Exam thoughts for Accounting Procedures Final (1 Viewer)

[hen123]

Phew, it was a fair test and lucky enough the sections which, I did not focus much on and hoped did not come up, didn't.
There was plenty of time remaining for any students with a decent knowledge of accounting. I'm just wondering, did anyone get the chance to write their answers on some scrap paper. Well, I did...(for a couple of Questions)
I just need confirmation to see how i went, please post your answers...
Thankyou, much appreciated.
Yay, that's 2 units down my bag, 8 more to go!

 

[footballstar]

Did you get the answers for the income statement question?

Specifically the one on prepaid insurance?

 

[hen123]

let me check, do u have msn?

 

[hen123]

wait, which question are you talking about, the balance day adjustment(amount)? or the amount in the income statement

 

[footballstar]

Both of them

 

[hen123]

I took 2 months out of the 4200 as being expense prepaid and therefore had this in my general journal:
Expense prepaid 700
Insurance 700

and therefore i had 3500 in my income statement.

 

[footballstar]

well i got those wrong. How many marks do you I'll have lost.

 

[hen123]

well, thats 2 marks for the general journal entry and probably another mark for the error you incurred in the income statement. Therefore probably 3 Marks gone there.

 

[lilkiwicutie89]

have u guys done the exam alreadt??

how was it..// i wanna see the paper..!

 

[Buiboi]

I took 2 months out of the 4200 as being expense prepaid and therefore had this in my general journal:
Expense prepaid 700
Insurance 700

and therefore i had 3500 in my income statement.

Yeah i did that as well! woo hoo!

 

[Buiboi]

hey did you get $106 for doubtful debts? apparently my friend got something different and so yeah

 

[Buiboi]

oh yeah and did you include the adjusted doubtful debt in to the income statement, the financial and borrowing? because it was an adjustment so that means it hasnt been included right?

 

[juyoung=)]

hey did you get $106 for doubtful debts? apparently my friend got something different and so yeah

you had to decrease ur calculated doubtful debt from the provisions for doubtful debt account,, i got that wrong LOL

 

[Buiboi]

wait i did that though...like 3% of A/C rec (which is not minused as there were no additional bad debts) and you get like $318 and then from here you subtact the provision for doubtful debts which is $212 and from this you get $106? or did i do somethign wrong?

 

[squiRtle2006]

Hay.. i do TVET accounting too.. do any of you know how accounting scales.. sum1 told me it scales like really high, and hten some told me that it like scales super low coz its a tafe course.. i'm confused >.<... anyway.. hehe i remebe rhte final exam.. it was cool... >.<
i love TAFe!!.. how fun is it!!.. where od u guyz go ???