De one with Opening Exam

Cool day

One down.. three more to go.. Early morning, I went for a light 3km jog. After which I put on my white Levis T and beign Corduoroy jean to school. "Combat" with ACCT2060 Introductory Accounting final semester examinations.

It was pretty chaotic as most of us weren't familiarised with the new seating plans. In addition, there was a hall-full of students from other courses who are taking the same paper too.

Efficent, me and Zhen Ze found out places soon enough. I was sitting on the middle row, 3 seat from the back. It was super cold but beginning, I was so heated up as I was so nervous.

15 minutes was reading time. After which the 3 hour "battle" begun. Well, this paper wasn't really tough. However, it's really tricky. Apparantly, alot of questions on Income statement were examinated. Sigh. Didn't see any Statement of Cash Flow questions. Only a mere reconciliation was asked.

Wanna know about the questions? Here you go...
Question 1 was about telling difference between a company and a partnership; legal duties of directors; and definition and description of Asset.

:: Omg. I didn't really studied about the legal duties of directors which was a damn long chuck under Corporate Governance. Anyway, I wrote two pageful for Qn1. Phew..

Question 2's about Business transaction in journal entry manner. After which, calcuate the "accrual" net profit.

:: This was within expectation, with reference to past paper. Well.. Only part, I didn't do well is one part about the owner withdrawing $500 for personal use. Others say it will decrease cash by $500 and equity down by $500. I still wrote "This is not a biz transaction". Omg!

Question 3.. hmmm.. was about Balance Sheet. After which, it is required to calculate the profit (loss) in for the competitor.

:: Well well, my BS was perfectly balanced on my first attempt. However the next part was trouble. I was too careless to subtract off the dividends paid (should be adding) and transfer of retained profits (which actually have no effect at all). "Heart-soured" - Xin Suan. ='(

Question 4 is about... I think.. Oh ya.. it's about budgetting. Calculation of Sales mix, Contribution margin ratios and Break-even analysis.

:: So so.. bearable.

Question 5's a killer. It's about Ratio Analysis.

:: My worst. But fortunately, I was intelligent enough to realise I could get my answer with the help of the "formula sheet" provided at the back of the question paper. Managed to work out my Activity and Cash cycle. Lucky.

Question 6 was about Reconciliation of Cash Flow and reasoning why Reconciliated net cash flow is different from reported operating profit.

:: Reconciliation was ok. But I was like "what the hell?!?" I didn't study the reasoning part. Hah.. crap my way through. No choice lah.. "Do or die"

Question 7 is testing knowledge about Income Statement, again. They provide you with a "Cash accounting" Income Statement. In addition, extra information like non-cash transaction, Accounts payable, receivables, depreciation, etc. With all these materials, you're to do an "Accrual accounting" Income Statement.

:: This was the most demoralising. Without strong foundations, I missed out alot of this as there were alot of tricky areas which needs in-depth consideration. Although I got my depreciation and accrual-accounting methods right.. Amissed the consideration and logics behind the accounts payable, changes in inventory level and accounts receivable in determining additional purchase and receipts from customers. Sigh. It was a "goner" question.

Well.. it started to rain in the afternoon. I mentioned to Mohan that everytime I'm depress, it rains. Mohan replied, "the sky's rain reflects the rain in your heart".

Anyway, gotta "jiayou" for my remaining modules. 1 down, 3 more to go!