ACT305 Corporate Accounting

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CRICOS Provider No. 00300K (NT/VIC) I 03286A (NSW) | RTO Provider No. 0373
ACT305 Corporate Accounting S2 2020
EXAM REVIEW AND REVISION PROGRAMME
Simon Morris
Asia Pacific College of Business and Law
Recognition of Traditional owners
and Indigenous cultures
Charles Darwin University acknowledges the traditional
custodians of the land on which we’re meeting and pays
respect to Elders both past and present and extends that
respect to all Aboriginal and Torres Strait Islander people.
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What you can expect
As stated in the unit information all weeks are examinable.
The exam paper is a 3 hour paper.
The exam is online and will start at 10.00 am Darwin Time
(Note that this is not Adelaide time) on Thursday 5th
November.
The exam is to be downloaded, and you will then only be able
to type your answers onto the question paper in a text box.
The text boxes get bigger as you type so you can include all
that you wish to type. Detailed instructions will be given so
there is no need to panic.
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Section A constitutes 5 Theory Questions and is worth 20 marks,
made up of 3 questions of four marks, one of three marks and
one of five marks. Each mark will have 3 minutes allocated to it.
Suggested total time 60 minutes
Section B constitutes 3 questions and is worth 40 marks.
One question of 12 marks, one 11 marks and one 17 marks. Again
each mark is worth 3 minutes. Suggested total time 120 minutes
Save a copy of the examination onto your computer at the start,
during and when you finish the exam.
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Once you have finished you must submit the exam through
the submission point. Once you have done that email a copy
of the completed exam to business@cdu.edu.au and
remember to put into the subject line ACT305 – Corporate
Accounting.
These instructions will be given to you again as you take
part in the exam, so don’t worry!
If you have any technical difficulties during the exam please
phone 08 8946 6915 or email business@cdu.edu.au.
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How to space your revision time and to target areas
effectively between now and Thursday in the second
examination week.
Task one
Revision timetable.
Select a time each day when you won’t be disturbed , with
no other responsibilities and stick to it. This is important.
If you miss it one day you won’t make up for it another day.
Make a firm commitment that the revision period will be
your dedicated revision time.
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Task two
Be realistic. Make your time count.
Effective study not just going through the motions and ticking boxes.
Pick a study period when you can study effectively. Time is precious and
you do not have time to waste. Leave time to relax.
Do not set unrealistic targets. Do not say that you will study accounting
without a break for five hours.
After an hour and a half your mind starts to wander.
Take a short break. Do something else and then return to your revision
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Task three
Follow the revision schedule. Read the material and attempt the
problems listed.
Do not just read through the problems and the solutions.
Understanding something and knowing it are fundamentally different.
You have to show your knowledge in the exam by remembering the
subject.
Knowledge is not acquired by reading the text but by doing the problem
without the answer.
Attempt the problems without looking at the solution. This is important .
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Task three continued
Doing the question will test your knowledge and will focus on the
problem in hand.
Write your answer down. Work quickly and do not refer to the text.
When you have completed the question compare your answer to the
solution.
Highlight the differences in your answer from the solution in a different
colour. This will tell you where you have to revise.
Go over that part of the question again without the solution or the text.
Compare the results.
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Task four
Use the discussion board on the unit’s learn‐line site regularly.
List questions that you cannot answer, after you have tried to solve
them for yourself, with a reference to the text and your issue on
the discussion board.
Other students may have the same issue and can add their
suggestions.
The unit co‐ordinator Simon will visit the discussion board
regularly and will post replies regularly.
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Task five
Get a good night’s sleep the evening before the exam .
Do not revise until the early hours of the morning as by then time it will be too late.
You will need to awake fresh the next morning to do justice to yourself in the exam.
Find somewhere quiet where you can work undisturbed for an hour or an hour and a
half before the exam.
Select a couple of examples that you know that you can do and then work through
them unseen.
This will get you in the right frame of mind and will focus you on the task in hand 11
Task six
Approach to the exam. The exam is to be downloaded
Once you have downloaded the paper save it.
There are three hours for the exam. 60 minutes is allocated for the 20
mark Part A and 120 minutes for the 40 mark Part B.
Section A constitutes 5 Theory Questions and is worth 20 marks, made
up of 3 questions of four marks, one of three marks and one of five
marks. Each mark will have 3 minutes allocated to it. Suggested total time
60 minutes.
This section deals with business combinations, acquisition analysis,
intragroup transfers, liabilities and NCIs.
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Task six continued
Section B constitutes 3 computational questions and is worth 40 marks.
One question is worth 12 marks, one 11 marks and one 17 marks. Again
each mark is worth 3 minutes. Suggested total time 120 minutes
This section deals with liquidations, the extractive industries, and NCIs.
Steadily work your way through the test, keeping an eye on the time. For
each question work out the time that you have to answer it, read the
question, think about what it is asking you to do and then plan your
answer. You can afford to spend time planning your answer. Think about
the journal entries that you will need. Identify the information that you
will need to gather first before you can present your answer.
Once you have a plan that you are happy with then start answering the
question.
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Task six Approach to the exam continued.
Each question will have a text box into which you can type your answers
onto the question paper in a text box. The text boxes get bigger as you
type so you can include all that you wish to type. Detailed instructions
will be given so there is no need to panic.
As you complete a question save the paper.
Keep an eye on the time so that you are able to finish.
When you have completed an answer review it so that it makes sense
and to see that you haven’t left out any of the question requirements.
After your review and if you are happy with it, save it again.
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Task six Approach to the exam continued.
• Now that you are finished you must submit the exam through the
submission point.
• Once you have done that email a copy of the completed exam to
business@cdu.edu.au and remember to put into the subject line
ACT305 – Corporate Accounting.
• If you have any technical difficulties during exam please phone 08
8946 6915 or email business@cdu.edu.au.
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Task seven
The exam is now over. Congratulations.
Give yourself a pat on the back and, providing you don’t have any more exams to do, go out
and enjoy yourself with your friends and family.
Don’t overdo it, as we would like to see you again fit and healthy when you continue your
studies or when you start the next stage in your career.
Keep a sense of perspective. The exam is over and done with. It is in the past.
Think about tomorrow and what you can achieve, because, when all is said and done, it is
only an exam, and there will be plenty of opportunities for further study and enjoying the
company of your friends and family.
Good luck.
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Revision programme It will be impossible for you to go over all of the
tutorial exercises for each week.
The best use of your time will be to review the theory that introduces the
subjects and then Demonstration Problems at the end of each of the Leo
and Knapp Chapters that have been featured in the learning schedule,
Chapters 3, 9, 10, 11, 12, 14 & 16. (10th Edition 12,18,19,20,21,23 & 25).
Remember consolidated worksheets and consolidated financial
statements are not required. Just concentrate on the Journal Entries.
With Consolidation: Other issues do not worry about the Demonstration
Problem dealing with reciprocal holdings. With Liquidations ignore the
Demonstration Problem dealing with receiverships.
For the Extractive Industries look at Chapter 20 from the Reading, found
on E‐reserve, Craig Deegan’s Australian Financial Accounting, go through
the Worked Examples 20.1, 20.2 & 20.3 17

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