Accg 105 Final Exam (1 Viewer)

[Kutay]

Hey bosers

I was just wondering if anyone could give me some tips for the accg 105 exam. i have gone over my lectures and the only problem i have is doing all those ledgers/journals etc all the practical stuff..

I was just wondering from people who have done it before do they ask many questions on using this information make a bank reconcilation statement or general ledgers etc or is it more like what does this mean ertc and interpretations? Also any tips of stuff to study

thanks in advance Kutay

 

[jake2.0]

She said in the lectures that bank reconciliation won't be in the final

Good luck

 

[Supra]

btw jake2.0 can confirm but i dont think she'd assess general journal and all that coz we did that in the practice set...

Concentrate on accoutning principles, cash flow statements, liquidity,efficency and other ratios etc.

 

[MrRock]

We will have to complete at least one financial statement. So brush up on exactly how to do that.
Dunno how far back in the accounting cycle the given information will be (e.g. trial balance? list of transactions? source documents?). Will guess it will be a list of transactions though.

I'm thinking she will also throw in a question like "analyse the importance of the accounting assumptions in effective bookkeeping" just to piss everyone off.

If we won't have any general journal stuff cuz it was in the practice set, does that mean no adjusting and closing either? Seems like wishful thinking on my part.

 

[Supra]

maybe she might ask straight out adjusting entries and stuff...like how the textbook covers it if you know what I mean?

I remember reading in one of hte lecture notes: Closing entries wont be in the final exam...i will confirm this so dont take my word for it atm...closing entries arent that hard neway, just know that u only need to close revenue and expense items...and if they are in a debit balance, credit em and debit P/L Summary, vice versa.

Internal control and that crap is definitely in it...

 

[prusso]

expect a worksheet that we will need 2 complete

failed this exam last year, 2 exams in 1 day and didnt prepare 4 this thought i could scrap a pass but i didnt

umm make sure u no the principles/assumptions, basic surfari stuff, internal control, depreciation, ratios, worksheet, income statement, balance sheet, cash flow statement

dont worry about special journals, bank reconciliation or subsidery ledgers

also take ur time, dont worry about accurary, they dont care if ur numbers are wrong, as long as u do it correctly

FKN 44!!!!

 

[clairegirl]

lol @ bank reconciliation not being in the exam... lol there was a question on bank reconciliation that was worth 15 marks or something and i left it completely blank lol

 

[Supra]

expect a worksheet that we will need 2 complete

failed this exam last year, 2 exams in 1 day and didnt prepare 4 this thought i could scrap a pass but i didnt

umm make sure u no the principles/assumptions, basic surfari stuff, internal control, depreciation, ratios, worksheet, income statement, balance sheet, cash flow statement

dont worry about special journals, bank reconciliation or subsidery ledgers

also take ur time, dont worry about accurary, they dont care if ur numbers are wrong, as long as u do it correctly

FKN 44!!!!

lol fk u missed out by one!!! I got PC last year, I need P min but going for hopefully something nice this time.

BTW Can comeone confirm anything re: general journal, closing entries etc then?

I actually know journal entries this time around! thats really bad....

lol @ bank reconciliation not being in the exam... lol there was a question on bank reconciliation that was worth 15 marks or something and i left it completely blank lol

That was the hardest bank rec ive ever seen!!! Bank Rec was one of hte few things i really prepared well for. You still got a D even after throwing 15 marks, thats awesome!

 

[MrRock]

I'm pretty sure there's no bank reconciliation. Straight quote from my notes taken in the review/exam lecture.
"No bank reconciliation statement as the outcomes and skills required to complete this will be tested in other ways."

Adjustments will be in there though. My notes seem to lean towards the way she does it in the lecture notes as the way to be tested especially the two ways to do adjustments (e.g. credit expense then debit it or debit then credit... i think... read the notes ).

Stuff on total cost of non-current assets as well. All 3 methods are examinable apparently.

 

[prusso]

I'm pretty sure there's no bank reconciliation. Straight quote from my notes taken in the review/exam lecture.
"No bank reconciliation statement as the outcomes and skills required to complete this will be tested in other ways."

Adjustments will be in there though. My notes seem to lean towards the way she does it in the lecture notes as the way to be tested especially the two ways to do adjustments (e.g. credit expense then debit it or debit then credit... i think... read the notes ).

Stuff on total cost of non-current assets as well. All 3 methods are examinable apparently.

i would of passed if that bank reconciliation was something else ffs :burn:

 

[jake2.0]

lol fk u missed out by one!!! I got PC last year, I need P min but going for hopefully something nice this time.

BTW Can comeone confirm anything re: general journal, closing entries etc then?

She'll just put questions like the ones in the lecture notes eg you get given a set of transactions that have occured now record them in the general journal. So you write

DR cash $$$
CR a/c rec $$$

and so on. But she won't have stuff like write up a subsidiary ledger for this account, like it is in the fkn Safari book!

As for closing entries, what are they again? Are they the ones where you close the expense and revenue accounts and put that in the P&L account? If so if so i think they are examined, but i know for sure that reversing entries are not examined as it said somewhere in the lecture notes.

 

[Supra]

neways cbb doing accounting...its a crammable subject im going to do it after econ201 thurs afternoon

 

[hello2004]

She said in the lectures that bank reconciliation won't be in the final

Hahahaha

She said the same thing last year and there ended up being a 15 mark question on it.

Three tips:

1. Learn Bank Reconciliation
2. Know all the tutorials (this is a massive step towards getting a higher grade)
3. Know all the ratios and their functions (really easy to do and is worth quite a lot of marks)

Good luck in getting through what has to be the shittiest subject of all time.

 

[jake2.0]

Hahahaha

She said the same thing last year and there ended up being a 15 mark question on it.

please tell me your joking

 

[MrRock]

Wow.... that's pretty insane to say something specifically isn't in the exam and put it in anyway.
I will look heavily over all the tute questions to make sure I can do em all. That's what you meant when you said "know all the tutorials", right?

 

[redruM]

AIDE- Assets Increase with a Debit, as do Expenses.

 

[clairegirl]

Wow.... that's pretty insane to say something specifically isn't in the exam and put it in anyway.
I will look heavily over all the tute questions to make sure I can do em all. That's what you meant when you said "know all the tutorials", right?

yeah I must agree with the whole "know your tutes".... i lived and breathed accg105 for 5 days straight... 4 hours sleep a night... i did ALL the tutorial questions in the beggininning of my study and then studied textbook and read chapters and then did ALL the tutorial questions AGAIN (skipping stuff i knew there'de be no way i could understand) and then studied lectures notes before exam.

Supra: yeah i got a D but it was a low D.... PS: i didn't even know Bank reconciliation existed until the exam :\ lol im sooooo glad accg105 is over

I'm doing accg200 equivalent in mexico... so all i need is a pass and it won't affect my GPA whooot .... the only scary subject left is ACCG253 :S:S

PPS: Ohhh and i must concur... know your ratios... however if you've done Business studies in the HSC you can usually bullshit accurately because they give the names of it. Thats how i passed that section. Balance sheet is awsome! I drew smiley faces ALL over the test paper because i balanced

 

[Supra]

im doin 253 for sure next sem...r u gonna be in mexico during first sem?

Balance sheet ull know ur wrong or right...which is awesome!

 

[jake2.0]

Just a quick Q, is the exam all applied stuff like writing out entries and stuff or is there theory part in it as well like asking you for definitions and all?

Also would anyone happen to have a past exam or are they collected?

 

[Tabris]

U think thats hard....have pity for those doing accg101...


if u have done all the prescribed work and made summaries to the journal entries, methods and theory,u shouldnt have alot of problems.