is it always better to suggest perpetual systems rather than periodic and just say that the cost and complications are lower due to computerised systems?

 

[~ForAGoodCause~]

im soooo stressed bout accg
i had two days to study. and bascially did jack =/ ... and right now, i havent even learnt about periodic perpetual sytems, let alone studied it... i dont deserve to pass, looks like accg105 for me next sem
and also have bba203 2moro, where i havent studied at all, ill just have the one hour before the exam to cram ... i think i will do ok...

bah me going sleep.

goodluck accounting peopleee

 

[flamin']

Most ACCG long answers questions you can booolshit your way through...

 

[flyin']

That's if you enough to BS your way thru..

 

[redruM]

Originally posted by redruM
here is a 'practice' question




1. A number of IC principles and procedures are followed by the cinema to ensure control over cash receipts.

- A ticket dispensing machine is used instead of doing it manually. This reduces errors.
- Locked by manager. Reduces theft by ticket sellers, or even patrons.
- Division of responsibility between seller and door usher means that the seller can give an adult a concession ticket, but charge them adult fare. In effect keeping the difference. But since the responsibility has been divided between the usher and seller, the usher will pick up that the holder of the ticket should have an adult ticket.
- The seller is designated, they only have 1 responsibility, i.e. to collect cash and issue tickets. Since the seller has initialled his/her “sale”, it restricts them from breaching any rules and serves as a good control measure. Apart from their single responsibility, they don’t influence any other working of the system.
- All cash intakes are deposited into a safe at a bank, which is a good physical control. This is better than leaving it in registers.
- The fact that the manager reconciles the cash receipts and the no. of tickets sold, known due to ticket dispensing machine, after each screenings means that any discrepancies can be traced and dealt with accordingly.
- The recording and handling of assets is separated. The sales summary sheet and bank deposits slip are given to the accountant, who has no contact with any assets (cash or tickets). Therefore, he/she won’t be able to have control to take assets and change the records to hide this.
In terms of costs vs. benefits, and adequate IC system is defined as one where the benefits are greater than the costs. Using the description, it can be fair to suggest that they do have an adequate system of IC. They adhere to various principles and procedures as outlined above.

2 (a) collaboration between 2 sellers is adequately controlled. This is done in the following way. An individual seller works for each session, and at the end of each session, the manager reconciles the cash receipts and no. of tickets issued. Therefore any misappropriations through collaboration between 2 sellers are adequately controlled.
(b) The following collaboration can occur, with the current IC system, between a seller and an usher. A seller may issue an adult a concession (cheaper) ticket. The patron would still pay an adult fare ($10), but since a concession ticket ($5) was issued, the seller may keep the difference ($5) for themselves. Due to their collaboration, the usher would allow the adult patron to go through. Management can tighten this by rotating the sellers and ushers. Eg- have different combinations of ushers and sellers or rotate 2 ushers into a shift instead on just 1. This would reduce company losses.

anyone care to comment.

lol!

 

[~ForAGoodCause~]

hehe thanx redruM for posting that question up, you may have saved me

 

[redruM]

i had a prepared copy of perpetual vs periodic, adv and disadv, but i didnt have any time to practice remember it. and i had done all of those CF questions, the night before and knew they were all correct.

wish i had time to practice my bank rec, wont get many marks for that.

only if accg was the only exam i had on that day!!

could have got 20 more marks that what i will get...!

 

[flyin']

how did you know cf was all right? cos i was too lazy to study that bit the night before cos i had no answers =p

 

[~ForAGoodCause~]

i had answers to cf, but couldnt remember em. boogers

 

[Carlz3000]

If u need somewhere to get study tips, i recommend going to www.petersheahan.com.au

I've found some of the study tips on this website very helpful

 

[~ForAGoodCause~]

oo peter sheahan, we were given a motivational talk by him once

 

[redruM]

Originally posted by flyin'
how did you know cf was all right? cos i was too lazy to study that bit the night before cos i had no answers =p

i went thru them with a friend who got 71/80 for mid sem with no study and finished the 2 hr test in 40 mins.

he did accg in high school and is a genious.

 

[flyin']

midsem isn't a good indication but we'll see =p

 

[redruM]

well he taught me worksheets from scratch abot 40 mins before the exam for about 10 mins. and i ended up balancing it in the exam, so yeh he is pretty good.

he got q5 out. confidently.

 

[flyin']

hmm, as a side note, the distribution of marks will be different because there arent any actuarials doing accg100 (or 101 next sem)

 

[redruM]

different?

so dummer group=lower scaling?

 

[flyin']

i dunno will just wait and see.. cos actuarials get high marks so everyone else isn't scaled as well.. without them.. they may choose to just not give out high marks.. or presume that the people at the top wouldve been as good as the actuarials..

 

[redruM]

true....makes sense.

oh well...everyone will be treated equally when it comes to this...so i dun really care.
as long as i dont fail