ACCOUNTING 1B- Practice Set (1 Viewer)

[Monstar]

hey all...

just reading the exam outline and it says the practice set is a 'process based' question.. wtf does that even mean?
Does anyone even do the practice set?

regards

 

[pLuvia]

If it is anything like accg105, we had a practice set but it was Ants Pants, which I think is similar to safari, the questions they asked on my finals on the practice set did not involve you knowing the resulting values of the BS and all that. But you had to know who the buyers, sellers were, what kind of things the company sold, and like general stuff like that.

They never asked us to fill in blanks on the BS, so you weren't really needed to memorise any values, just pretty much the functions of the company

 

[atreus]

if its anything like accg101 last year, and if kim boon is the uc, then shell probably put those types of questions for the practice set section e.g. name one creditor of surfari, one debtor of surfari, what depreciation method does surfari use, what inventory method, etc. either that or some journal entry type question that she put int he mid semester.

 

[Supra]

In the mid semester Boon made a question where you had to do journals, however in the final all she asked was the above (naming debtors/creditors etc.)

My tip: You should learn the journals anyway, it won't take long, and that way you will know how to answer any bullshit questions she may throw in.

Spend more time on the Cash Flow statement, and especially perfecting the notes to this statement. That was the hardest question in the final

 

[avatar_karma]

i didn't even notice it in the exam paper? ahahah.

 

[Supra]

i didn't even notice it in the exam paper? ahahah.

No cash flow? Consider yourself lucky then

 

[avatar_karma]

no no.
there was a cash flow statement. first question.
but how is that related to the practice set?

 

[Supra]

no no.
there was a cash flow statement. first question.
but how is that related to the practice set?

I never said there was a correlation. It was an additional point, addressing the fact that you should not waste too much time on the Practice Set, and instead invest that time learning Cash Flows.

 

[avatar_karma]

oh yes yes this is quite true.
there is always a question on cash flows in the accounting 1b exam.