ACCG101 - Last Minute Help (1 Viewer)

[Grizzly]

Sup,
Someone doing this sub, or did do it, just sum up what types of practical we gotta know and the extent of the recording...FOR THE FINAL EXAM.

e.g
i got,

1. SCF + workings + reconciliation of operatin activites
2. calculate depreciation using the different methods...units, straight line, sum of years
JUST THEIR JOURNAL ENTRY'S ? or MAKE A WHOLE NEW P&L ?
3. Calculate COGS or INVENTORY on hand from LIFO / FIFO / WA
4. Bad debts, Bad debts written off, and bad debts expense JOURNALS ?again, do we have to put these in a P&L ?
5. Revaluation of assets ? How do we do this ?
Any more than just DR Asset, Cr Rev.reserve ?
6. Disposal of NCA. How do we "reverse these entries" ?

Thanks, and good luck y'all.

 

[bigredboof]

As far as I can remember from last year, the majority of that was covered in multiple choice mid semster exams.

There will be a reconciliation question, but noone is thought to ever get it balancing, so f it doesnt balance, just move on to another section.

I do remember alot of questions on the conceptual framework and asset/liebailty/expense etc recognitions, as well as violations of reporting requirements. (need to explain if a violation and why or why not)
it seemed this exam was alot more theory based.

There was one question that was really out of left field, to me this question was more mathematical thinking than using accg.

Hope this helps

 

[Grizzly]

As far as I can remember from last year, the majority of that was covered in multiple choice mid semster exams.

There will be a reconciliation question, but noone is thought to ever get it balancing, so f it doesnt balance, just move on to another section.

I do remember alot of questions on the conceptual framework and asset/liebailty/expense etc recognitions, as well as violations of reporting requirements. (need to explain if a violation and why or why not)
it seemed this exam was alot more theory based.

There was one question that was really out of left field, to me this question was more mathematical thinking than using accg.

Hope this helps

Thanks man, the
"
I do remember alot of questions on the conceptual framework and asset/liebailty/expense etc recognitions, as well as violations of reporting requirements. (need to explain if a violation and why or why not)
it seemed this exam was alot more theory based."

Sounds alot like the ACCG100 1A exam..

 

[~ForAGoodCause~]

crappo, i hate accounting ...

i can only do the really easy cash flow questions


hey grizzly, r u sure all the things u listed will be in the exam??? cos if it is then im screwed =/

 

[bigredboof]

no, deifnitely 101. Coz i remember i actually studied them for 101!!
the first question (like 6 parts) were all violation type questions worth two marks each. 2nd or third qn was the conceptual framework or regulations or something like that (it was anextended response), then there was the left filed qn, then the reconcilitation. Oh and i think there was soem calculations for FIFO and LIFO and there was somehting to do with bad debts.

My memory is really hazy, sorry

 

[Grizzly]

no, deifnitely 101. Coz i remember i actually studied them for 101!!
the first question (like 6 parts) were all violation type questions worth two marks each. 2nd or third qn was the conceptual framework or regulations or something like that (it was anextended response), then there was the left filed qn, then the reconcilitation. Oh and i think there was soem calculations for FIFO and LIFO and there was somehting to do with bad debts.

My memory is really hazy, sorry

Yeah, it helps thanks ..setttle em nerves...*sigh*

Alex said for prac

1."calculate the moethods of accting for bad debts" "journal entries" etc
2. "account for periodic and perpetual sstems" "LIFO/FIFO/WA
3. "What is derp. how do i record it?"
4. "Basic revaluation entry" "e.g, DR asset , CR revalution" (its hard when its got accum.depr in it )
5. "Disposal of NCA - reverse entries"
6. "Entries on depletion"
7. "Most valuable marks in the exam [SCF]"
8. "T accts - show workings"
9. "Capital T accts - sole trader " wtf is that
10. "Retaind profits - reconstruct this"
11. "Sold a nca - reconstruct the tacct and the amt of nca purchased"
12. "t acct for depreciation" omg thats hard


60% reasonable, 20% more difficult, 20% even more difficult

 

[flamin']

Probably too late now... but.... as I already said, the actual SCF with the numbers layout etc. isnt' worth that much. Like 10% in our exam.... Its more theory crap

Well gl anyways.

 

[Grizzly]

My friend said that SCF is worth like 25marks, but really easy to do
Whilst areas like RECIEVABLES (working out aging method and net credit sales using some method in accg200 that i learnt today ) is very difficult.

 

[ReaveR]

Hey how many ratios do you reckon we'd need to know for analysis?

 

[redruM]

Hey how many ratios do you reckon we'd need to know for analysis?

just the 11 that alex told us in the lecture

grizzly, for 5) from memory i think you just treat you ARR (Asset Revaluation Reserve) as an OE account.

think about it.

if you find out that your property is worth more now than it was before, then your owners equity will increase.

bit hazy myself. another exam for me. 3 in a row! accg the icing on the cake

*heads off to stat exam*

 

[Grizzly]

thanks rahul...

omg omg, i skipped the ratios lecture, can some1 plz tell me the 11

 

[ReaveR]

Return on Total Assets (%)
Return on shareholders ordinary equity
Profit Margin (%)
Current Ratio
Quick Ratio
Receivables turnover
Average collection period
Inventory turnover
Debt Ratio %
Equity %
Times interest earned %

 

[Grizzly]

is that ALL we need to know ?

we dont use them , just interpret them right ??

 

[ReaveR]

Sorry, I accidentally pressed tab to go next line instead of enter o_0
Silly Comp123, teaching me such things.

Yeah, analysis and limitations, I think.

 

[Grizzly]

thanks reaver

i havent touched Ratio yet

i know ALL my theory,
and im ok with recievables, and inventory (they just ask us to work out fifo/lifo/ wa COGS yeah ? ... wot else :S) ...SCF i got the hand of it last nite...the reconciliation notes i bit off...
selling a depreciated asset i got last night.....

i just hope my 100's in webextreme can save my behind =/ .

 

[ReaveR]

You'll be fine, you're pretty much got everything.
I think I'm a bit stuffed. I need to go study. lol

 

[Grizzly]

lol okies man
all the best
edit: that should be an indicator for me to go study aye lol

 

[ReaveR]

hahahaha many things should make us go study .. but we actually don't. Hm.
G'luck.

Edit, many hours after posting:

What theory do we have to know, other than conceptual framework and ratios?
And I don't know anything about limitations of conceptual framework o_0

 

[Grizzly]

Ummm, for CF, the theory is like, SAC's yeah and when did the aasb start ?
wot r the limitation !? omg omg..im gonna google this stuff...
Good Luck ALL !~

 

[ReaveR]

omg do we need to know all that stuff abuot AASB and FSB and Urgent Issues whatever?!?!??!?

Limitations I guess are it's still in development, and many different interest groups have different views, so we'll never really get any agreement. And AASB is Australian standards only, might not be comparible to other countries etc.

That's all I can think of for now.