I feel like that was a relatively easy exam overall. 4 mark planning/control was annoying, honestly not sure about what you were meant to say for that other than setting targets and expenditure limits, identifying trends and preventing a net loss.
Interesting that there were no qualitative characteristics on the whole exam, and I was surprised that there was only 1 proper 6-marker.
Does anyone remember what the opening balance in the prepaid advertising account was? Also, were we supposed to record the depreciation expense for September in the general journal with the disposal entries?
I’d guess somewhere on the lower end of 80s like 81-83 just because we didn’t have to do the disposal ledgers but there were some questions like the 4 mark debt ratio, the relationship between cc and schedule, and that sales returns one which might get some people.
Opening balance was $3800. I'm 90% sure we didn't have to include depreciation since 1. there were only 6 marks allocated to the question, and 2. it said to record general journal entries for the sale of the asset and purchase of the new one. You could technically say the depreciation is included in the sale of the asset but I highly doubt that we had to include that. VCAA generally don't do trick questions like that without explicitly stating it, and they already assigned 1 mark to that earlier, they wouldn't give us 1/2 more marks just for knowing "depreciation/acc. depn".
Sales returns was another wierd question, since it specifically stated it wanted an accounting element and the study design says "the elements of financial reports: assets, liabilities, owner’s equity, revenue and expenses", I don't think "negative revenue" would be valid since it's not really an accounting element, more of a variation on one. And even though it's not included with expenses in the Income Statement, it still meets the definition of an expense (decrease in asset, outflow of economic benefits (or you could say reduction in inflows)).