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TOPIC: FAC1502 Exam Prep 1st Semester 2011
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#12986
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 12
quantumtraveler wrote:
Let's move onto last year's exam, it can be downloaded here:
www.studynoteswiki.com/index.php?option=...id=122&Itemid=55

It's listed as: OCT/NOV 2010 Exam + Solution hot! (03/13/2011) Tutorial letter 102/1/2011 OCT/NOV 2010 Exam + Solution

If anyone can't find it I'll upload it here in the thread, just let me know..


Already worked through this exam and I thought it was easier than most of the previous exams, it's just a pity that there won't be any short questions in the upcoming exam.
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#12987
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 0
Hi,

I can not seem to download last year's exam paper from the site you posted.

Will you please let me know where I will be able to get it.

I am so grateful for this forum. Thank you for helping me - as FAC1502 is very difficult for me, I never had accounting in school.

Please let me know where I can get the exam paper from the previous year.

Thank You
biancavt
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#12988
Re: FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 0
Hi,

I have NO IDEA where to start with this module????
Will you please give me some advise?

I will appreciate any help.

Thank You
biancavt
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#12989
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 12
biancavt wrote:
Hi,

I can not seem to download last year's exam paper from the site you posted.

Will you please let me know where I will be able to get it.

I am so grateful for this forum. Thank you for helping me - as FAC1502 is very difficult for me, I never had accounting in school.

Please let me know where I can get the exam paper from the previous year.

Thank You


Hi, if you can't find the exam on this site you can always download it from myUnisa. I don't really have any tips for the exam except get as many previous exam papers as possible and practice,practice, practice. I also didn't have any accounting at school and this semester I'm doing2 modules so I know exactly how you feel. Good luck
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#12990
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 0

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#12997
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
Ok, here goes with last year's Oct/Nov exam:

Q1

1.1 Easy
1.2 Easy
1.3 I found thid question quite hard, once again learning the structure of the general ledger accounts is required. It was pretty easy to understand once I worked through the solution.
1.4 Easy: the trick was to remember the additional 2 months
1.5 Tricky: I didn't account for the fees received in advance, it's tricky because it works for both the current as well as the next financial year. So, this means: fees in advance for the current year must be credited and fees in advance for the next year must be debited. The overriding principle here is that income and expenditure accounts are relevant to the current period only.
1.6 Pretty easy, but I was tricked by the inclusion of the bank account balance as well as the bank statement balance. Note (learned here): when asked to do a bank reconciliation statement, the opening balance of the bank account is not used.. if it is listed in the question then it is there to tempt you.. be aware of this.

I'm going to do Q2 and Q3 tomorrow night.
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#12998
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
Kyra wrote:
quantumtraveler wrote:
Let's move onto last year's exam, it can be downloaded here:
www.studynoteswiki.com/index.php?option=...id=122&Itemid=55

It's listed as: OCT/NOV 2010 Exam + Solution hot! (03/13/2011) Tutorial letter 102/1/2011 OCT/NOV 2010 Exam + Solution

If anyone can't find it I'll upload it here in the thread, just let me know..


Already worked through this exam and I thought it was easier than most of the previous exams, it's just a pity that there won't be any short questions in the upcoming exam.


Ok, so what exam should we do next..? I'm working through last year's exam in the meanwhile and I'd like to work through another with you if you keen.. so just let me know..
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#12999
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
Kyra wrote:
biancavt wrote:
Hi,

I can not seem to download last year's exam paper from the site you posted.

Will you please let me know where I will be able to get it.

I am so grateful for this forum. Thank you for helping me - as FAC1502 is very difficult for me, I never had accounting in school.

Please let me know where I can get the exam paper from the previous year.

Thank You


Hi, if you can't find the exam on this site you can always download it from myUnisa. I don't really have any tips for the exam except get as many previous exam papers as possible and practice,practice, practice. I also didn't have any accounting at school and this semester I'm doing2 modules so I know exactly how you feel. Good luck


Here you go
File Attachment:
File Name: FAC1502_ExamSolution_Oct_Nov_2010_102_2011_1_e.pdf
File Size: 245947
quantumtraveler
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#13000
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
Just did Q2 from the 2010 paper, pretty basic: the last question is definitely worth looking at to make sure you understand. Also, the solution gives the following tip regarding the periodic inventory system: "when using a periodic inventory system a Purchases account is used to record all purchases of inventories".

So, I'm going to finish this paper tomorrow night, there 2 question left: Q3 and Q4. I'll post my comments then. In the meanwhile.. Kyra, let me know what paper you're keen to do next.. alternatively we can work through some past assignments.. but I'd prefer to do past papers!
quantumtraveler
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#13001
Re: FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
biancavt wrote:
Hi,

I have NO IDEA where to start with this module????
Will you please give me some advise?

I will appreciate any help.

Thank You


quantumtraveler:
Best place is to start with a past paper, look back to the start of this post and do the paper. It's hard at first but the more you do, the more it makes sense. Also, the key to passing (and passing well) is to do past papers. I reckon you need to do at least 3 past papers to be comfortable.. but that's just a personal feeling. So dive in now, it's never too late..
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#13005
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 12
quantumtraveler wrote:
Just did Q2 from the 2010 paper, pretty basic: the last question is definitely worth looking at to make sure you understand. Also, the solution gives the following tip regarding the periodic inventory system: "when using a periodic inventory system a Purchases account is used to record all purchases of inventories".

So, I'm going to finish this paper tomorrow night, there 2 question left: Q3 and Q4. I'll post my comments then. In the meanwhile.. Kyra, let me know what paper you're keen to do next.. alternatively we can work through some past assignments.. but I'd prefer to do past papers!


Hi! I'm busy with the MAY/JUNE 2009 exam now. I already worked through most the assignments but I agree with you that working on the past exams are more important. If you encounter any problems just let me know and I'll help you where I can. I'm going to try and work through the remaining exams today, because tomorrow I want to start revising and I also want to start studying the formats. If you need any help just let me know.
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#13013
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 1
been reading your threads and see that you have a pretty good understanding of this your help is very useful and you have given me more insight into the topics keep it up.
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#13015
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
Ok, Oct/Nov 2010 paper Q3.. quite a tough on if you don't know depreciation backwards..
I struggled a bit with this one and I have a feeling we need to know this well, they're def going to ask a depreciation related question imo..

3.1 Should have been easy, but the asset realisation got me here, so, remember that when it comes to disposed vehicles and their depreciation, the vehicles accoutn will not reflect the depreciation.. only the asset realisation.

3.2 This was really difficult (imo): Kyra can you explain why depreciation on other vehicles is 120000x20%? I don't understand because a vehicle was sold 9 months into the financial year but the calculation uses the full year? I've attached the question and solution for ease-of-reference. I would really appreciate some help here if you can..

3.3 This was fine but I had to reference the text book - def need to know this without having to reference any notes!!

In summary, Kyra please can you help me with Q3.2 (see my question above). Thanks!
quantumtraveler
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#13016
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
learnerboi wrote:
been reading your threads and see that you have a pretty good understanding of this your help is very useful and you have given me more insight into the topics keep it up.

quantumtraveler:

All good learnerboi this is the best way to learn, online collaboration makes a huge difference as opposed to studying alone!
quantumtraveler
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#13018
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 12
quantumtraveler wrote:
Ok, Oct/Nov 2010 paper Q3.. quite a tough on if you don't know depreciation backwards..
I struggled a bit with this one and I have a feeling we need to know this well, they're def going to ask a depreciation related question imo..

3.1 Should have been easy, but the asset realisation got me here, so, remember that when it comes to disposed vehicles and their depreciation, the vehicles accoutn will not reflect the depreciation.. only the asset realisation.

3.2 This was really difficult (imo): Kyra can you explain why depreciation on other vehicles is 120000x20%? I don't understand because a vehicle was sold 9 months into the financial year but the calculation uses the full year? I've attached the question and solution for ease-of-reference. I would really appreciate some help here if you can..

3.3 This was fine but I had to reference the text book - def need to know this without having to reference any notes!!

In summary, Kyra please can you help me with Q3.2 (see my question above). Thanks!


Hi, what I can see from the calculation is that the 120000x20% is NOT from the vehicle sold. The depreciation from the vehicle sold is:
1DEC 07-31AUG 08 R80000x20%x9months =12000
1SEPT 08-31AUG 09 R80000X20% =16000
1SEPT 09-1JUN 2010 R80000X20%X9months =12000

TOTAL R40000
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Last Edit: 2011/04/25 22:27 By Kyra.
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#13019
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
Kyra wrote:


In summary, Kyra please can you help me with Q3.2 (see my question above). Thanks!


Hi, what I can see from the calculation is that the 120000x20% is NOT from the vehicle sold. The depreciation from the vehicle sold is:
1DEC 07-31AUG 08 R80000x20%x9months =12000
1SEPT 08-31AUG 09 R80000X20% =16000
1SEPT 09-1JUN 2010 R80000X20%X9months =12000

TOTAL R40000[/quote]

quantumtraveler:

Thanks Kyra, but where do they get the R120000 from to calculate the depreciation on other vehicles? I don't get it, so.. their answer is R24000 but they use R120000x20%.. why R120000? I mean, I'm trying to understand why they use R120000.. it's a good question to understand because I think it's going to come up in one form or another..
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#13020
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
Q4

Once again, format format format!! I'm telling you.. they're going to ask for statements in the exam, here they are again if you missed them in my earlier post (#1, 3, 4 and 5 don't apply to this question in particular but I'm putting them here as a reminder! NB to learn these):

1. Statement of financial position
2. Statement of comprehensive income
3. Statement of changes in equity
4. Statement of cash flows
5. Notes to the financial statements after the statement of financial position

Here's 4.1 for now:

4.1 Not too bad but some tricky items such as:
- Rent received: you just have to read the question properly, it's pretty easy once you do the math!
- Insurance: the amount on the trial balance actually includes the full year's premium, so, this means that the other 9 months must be deducted from the amount in the trial balance - I missed this! So happy for solutions to learn from!
- Stationery on hand: this must be deducted from the stationery amount.. this is not tricky but I mad a silly error and would have lost marks for nothing!
- Petty cash: remember that this is not an expense on the statement of comprehensive income
- Allowance for credit losses and accumulated depreciation are not used in the calculations on the statement of comprehensive income (I'm not sure why in terms of the theory, I just know that they're not used..)

Q 4.2 and 4.3 follow tonight.. this is a very good practice exam question!! I recommend doing it and knowing it thoroughly.
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#13021
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 12
quantumtraveler wrote:
Kyra wrote:


In summary, Kyra please can you help me with Q3.2 (see my question above). Thanks!


Hi, what I can see from the calculation is that the 120000x20% is NOT from the vehicle sold. The depreciation from the vehicle sold is:
1DEC 07-31AUG 08 R80000x20%x9months =12000
1SEPT 08-31AUG 09 R80000X20% =16000
1SEPT 09-1JUN 2010 R80000X20%X9months =12000

TOTAL R40000


quantumtraveler:

Thanks Kyra, but where do they get the R120000 from to calculate the depreciation on other vehicles? I don't get it, so.. their answer is R24000 but they use R120000x20%.. why R120000? I mean, I'm trying to understand why they use R120000.. it's a good question to understand because I think it's going to come up in one form or another..[/quote]

R200000 the cost of the vehicle- R80000 for the one they sold and therefore the answer is R120000
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Last Edit: 2011/04/25 22:51 By Kyra.
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#13022
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
What do you guys reading this think will be the hot topics to know for this exam, I mean the stuff we should really know.. like:

1. The statements I mentioned above (formats and thorough understanding)
2. Depreciation, accumulated depreciation and asset realisation
3. Profit or loss accounts
4. Trading accounts
5. Periodic vs perpetual inventory (see p.152 of the text book) -- (I don't know the differences properly yet.. must learn!)
6. Journal adjustments
7. Trial balance, post-closing trial balance and post-adjustment trial balance (right now I don't know the difference between all these trial balances)
8. Bank recons

etc..?

I'll spend some time later and compile my list of must knows.. and I think it would be good if anyone reading this thread can add so that we have some sort of roadmap between us..

Let's also try and put a joint final list together in order of priority.. in terms of most-to-least likely to be asked in the exam!!
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#13023
Re:FAC1502 Exam Prep 1st Semester 2011 3 Years, 7 Months ago Karma: 316
Kyra wrote:
R200000 the cost of the vehicle- R80000 for the one they sold and therefore the answer is R120000

quantumtraveler:

Got you! Thank you so much.. actually quite obvious now.. really appreciate your help Kyra. Big karma to you

Wait, on thing!! The vehicle was not sold at the beginning of the financial year so why is the depreciation calculated for a whole financial year on the R80000? I'm a bit confused about this..?
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Last Edit: 2011/04/25 23:00 By quantumtraveler.
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