Unit 3 VCE Accounting 2010 exam review
By Heath McGregor on Jun 8, 2010 in VCE Accounting, VCE Exams
Hi all,
By now, you should have finished the Unit 3 VCE Accounting exam for 2010. What did you think of the paper? What was hard? What was easy? How do you think you went?
Let us know your thoughts and comments below (please keep them clean!)…cheers
(6 votes, average: 4.50 out of 5)
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Faatimah | Jun 8, 2010 | Reply
It wasn’t that bad. Found the first question a bit tricky…but okay paper. The information for the first balance sheet was given in a weird way and the theory questions weren’t the stereotypical ones. Not a bad though. Hope I do well =)
monisha | Jun 8, 2010 | Reply
Oh My god!!
that was the longest 90 mins ever!!
It was alrite I guess
except for that question about why use FIFO cost assignemnt method…
oh well its done
time to review chem
anotherdude2 | Jun 8, 2010 | Reply
Bit shorter than the past vcaa papers which was surprising. A heap of questions were tricky as hell, and I got absolutely jazzed up in mid way question 2 about the prepaid advertising all used up except with the $9000 left out on May (or something like that). Balance sheet on the first question was also tricky. Hard to hell, either I did good or I did crap. But overall I found it sorta difficult.
anotherdude2 | Jun 8, 2010 | Reply
hard to tell*
Meg | Jun 8, 2010 | Reply
I thought it was a lot easier than last year’s exam. Though some of the thoery questions were difficult, but they aren’t my strong point anyway. I also thought question 1 was easier than question 2.
blah | Jun 8, 2010 | Reply
I almost ran out of time! I spent half the reading time looking at Question 1 reading back and forth on the rent bit and thinking what the hell… Turns out it was meant to be classified as Accrued Rent which I totally forgot about. This year’s exam was more challenging than last year’s, in my opinion..
pat | Jun 8, 2010 | Reply
How was the insalation ment to be required on the general journal?
dude | Jun 8, 2010 | Reply
Did anyone put sundry creditor for 2.1.3 as this was a credit transaction not relating to the purchase of stock?
pat | Jun 8, 2010 | Reply
yep i did
did you get four entrys though
because i only got three entrys but it was worth 4 marks
asap | Jun 8, 2010 | Reply
I put down “sundry creditor – Joe’s plumbing credit of $385″.
Exam was pretty tough compared to previous years but I think I only lost one or two marks. Thank god I remembered to include accrued rent in question 1.1.1.
By the way, how many entries did you guys have for the installation of the water tank? I had debit: equipment $1200, debit GST Clearing $35, credit: stock control $850 and sundry creditor Joe’s plumbing $385.
Not sure if that is right.
dude | Jun 8, 2010 | Reply
yea i only got 3 entries
equipment(dr), sundry creditors(cr) and sundry creditor-joe’s plumbing services(cr in the subsidary part)
pat | Jun 8, 2010 | Reply
it said to only record the installation?
nmot everything like stockcontrol
pat | Jun 8, 2010 | Reply
it only siad record instalation not like all that stuff
bob | Jun 8, 2010 | Reply
I think this question was a mistake as there are no Sundry Creditors in unit 3 only have sundry creditors in unit 4
mon | Jun 8, 2010 | Reply
i recorde it as equipment (dr)stock control (cr) installation (dr) creditors control(cr)joes plumbing(cr)
sam | Jun 8, 2010 | Reply
my profits in the black, my lambo’s blue, and ill be god damned if that deprieciates too.
scap | Jun 8, 2010 | Reply
you better cross check your control accounts before you wreck yourself, cos discount expense is bad for ya health
Tam | Jun 8, 2010 | Reply
Right, I found it harder/tricker than previous exams and that seems to be the general consensus. Question 1.1.1 was very off putting and a lot of the theory questions were badly worded/ambigious.
Theory questions were … odd?
- 3 characteristics to classify a liability
- Why do businesses adopt FIFO?
Interesting questions that will produce a lot of different answers I’m sure.
The installation of the water tank was incredibly tricky – sundry creditor? Surely not as it hasn’t been covered properly yet. The only thing I could come up with was, dr:drawings cr:stock control, then dr:equipment cr captial which included the installation fee. Not sure if that’s right though.
jayelle | Jun 8, 2010 | Reply
By the way, how many entries did you guys have for the installation of the water tank? I had debit: equipment $1200, debit GST Clearing $35, credit: stock control $850 and sundry creditor Joe’s plumbing $385.
Not sure if that is right.
—-> This sounds right… And I’m really annoyed about stuffing it up! I also forgot to put GST Clearing as a Current Asset in the BS at the start! ARGGG
And yes I thought it was harder than past exams!
But.. fair.
And yeah.. some questions were confusing…… like the advertising expense one..around the middle..
jayelle | Jun 8, 2010 | Reply
for the liability question i just wrote…
1) current obligation of the business
2) arising from past events
3) settlement of which will lead to outflow of economic resources from the business
…
is this what you guys wrote?
and i think my FIFO question was badly done.
i just compared it to identified cost hoping that’s what they’re looking for
anotherdude2 | Jun 9, 2010 | Reply
oh noes!!!! i included gst, but i stuffed it up. accidently put it in current liabilites T_T when clearly its being forwarded off
. but with joes plumbing i didnt include gst. just left it as 350. 350 dr for installation expense and 350 cr for creditors control or sometihng like that. it was messed up.
Jacinta | Jun 9, 2010 | Reply
Tam!
I did exactly the same thing…
with the installation I’m hoping it was right.
Yeah the first question, blew my mind at the start
I had to read it like five times
haha
Jacinta | Jun 9, 2010 | Reply
Oh no wait, no I didn’t
oh god… That installation question was not my good point.
nicole | Jun 9, 2010 | Reply
i was really nervous about the exam coz it was my first year 12 one.. but it wasn’t actually that bad though.
but oh well hopefully the unit 4 one will work out better! =)
the only downfall was i ran out of time so i ended up rushing the few theory questions, and then realised i stuffed up the cash flow statement..
Andrew | Jun 9, 2010 | Reply
Are you kidding me?? I had 20 minutes at the end of the exam time and I was tossing up whether to chuck in that GST Clearing in the Current Asset section.. Dammit it didn’t add up how can you total it then?
I figured 5 marks went to the reporting of the Loan, NCA, Bank, Stock and Accrued Rent…
Anyone with me?
Amy | Jun 9, 2010 | Reply
I reckon itll be Van & stock one mark, and then one for Gst, Bank, Loan, Accrued Rent.
Andrew | Jun 9, 2010 | Reply
You are probably right, i feel so ashamed now
I just hope 20% of the state gets this wrong too
fred | Jun 9, 2010 | Reply
it was debit equipment credit stock control.no drawings no capital, the owner didnt take it out for personal use it was still and always was an asset of the business. it was just less on stock and increase of equipment
jonny | Jun 9, 2010 | Reply
it said the owner will personally install it, so doesn’t that make it in his possession and the amount was 850 because of the Cost price not selling price
jonny | Jun 9, 2010 | Reply
and if it was just a straight debit and credit to equipment and stock control i will be so p***d off because i had that down for so long
pam | Jun 9, 2010 | Reply
na joes plumbing installed the water tank
geoff | Jun 9, 2010 | Reply
It was
Debit
Installation expense 350
Gst Clearing 35
Credit
Creditors Control 385
Creditor – (name) 385
4 entries
sarah | Jun 9, 2010 | Reply
Yeah that is right
The question said nothing about recording the stock removed, just the installation of the stock.
4 entries for 4 marks.
blaaa | Jun 9, 2010 | Reply
ffs, you’re all wrong..
dr equipment 1200
dr gst cleraing 35
cr stock control 850
cr creditors control 385
cr creditor-joes plumbing sub-385
4 marks for these. the question asked to record the installation of stock. now tell me, sarah, how installing the stock takes place without any equipment to install? you need the stock to install! it said it was a non-current asset of equipment that needed to be installed!
the second part of the question, which was asking about location and condition being a part of a non-current assets cost should have indicated to you all that you needed to include location/condition (installation of 350) into the value of the equipment.
AND there is no sundries creditor in unit 3 of accounting. you needed to do the subsidary ledger entry to get the mark!
georgia | Jun 9, 2010 | Reply
yeah but it was sundry creditor not creditors control because it was not a purchase of stock
blaaa | Jun 10, 2010 | Reply
it doesn’t matter! it’s not in unit 3! it’s like being asked about ratios etc., which is all unit 4. you just can’t ask unit 4 in a unit 3 exam. look, i think that both ppl who write sundry creditor or creditors control will both get marks, but if you dont do the subsidary ledger, that’s where you lose marks
nat | Jun 10, 2010 | Reply
am i the only person that didnt finish it? :S
petska | Jun 10, 2010 | Reply
ffs!!! there is no such thing as a sundry creditor retards
if anything it should be accrued installation expense
dude | Jun 10, 2010 | Reply
creditors control is only used for credit purchases of stock, but since it was an installation on credit, it has to be a sundry creditor.
dude | Jun 10, 2010 | Reply
also sundry creditors is part of unit 3 as if you have the cambridge vce accouting text book go to page 197 and it tells you what is a sundry credtor.
lolcakes | Jun 10, 2010 | Reply
sundry creditors was a bit of b-s wasnt it? i read in the text book and went thru all the praccy exams. 0 sundry creditors in em. wat a load of Bee-ess.
fred | Jun 10, 2010 | Reply
@ bryce
if the part where they expect u to put the instalation part into the general journal is taken of the exam
wouldnt they only expect u to
dr equipment 850
cr stock control 850
fred | Jun 10, 2010 | Reply
@ bryce
jules sed he thinks itl be taken off
Dylan | Jun 10, 2010 | Reply
theres no way it had anything to do with creditors control or the subsidary ledger, it had nothing to do with the purchase of stock at all from joes plumbing, creditors control and the subsidiary ledger only records purchases of STOCK from creditors and the payment on those purchases!! nothing whatsoever to do with creditors control
georgia | Jun 10, 2010 | Reply
right on dylan!
fred | Jun 10, 2010 | Reply
VCAA have admitted to having erred in putting on the installation part on credit, as it is unit 4 and have said that no student will be penalised for that. Not sure if it means everyone will get all 4 marks, or if you wrote creditors control or not, you won’t be penalsied.
Rest assured, if you wrote creditors control, or didn’t, or if you put it into the subsidiary ledger part, or didn’t, you will still get the mark allocated to that part of the question.
jonny | Jun 10, 2010 | Reply
man are you guys stupid like what dylan said he never purchased stock or did anything with a creditor he used the stock and converted it to a non current asset of the business, nothing to do with creditors at all
laura | Jun 10, 2010 | Reply
blaaa is going to get a 25 study score.
Mel | Jun 11, 2010 | Reply
The correct answer is
Equipment 1200
GST clearing 35
stock control 800
sundry-creditor 385
there is NO subsidiary ledger for sundry creditors, BUT
my teachers assistant chief assessor and she writes the solution, and seeing as sundry-creditors arent covered until unit 4, that question would be marked very leniently, and writing creditors control would be accepted
Mel | Jun 11, 2010 | Reply
oh, and the name of the business after sundry creditor, i cant remember what it was, but theres definitely no subsidiary ledger involved
blaaa | Jun 12, 2010 | Reply
Laura, are you single?
xx
ben | Jun 13, 2010 | Reply
did anyone write down their totals for the profit and loss statement or cash flow?
jsut wanted to compare my answers
AJ | Jun 13, 2010 | Reply
My teacher spoke to Neville Box, who said it was a unit 4 question, so it will not be penalized for those who got it wrong :/
Sucks for those of us who knew it..
And the theory questions were so much fun, was dreading them up until the exam, but was ecstatic when I knew them all
AJ
georgia | Jun 14, 2010 | Reply
does anyone know if answers are released and if so, where?
Andrew | Jun 15, 2010 | Reply
Not sure i’ve been checking there are no official answers, however there are suggested answers from other students lurking around the internet
Also i hope they do not penalise us for not knowing about sundry creditors as it is a Unit 4 study area
asap | Jun 16, 2010 | Reply
anyone know the actual answer for the FIFO question?
@AJ Agree, sucks that they will be lenient for the installation question. i nailed it.
asap | Jun 16, 2010 | Reply
@georgia
Answers come out in augustish i think i the form of another assessment report. students only get whether they got A+,A,B+,B etc. (God forbid an F)
stephenie | Jun 19, 2010 | Reply
hey fellow accounting people!
:):)
That was hard especially the second question! jeez!i’m so glad it is over. the setting of the stock card messed me up heaps and the balance sheet extract at the beginning, and they said that they put the easy questions first so we could get into the flow of doing it. Tsk. What did you guys write for the last theory question? i asked around after the exam and the answers ranged from reporting period to going concern. what did you guys put down? i finished fifteen minutes early so…i figure i did something wrong.
Alex | Aug 2, 2010 | Reply
How did people go with their accounting mid year exam? I got a B.
sophie | Aug 2, 2010 | Reply
Does anyone know how much of unit 3 exam will count towards study score?
jessie | Aug 2, 2010 | Reply
i got an A+, thanks to the GOD
anotherdude2 | Aug 2, 2010 | Reply
Disappointing
got a crappy B on it. But was kind of expected, i did felt that i did pretty bad when i walked out of the exam hall after completing it. Need to study harder for unit 4 
rahul | Aug 4, 2010 | Reply
i got an A+ as well
so happy
sucrose | Aug 9, 2010 | Reply
B+
shoot me
jane | Aug 9, 2010 | Reply
should i get statement of marks? im scareeedddd if im gona be dissapointed at myself
ras | Aug 31, 2010 | Reply
83.5, wbt u guys
bobbysimps. | Nov 1, 2010 | Reply
i got 90/90
This unit for exam i am very usure about though.
dylan | Nov 4, 2010 | Reply
it was saaaa hard trew
gunna get ungraded for sure!!!