EXAMS OVER...how did you all go??

[RDX]

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Damn this years exam looks easier..

[tsbc]

when the prices are falling-
fifo assumes that the earlier, more expensive stock is sold first. This leaves the cheaper stock on hand. This overestimates Cost of Sales, thus underestimating Net Profit.

[game_freak]

Yeah i thought it was alright, but then after i think i made tons of stupid mistakes.

Any idea when VCAA will send out the marks?

[nlc]

Originally Posted by tsbc

when the prices are falling-
fifo assumes that the earlier, more expensive stock is sold first. This leaves the cheaper stock on hand. This overestimates Cost of Sales, thus underestimating Net Profit.

OMFG PHEWWW i have the same explanantions...

[ltjlbhd]

Originally Posted by tsbc

Hmm alright.
Overall, a well written exam I'd say.
It took me longer than previous years, but maybe that was just due to being under exam conditions.
Few questions that were on the harder side...
1.4- Wasn't sure to use Reliabilty or Comparability
1.5.2- Unsure about the Owner's Equity part of the Balance Sheet
2.4.2- The Rent expense confused me. I assumed that the payment in June has yet to be consumed, so 8000 of the 12000 was rent expense.

There was a few other good/hard questions, but these are just the ones I think I got wrong.

oh, still good work. congratulations

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