OUTLINE
1.
Information about the final exam.
2.
Brief revision of the examinable
topics.
3.
Some exam tips.
4.
Discussing sample online exam.
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Final Exam information and related files
Final Exam information and related files
Please carefully read the
Please carefully read the ““EXAM PERIOD EXAM PERIOD ASSESSMENTASSESSMENT” ” section on section on ilearnilearn. The section . The section includes:includes:
1.
1.General information.General information.
2.
2.“Exam Period Assessments” “Exam Period Assessments” subsub–section.section.
3.
3.“Practice Exam Period Assessment” “Practice Exam Period Assessment” subsub–section.section.
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•Final exam information sheetFinal exam information sheet
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•Sample exam question with answersSample exam question with answers
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•Sample online exam for practiceSample online exam for practice
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Exam date and time
Exam date and time
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•Due on Due on Friday 19 June 2020. Friday 19 June 2020.
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•Exam duration Exam duration ––2hr 15 minutes (135 2hr 15 minutes (135 minutes).minutes).
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•When to take the exam:When to take the exam:
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oExam will be opened for 6 hours windows from 3pm 9pm Exam will be opened for 6 hours windows from 3pm 9pm on on Friday 19 June, Friday 19 June, Sydney time.Sydney time.
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oYou are advised to start the exam You are advised to start the exam at least 3hrs at least 3hrs before before the exam is closed (i.e. by 6pm). To complete the exam the exam is closed (i.e. by 6pm). To complete the exam you you have tohave tostart latest by start latest by 6.45pm. 6.45pm.
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Where to find the exam
Where to find the exam
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•The link for the online exam will be created and The link for the online exam will be created and made available under made available under “Exam Period “Exam Period Assessments” Assessments” subsub–section section ithinithinthe “EXAM the “EXAM PERIOD ASSESSMENT” section on PERIOD ASSESSMENT” section on ilearnilearn..
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•Check to see the link is available at least two Check to see the link is available at least two days before the exam date. days before the exam date.
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•If the link is not available by Wednesday 17If the link is not available by Wednesday 17ththJune on your June on your ilearnilearnaccount, contact account, contact accg1001@mq.edu.auaccg1001@mq.edu.auimmediately. immediately.
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Examinable topics and types of questions
Examinable topics and types of questions
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Types of
Types of QuestionsQuestions
Number of
Number of QuestionsQuestions
Examinable topics
Examinable topics
MCQ on MYOB
MCQ on MYOB
Question 1 to Question 5
Question 1 to Question 5 [5 marks][5 marks]
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•MYOB MYOB –Week 6 lecture topics Week 6 lecture topics and other MYOB related and other MYOB related materials. materials.
MCQ
MCQ on other topics on other topics [theory[theory–based questions]based questions]
Question 6 to Question 15
Question 6 to Question 15 [10 marks][10 marks]
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•Week 1, 2, 3, 4, 5, 8, 9, 10, 11, Week 1, 2, 3, 4, 5, 8, 9, 10, 11, and 12 lecture and 12 lecture topics.topics.
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•Mostly from Week 1 and 8 Mostly from Week 1 and 8 lecture lecture topics.topics.
Practical (calculations)
Practical (calculations) and/or interpretation and/or interpretation questionsquestions
Question 16 to Question
Question 16 to Question 23 [40 marks]23 [40 marks]
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•Week 5, 9, 10, 11, and 12 Week 5, 9, 10, 11, and 12 lecture lecture topics.topics.
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•Answer all questionsAnswer all questions
Revision
Revision
Week 1
Week 1 ––Introduction: Accounting & GovernanceIntroduction: Accounting & Governance
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1.Role of accounting, and uRole of accounting, and use of accounting informationse of accounting information
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2.Management Accounting vs. Financial AccountingManagement Accounting vs. Financial Accounting
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3.Diverse roles of accountants, and forms of business organisationDiverse roles of accountants, and forms of business organisation
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4.Accounting and GovernanceAccounting and Governance
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5.Brief revision of ACCG100/1000Brief revision of ACCG100/1000
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Week 2
Week 2 ––Internal control and cash managementInternal control and cash management
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•Principles of internal control.Principles of internal control.
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•Application of internal control principlesApplication of internal control principles
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•Preparing a bank reconciliationPreparing a bank reconciliation
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•Basic principles of cash managementBasic principles of cash management
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Revision
Revision
Week 3
Week 3 ––Accounting for receivablesAccounting for receivables
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•Types of receivables Types of receivables
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•Record journal entries relating to uncollectable accounts (bad debt).Record journal entries relating to uncollectable accounts (bad debt).
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oDirect writeDirect write–off methodoff method
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oAllowance method for uncollectable accountsAllowance method for uncollectable accounts
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•Estimating the allowance for bad debtsEstimating the allowance for bad debts
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•Manage receivables.Manage receivables.
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Revision
Revision
Week 4
Week 4 ––Accounting for inventory IAccounting for inventory I
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•Service business Vs. Merchandising businessService business Vs. Merchandising business
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•Key termsKey terms
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•Perpetual Vs. Periodic inventory system: Difference Perpetual Vs. Periodic inventory system: Difference
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•Perpetual Vs. Periodic inventory system: Journal entriesPerpetual Vs. Periodic inventory system: Journal entries
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Revision
Revision
Week 5
Week 5 ––Accounting for inventory II and GSTAccounting for inventory II and GST
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•Inventory cost flow methods under periodic inventory systems.Inventory cost flow methods under periodic inventory systems.
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•GST GST
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•Implications of GST under perpetual and period systems: journal Implications of GST under perpetual and period systems: journal entriesentries
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Revision
Revision
Revision
Revision
Week 6
Week 6 ––MYOBMYOB
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•Separate brief revision lecture slides and short Separate brief revision lecture slides and short revision lecture recording presented by the revision lecture recording presented by the MYOB lecturer will be uploaded on MYOB lecturer will be uploaded on ilearnilearnunder under ““Week 13 | Revision & discussion of final Week 13 | Revision & discussion of final exam” exam” section. section.
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Revision
Revision
Week 8
Week 8 ––Accounting regulation and the conceptual frameworkAccounting regulation and the conceptual framework
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•AccountingAccountingregulationregulationininAustraliaAustralia::
SOURCES OF ACCOUNTING REGULATIONSSOURCES OF ACCOUNTING REGULATIONS
ROLES/RESPONSIBILITIES OF REGULATORY INSTITUTIONS ROLES/RESPONSIBILITIES OF REGULATORY INSTITUTIONS [AASB, FRC, ASIC AND ASX][AASB, FRC, ASIC AND ASX]
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•TheTheConceptualConceptualFrameworkFramework
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Revision
Revision
Week 9
Week 9 ––Accounting for nonAccounting for non–current assetscurrent assets
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•initial recognitioninitial recognition
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•depreciation methodsdepreciation methods
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•subsequent expendituressubsequent expenditures
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•disposaldisposal
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Revision
Revision
Week 10
Week 10 ––Accounting for liabilities and equityAccounting for liabilities and equity
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•Current Vs. nonCurrent Vs. non–current liabilitiescurrent liabilities
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•Differences between provisions, contingent liabilitiesDifferences between provisions, contingent liabilities
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•Journal entries for recording Journal entries for recording liabilitiesliabilities
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•Journal entries for dividend Journal entries for dividend
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•Statement of changes in equityStatement of changes in equity
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Revision
Revision
Week 11
Week 11 ––Financial statement analysisFinancial statement analysis
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•Understand the need for and the limitations of financial statement analysisUnderstand the need for and the limitations of financial statement analysis
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•Apply the various analytical techniquesApply the various analytical techniques
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•Compute ratios and interpret what they indicate about an entity’s liquidity, Compute ratios and interpret what they indicate about an entity’s liquidity, solvency and profitabilitysolvency and profitability
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Week 12
Week 12 ––Accounting for partnershipsAccounting for partnerships
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•Understand the attributes of partnershipUnderstand the attributes of partnership
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•Understand the advantages and disadvantages of partnershipUnderstand the advantages and disadvantages of partnership
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•Accounting for: Accounting for:
formation of partnership formation of partnership
distribution of profits or lossesdistribution of profits or losses
drawings made by partners, and interest on drawingsdrawings made by partners, and interest on drawings
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Revision
Revision
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•Manage your time well:Manage your time well:
Don’t spend more than an average of 1 minute on MCQs.Don’t spend more than an average of 1 minute on MCQs.
If you are stuck in a question, move to the next and return If you are stuck in a question, move to the next and return later.later.
You don’t have to answer questions sequentially. You can You don’t have to answer questions sequentially. You can jump to any question using the jump to any question using the Quick navigation block.Quick navigation block.
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•Narrations are not required for Narrations are not required for ALL ALL journal journal entries.entries.
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•GST is GST is onlyonlyapplicable when stated in the applicable when stated in the question.question.
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•Suggested materials for preparation : lectures notes, Suggested materials for preparation : lectures notes, tutorial questions and solutions, sample final exam tutorial questions and solutions, sample final exam with answers, and sample online exam, with answers, and sample online exam, etc. etc.
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Some exam tips
Some exam tips
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