This set of slides has been created for students studying for the VCE Accounting Exam mid-year in Victoria, Australia. They contain a summary of the assessors' main concerns on students' answers in past papers - 2007-2010
While appearing for the CSE Mains 2020, there are many optional subjects. And if you are choosing Economics, then it requires a certain strategy for securing good marks. You must give emphasis on the theorems and understand the concepts. See the following slideshow to learn new tips for studying Economics for CSE 2020.
While appearing for the CSE Mains 2020, there are many optional subjects. And if you are choosing Economics, then it requires a certain strategy for securing good marks. You must give emphasis on the theorems and understand the concepts. See the following slideshow to learn new tips for studying Economics for CSE 2020.
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxjasoninnes20
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c ...
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxgarnerangelika
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c.
Ac 107 Social Responsibility / tutorialrank.comPrescottLunt431
For more course tutorials visit
www.tutorialrank.com
AC 107 Week 1 Unit 1 Assignment (Score 49.5/50)
AC 107 Week 1 Discussion
AC 107 Week 2 Unit 2 Assignment (Score 47/50)
AC 107 Week 2 Discussion
AC 107 Week 3 Unit 3 Assignment (Score 40/50)
AC 107 Week 4 Unit 4 Key Assessment
AC 107 Week 4 Discussion
AC 107 Week 5 Unit 5 Assignme
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxjasoninnes20
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c ...
BCO114 ACCOUNTING I Task brief & rubrics Task Final Ass.docxgarnerangelika
BCO114 ACCOUNTING I Task brief & rubrics
Task: Final Assignment (40% of the Final grade)
You must answer all the questions in the proposed business case.
This task assesses the following learning outcomes:
• Critically understand the differences between the methods of valuation of the inventory
• Knowing how to properly elaborate an income statement and determine the ending inventory balance.
LAUNCH: WEEK 10 / DELIVERY: MAY 10th, 2020, 23:59HRS ON MOODLE
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
BUSINESS CASE (100 points)
Jim has recently opened a dry fruits wholesale company dedicated to the sale of peanuts, almonds and pistachios.
During its first month of activity, the company has made the following transactions:
February 2: Purchase of Pistachios: [email protected]$/Kg $ 25.000
Purchase of Almonds: 4.000Kg @ 5$/Kg $ 20.000
Purchas of Peanuts: 6.000Kg @ 3$/ Kg $ 18.000
February 3: Purchase of Pistachios: [email protected]$/Kg $18.000
Purchase of Almonds: 2.000Kg @ 6$/Kg $ 12.000
Purchas of Peanuts: 2.000Kg @ 4$/ Kg $ 18.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
February 6: Sold to several clients:
Pistachios: [email protected] 20$/Kg $40.000
Almonds: 2.500Kg @ 11$/Kg $ 27.500
Peanuts: 3.000Kg @ 7$/ Kg $ 21.000
February 6: Sold to Fruits Lovers Inc.:
Pistachios: 500Kg @20$/Kg. $ 10.000
Almonds: 1.000Kg @ 11$/Kg $ 11.000
Peanuts: 1.500Kg @ 8$/ Kg $ 12.000
February 12 Purchase of Pistachios: [email protected]$/Kg $ 21.000
Purchase of almonds: 2.000Kg @ 8$/Kg $ 16.000
February 13: Sale of peanuts to Peanuts Lovers Inc.: 3.500Kg @8$/kg $ 28.000
February 14: Purchase of Peanuts 6.000 Kg @4$/Kg $24.000
February 19: Sold to several clients:
Pistachios: [email protected] 21$/Kg. $ 21.000
Almonds: 1.500Kg @ 13$/Kg $ 19.500
Peanuts: 3.000Kg @ 9$/ Kg $ 27.000
February 25: Purchased from various suppliers:
Pistachios: [email protected]$/Kg. $ 13.000
mailto:[email protected]$/Kg
mailto:[email protected]$/Kg
Almonds: 1.000Kg @ 9$/Kg $ 9.000
Peanuts: 1.000Kg @ 4$/ Kg $ 4.000
Besides these transactions, the company has had the following expenses:
Salaries: $3500
Electricity bill: $300
Renting of equipment: &800
Rent of warehouse and office: $1.500
Miscellaneous: $1.200
Jim’s accountant recommended that he should use the average cost method in order to determine the cost of the inventory sold but he is not sur e about the
consequences it nay have on his financial situation
Relying on your accounting knowledge, Jim asks you the following questions:
1: Why in your opinion did Jim’s accountant recommend the average cost method and what difference is there whit the three other methods? Explain the main
c.
Ac 107 Social Responsibility / tutorialrank.comPrescottLunt431
For more course tutorials visit
www.tutorialrank.com
AC 107 Week 1 Unit 1 Assignment (Score 49.5/50)
AC 107 Week 1 Discussion
AC 107 Week 2 Unit 2 Assignment (Score 47/50)
AC 107 Week 2 Discussion
AC 107 Week 3 Unit 3 Assignment (Score 40/50)
AC 107 Week 4 Unit 4 Key Assessment
AC 107 Week 4 Discussion
AC 107 Week 5 Unit 5 Assignme
Why worry about revenue and expense recognition Why not j.docxgauthierleppington
Why worry about revenue and expense recognition?
Why not just recognize revenue when cash is received and expense when cash is paid?
It would be much easier, but would it be better?
Do you think nonprofits worry about revenues and expenses? Why?
2. Choose two concepts/topics you learned from the chapter that you found most interesting. Please briefly explain the concepts and why you found them to be the most interesting.
notes
Here is your reading list for this week:
Financial Intelligence: A Manager’s Guide to Knowing What the Numbers Really Mean
Free download
from Antioch University Library use your AU ID and password for access.
Part Two: The (Many) Peculiarities Of The Income Statement
Topic 5: Profit Is an Estimate
Topic 6: Cracking the Code of the Income Statement
Topics 7: Revenue: The Issue is Recognition
Topic 8: Costs and Expenses: No Hard and Fast Rules
Topic 9: The Many Forms of Profit
Part Two Tool Box:
Understanding the Variance
Profits at Nonprofits
A Quick Review: Percent of and Percent Change
Study Notes and Reflection
Supplemental Differences Between Profit and Nonprofit Reporting: Fund Accounting
Supplemental Nonprofit Income Statement
Lecture Notes
The income statement is also known as the Profit and Loss Statement, P&L, Operating Statement, Earnings statement, and a few other names. At its most basic, this statement is a company’s revenues, expenses, and the difference between the two. The difference is called net income.
It is important to note that revenues and profits are not the same as cash. Revenues include amounts earned which may or may not have been collected from customers yet. There could be amounts that customers had paid at an earlier time but have just been earned. There could be estimates and assumptions included as well.
Expenses are not necessarily amounts that have been paid. They include expenses that have been incurred but may be paid later. There may also be amounts that were paid in an earlier time-period but are now being recognized due to the matching of revenues and expenses. Estimates and assumptions are also present in expenses.
Net income is sometimes called the bottom line. It is revenues minus expenses. If expenses are more than revenues, it is called net loss. There may be important subtotals presented in the income statement such as gross profit. This subtotal is sometimes called the line. Gross profit is net sales minus cost of goods sold. Cost of goods sold are costs or expenses directly related to sales such as direct labor, direct materials and overhead.
Each statement will have a heading. It includes the company name, statement name and the time-period covered. An income statement covers a span of time. It is usually a company’s fiscal year but can be for shorter periods such as a month or quarter (three months).
Weekly Commentary:
The section outline below highlights the main points of each section of your text, Financial .
Financial accounting 17th edition williams solutions manualKrisWu123
Download at: https://goo.gl/VEVubs
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This presentation was given for Eduwebinar. The topic was Backchannels in the classroom. The session looked at the nature of backchannels, how and why to use them, the benefits/challenges and some tools that can be used.
Classroom stories are shared
Online resources and apps to enhance engagement in accounting1murcha
This was my presentation at the 2018 Comview Conference in Victoria Australia. It shares some of the online resources, tools and apps that can be used to engage students in accounting. Some of the resources are directly targeted at the new Study Design for VCE Accounting which will be implemented in 2019.
What is collaborative learning? What does it look? This presentation looks at these questions, demonstrating classroom stories to show what it might look like. A list of suggested tools to use in collaborative learning are shared.
The presentation was given as part of the monthly Eduwebinar series.
A presentation given to EduTech Sydney Australia on the amazing global classroom that can now be ours if we are connected. Let's learn about the world, with and from the world.
A presentation that was prepared for the #dltv15 conference in Melbourne sharing what a classroom can start to look like when all the walls or barriers to learning are broken down. It concentrates on simple tools to use that are cross platform, cross device etc and shares classroom stories, examples and advice
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
MATATAG CURRICULUM: ASSESSING THE READINESS OF ELEM. PUBLIC SCHOOL TEACHERS I...NelTorrente
In this research, it concludes that while the readiness of teachers in Caloocan City to implement the MATATAG Curriculum is generally positive, targeted efforts in professional development, resource distribution, support networks, and comprehensive preparation can address the existing gaps and ensure successful curriculum implementation.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
A Survey of Techniques for Maximizing LLM Performance.pptx
Examiners gripes!
1. Unit 3 VCE Accounting Exams2007 to 2010Examiner’s Gripes!
2. General Advice Theses slides contain information that is predominantly taken from the VCE Accounting Exam Assessment Reports http://www.vcaa.vic.edu.au/vce/studies/account/exams.html
8. Read the theory questions carefully! EgQu 2.1.2 2010 paper 2.1.2 Explain why businesses adopt the FIFO cost assignment method. 2 marks 5% got 2 m, 13% got 1 mark, 82% got 0 marks
9. Answers Needed two answers FIFO may be used when a business is physically unable to identify individual stock items which have different cost prices Management may adopt FIFO rather than label every item with cost price. Easier method of cost allocation
10. Incorrect answers FIFO is used to ensure oldest stock sold first. FIFO makes sure that you do not get caught with too much stock FIFO is used so that goods are sold before their use by date.
11. GST clearing account Theory poorly answered – therefore learn deliberately for this exam paper.
12. 2009 Paper In cash flow statements, use collections or receipts from debtors (NOT debtors control)
13. Dates Post end of month dates from journals to ledgers (mainly) except Individual dates for sundries in ledger accounts Subsidiary ledgers – record dates when transaction occurs
14. Aliens! An alien is an item which simply does not belong in a certain report or record. Aliens can lose you a mark. Eg the item ‘Cost of Sales’ does not involve a flow of cash therefore does NOT go in Cash Flow Statement
15. Abbreviations Do not use unless absolutely necessary Can use bank rather than cash at bank Usually given sufficient room to add full titles Do not do this:- COGS (Cost of Goods Sold), Off Exp (Office Expenses) and AGP (Adjusted Gross Profit) are not acceptable and will be penalised.
16. Arrows and lines Should not be used ie do not use arrows to denote an increase or to replace the word eg ‘overstated. If a table is presented with choices such as Overstated and Understated, one of these two choices must be used as the response (refer to Question 1.7). Arrows or lines should not be used on such questions.
17. Question 1.7 A credit sale that occurred in June has not been recorded. Required:- State the effect of this omission on the Profit and Loss Statement. 3 marks 3 marks
19. Trick: Stock Gain basically there would be less stock on hand if the sale was recorded, so the difference between the stock take and the stock card would be larger, meaning the stock gain would be higher, thus, at present it is understated.
20. Question 2.2.3 Similarly, if students are asked to state Increase/Decrease/No change, one of these three responses must be used when answering such questions (refer to Question 2.2.3) Treated as incorrect responses
21. Question 2.2.3 State the effect the discount revenue has on the Balance Sheet of CARS R US as at 30 June 2009. 3 marks
24. 2008 Paper Check dates! Over the whole examination students had to deal with reporting periods of one month, three months and a complete year. Students needed to read the questions carefully to ensure they understood the period of time being dealt with. Often students did not adequately read the dates
25. Check no. of lines Do not use a few words, if four lines to answer theory question, assessors are expecting it to be mostly filled.
26. Balance Accounts A second issue this year involved the specific instruction to ‘balance’ a particular account. Despite this instruction, many students did not balance the accounts provided and subsequently could not achieve full marks on such questions Eg 1.2.2
27. Question 1.2.2 2008 1.2.2 Show how the following General Ledger accounts would appear after all journals have been posted at 30 September 2008. Cash at Bank (You are not required to balance this account.) • Creditors Control (You are not required to balance this account.) • GST Clearing (You are required to balance this account.) • Stock Control (You are required to balance this account.) 1 + 2 + 4 + 4 = 11 marks
29. Note! Many students did not seem to realise that the GST Settlement amount of $2500 must be recorded as a debit to the GST Clearing account. Titles were again an issue for some, as the word ‘Control’ was omitted by some students. Consequential errors were not penalised, and many different dollar values were recorded, depending on the students’ responses to Question 1.2.1. This question specifically asked students to balance the account and one mark was deducted if this task was not completed.
30. This account was completed quite well by most students. One mark was allocated for the two ‘Cost of Sales’ entries and these items had to be posted separately. One mark was allocated for each of the two debit entries, representing cash and credit purchases. The last mark was allocated to the ‘Stock Loss’, which was omitted by many students. Other concerns:- incorrect titles (‘Purchases’ was often used instead of ‘Creditors Control’ and ‘Bank’). Note that ‘Cost of Sales’ is the only acceptable title for the two credit entries shown above. Some students used ‘Cost of Goods Sold’, which should only be used as a heading in the Profit and Loss Statement.
31. Question 1.2.1 A similar issue existed with Question 1.2.1. Asked to total the special journals provided. It was disappointing to note yet again that some students did not take due care and complete all parts of the question.
32. One notable difference on the 2008 examination was that students were not asked to state an accounting principle or qualitative characteristic. Two principles were provided in Question 1.1.1 and students had to apply these principles to the financial information provided.
33. 2007 Papers Many students quote relevance as most appropriate characteristics to questions – not always so! Qu 1.1.3
35. Tips! Exam papers, exam papers, exam papers Summarize accounting unit 3 on 2 sides of A4 paper! Read the chapters you understand least, each night before you go to bed.