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The Student's Guide to Exam Success
Cover:

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http://tinyurl.com/yht2uuf

Exams frighten almost everyone.

Fear of failure (and fear of success) can inhibit learning. Students will always perform better if they have the necessary emotional resources in the run-up to their exams.

Many study books fail to deliver what they promise: techniques alone do not necessarily boost exam performance. To work effectively, study advice has to take account of the variety of attitudes students have to the prospect of being assessed. These determine how successfully they adopt and develop study strategies for exam success.

In addition to fundamental student skills such as timetabling, note-taking, memorising, research, use of the internet, essay-writing and exam technique, The Student's Guide to Exam Success offers ground-breaking advice on developing emotional strength in response to the increasingly heavy demands that are made on students in the modern world. It offers a variety of strategies which will help students to:

* Develop self-awareness
* Find out how to stop procrastinating and worrying about results, and start to enjoy their work
* Learn about the dangers of swotting
* Develop the necessary confidence to handle reading lists, coursework, presentations and practicals
* Learn to deal with tutors, lecturers and examiners

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Practical Accounting 1 - Mock Exams #1

This is the first of a series of 10 multiple choice questions on Prac 1. You are given up to 2 minutes per question. Try and see if you can ace this one. You may need a Calculator (unless you can compute in your head) so go and get one now. Ready? If you are, please click on the "Play" button below. Good luck!

1. Matindi Company was sued by a competitor for 20 million for infringement of a copyright in the year 2011. The company's legal counsel advised the management to accrue the sum of 15 million as a provision in its financial statements for the year ended December 31, 2011.

On March 1, 2012, the Supreme Court favored the claim of the party alleging infringement of its copyright and ordered the Matindi Company to pay the other party damages of 18 million. The audited financial statements was presented by the financial auditors to the company's management on February 15, 2012 and subsequently approved by the board on March 10, 2012.

What is the correct provision that Matindi should accrue as of December 31, 2011?

A: 18 million

2. Kulimlim Company is constructing a new plant at its production facility and incurred the following costs:

General Construction Costs >> 2,000,000
Project management Fees >> 300,000
Site preparation expenses >> 700,000
Consultant fees on plant acquisition >> 700,000
Interest charge paid to supplier for deferred credit >> 200,000
Estimated dismantling cost to be incurred as required by contract >> 300,000
Operating losses prior commercial operations>> 400,000

How much of these costs should be capitalized by Kulimlim?

A: The best answer is 4,000,000.

3. Amboyme Phils, Inc. is part of a large multinational corporation based in the US and is required by the Sarbanes-Oxley Act to disclose accurately the company’s related party transactions in its financial statements. Remuneration and other payments made to the entity's President & CEO during the current year were:

Annual salary>> 3,000,000
Share options and other share-based payments>> 750,000
Contributions to retirement benefit plan>> 500,000
Reimbursement of travel expenses for business trips >> 1,200,000
Cash awards from prestigious CEO contest >> 250,000

What is the total amount that should be disclosed as "compensation" to key management personnel to conform with the related party disclosure requirements?

A: The best answer is 4,250,000

4. Makabayan Company is presenting their year-end cash flow statements to top management. The Accountant has the following information from the accounting records for the year ended December 31, 2012:

Purchase of inventory >> 1,900,000
Buyback of treasury shares >> 700,000
Purchase of equipment >> 3,500,000
Purchase of plant assets for cash >> 2,200,000
Sale of machinery:
Book value: 500,000
Net cash proceeds: 400,000

The purchase of equipment includes vendor financing amounting to 2,000,000 for 2 years. Based on the above, what is the amount of investing net cash outflows that should be reported in the 2012 Statement of Cash Flow?

A: The Best Answer is 3.3M.

5. The trial balance of Camerene Philippines, Inc. reflects the following balance sheet accounts as of December 31, 2012:

Cash in banks 550,000
Accounts receivables (net of 100,000 doubtful accounts) 900,000
Inventory, (including inventory expected to be sold beyond
12 months amounting to P500,000) 2,000,000
Prepaid insurance 150,000
Listed investments held for trading purposes at fair value 200,000
Deferred tax asset 250,000
Bank overdraft 200,000

What is the total current assets of Camerene as of December 31, 2012?

A: The Best Answer is 3,350,000.

6. Dimagibato Corp. purchased inventory goods on March 1, 2012 in exchange for its common shares of stocks valued at 3,000,000 issued at par. The acquired inventory value recorded in the books remained at 3,000,000 up to the time of sale of goods on October 31, 2012.

Total invoiced amount to the customer is 4,000,000 of which 200,000 was later return due to defective items. The shares issued have a market value of 2,700,000 as of December 31, 2012.

How much is the gross margin from the sale of the inventory that should be reflected in the financial statements of the company on December 31, 2012?

A: The Best Answer is 800,000.

7. Kayumanggi Company’s unadjusted trial balance on December 31, 2012 appears below. The company uses the perpetual method to record inventory transactions.

Gross Sales 7,500,000
Sales returns 200,000
Cost of goods sold 5,500,000
Inventory losses 120,000
Inventory 2,800,000

Inventory on hand, determined by physical count, had a cost of 3,000,000 and a net realizable value of 2,700,000. No inventory writedown has been recorded for the year. On December 15, 2012, Kayumanggi recorded a 200,000 credit sale of goods costing 150,000. These goods were sold on FOB destination terms and were in transit on December 31, 2012. The goods were included in the physical count.

How much should be reported as cost of goods sold for 2012?

A: The Best Answer is 5,620,000

8. Marikitka Corporation accounting records show the following numbers below at the end of each year:

2012 2011
Borrowings 3,000,000 800,000
Share capital 4,000,000 2,000,000
Retained earnings 1,000,000 800,000

Old debts of 500,000 were repaid during 2012 and new borrowings include 300,000 vendor financing arising on the acquisition of a property. The movement in share capital arose from issuance of share capital for cash during the year. There was no dividend declared at the beginning and end of the current year. Net change in retained earnings comprises profit for 2012 of 900,000, net of dividend of 700,000.

How much is the financing net cash inflows that should be reported in the 2012 Cash Flow statement?

A: The Best Answer is 3,200,000.

9. Mirageme Holdings, Inc. provided the following numbers for the preparation of the 2012 financial statements.

December 31 January 1
Fixed Assets 1,200,000 1,050,000
Accumulated depreciation 300,000 450,000

The company purchased new equipment during the year. Also during the year, an equipment with original cost of P300,000 was disposed of for a gain of P50,000. Depreciation charged for the current year was P200,000. The company has a policy to depreciate all their assets in 5 years.

What is the amount of newly acquired fixed assets during the year?

A: The best answer is 450,000.

10. Makisig Corporation has an accounts receivable and allowance for doubtful accounts balances of 18,000,000 and 500,000 respectively as of December 31, 2012 prior to any year-end adjustments.

Sales in for the year 2012 totaled 120,000,000 (10% of which are by way of cash sales). In the same year, the Company management decided to write off customer accounts amounting to 200,000. Allowance for doubtful accounts are estimated to be 2% of accounts receivable and is only taken up as an adjustment at year end.

What is the balance in the Allowance for doubtful accounts on January 1, 2012?

A: The best answer is 700,000.