final exams tips n resources (3 Viewers)

[flyin']

woah, how did you figure that out?

 

[redruM]

thanks for the file!

 

[flyin']

well, you people still need to do most of the work.. of cramming =p

get offline and cram!

 

[iambored]

i need to cram and sleep, but i can't leave this chair..

 

[flyin']

No worries, just lift your chair and move it elsewhere

 

[redruM]

this is what i am doing.

**conceptual framework
*SAC3
reliability
relevance
materiality
comparability
understandibility

*SAC4
just basically what defines each of the following.
assets
liabilities
equity
revenues
expenses

*assumptions
accounting entity
historical cost
going concern
period assumption
relevance
reliability
materiality
economic substance

**internal control
*IC concepts and framework
clear responsibility
separation of recording and assets
division of repsponsibility
mechanical & electronic devices
physical control

*control of cash.
receipts
payments

*limitations if IC

----havent gone thru the following-----
**worksheet for periodic + perpetual
*6 adjustments
*closing entries

**COGS stuff formulas etc.

thats it.
not studying anything else.

does anyone want to add anything to this?

btw, stat is fucked!

 

[flyin']

the following order, recommended..

theory
- diff between periodic/perpetual systems (go memorise tute)
- internal control (read thru questions in book.. one on cinema)
- conceptual framework (read thru questions in book.. ones about depreciation, or trucks.. there are only two examples)

practical
- worksheet, p/l, b/s <-- know them well! (probably will do two sets of p/l and b/s)
- closing entries
- one impossible questions (can't do much bout this one)

do quetsions cos learning terms doesn't mean you understand or know how they apply

had i not sold my text might've given you the exact question =p



171 isn't that bad. Back in my day they Passed heaps of people, people who didn't even understand the material from what I could gather

 

[redruM]

thanks heaps for your help man. very appreciated!

i know what question you are talking about.

just got a quesition from my actuarial friend. what % of people generally get credit or what kind of raw marks would you need to get a credit. cheers.

thanks again dude.

 

[*hopeful*]

hey flyin u 4got the bank reconciliation statement
btw does any1 fink there'll be a statement of cash flows

 

[redruM]

u recon they'll make us do a bank rec?

 

[redruM]

here is a 'practice' question

The Sundale Cinema is located in a large shopping centre in a northern suburb of Metropole City. It screens 3 sessions daily and hires an individual ticket seller for each session. Session screenings are 10-1, 2-5 and 6-9 each weekday, except Sunday.

Ticket sellers receive cash from patrons and issue sequentially numbered entry tickets via a ticket dispensing machine. Ticket roles are locked in to the dispensing machine by the theatre manager at the start of each screening session. The ticket dispensing machine issues tickets for each type of patron- adult child and concessions. Each ticket issued is perforated to enable the usher at the theatre entrance to tear the ticket into 2 halves – one retained by the patron and the other deposited by the usher in a locked box at the entrance.

At the end of each screening, the Sundale cinema manager removes the ticket rolls, determines the number of tickets issued for each class of patron, and reconciles the cash receipts on a ticket sales summary sheet which is initialled by the relevant ticket seller. Cash takings for the first 2 screenings each day are stored in cash bags and locked in a time locked safe in the manager’s office. At the end of the last screening each day, the manager prepares a bank deposit slip for the total takings, and deposits this together with the total cash takings into the night sage of the theatre’s bank which is conveniently located within the same shopping centre. Copies of the ticket sales summary sheet and the bank deposit slip are forwarded to the cinema’s accountant for verification and subsequent recording.

1. What are the most important internal control principles and procedures being used by the cinema to ensure control over cash receipts? From the detail provided, does the cinema have an adequate system of internal control?

2. Does the system adequately prevent the misappropriation of cash through collaboration?
(a) Between 2 of the ticket sellers
(b) Between a ticket seller and a door usher
Explain.

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.

 

[~ForAGoodCause~]

hey whered u get that question from?... is it the actual question, or similar?, i looked in the text but couldnt find anything about movie cinemas, only sumthin about tickets
grrr flyin

 

[Grizzly]

Originally posted by ~ForAGoodCause~
hey whered u get that question from?... is it the actual question, or similar?, i looked in the text but couldnt find anything about movie cinemas, only sumthin about tickets
grrr flyin

I did that question twice in PAL

 

[redruM]

yeh i got it from pal.

it is a very good possibility to be in the exam. so prepare answers for them.

grizzly, can you compare my solution to yours?

 

[-=«MÄLÅÇhïtÊ»=-]

ye i fink dat ques was exactly same as mine

 

[flamin']

NOTE KIDDIES =P

flyin' or malachite or anyone else's words are not final words about the exam format or structure of exam or ALL you need to know... Alex knows he's been using the SAME exam for the past 4-5 years and knows that PAL leaders have been telling kids that... so there is a good chance he could change the whole thing...

Just take your lecturers words about the exam as the final word...

GOOD LUCK!

 

[Grizzly]

mind games i tell you!

Good luck!

 

[Toby]

Did you past accgers have a "question which looks different but keep your cool?"
(meant to be the impossible one, which looks very different to any routine question we've done)

 

[redruM]

Originally posted by flamin'
NOTE KIDDIES =P

flyin' or malachite or anyone else's words are not final words about the exam format or structure of exam or ALL you need to know... Alex knows he's been using the SAME exam for the past 4-5 years and knows that PAL leaders have been telling kids that... so there is a good chance he could change the whole thing...

Just take your lecturers words about the exam as the final word...

GOOD LUCK!

preparing those questions has taught me the topic. so it will help no matter what.

 

[flamin']

Originally posted by Toby
Did you past accgers have a "question which looks different but keep your cool?"
(meant to be the impossible one, which looks very different to any routine question we've done)

Yea.. question 4. Its the hardest one in the exam. I got it out by fudging it.... Like things didn't balance, was out by a few $$$ so just search for the missing $$$

When you get to accg101, fudging is real important =P