ACCT 6010 Advanced Financial Reporting
Class 13: Revision
The University of 1
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13.1 Course recap
13.2 Exam content and format
13.3 Application question
13.4 Critical thinking question
13.5 Multiple choice and numerical answer questions
Practice Questions:
Q10.3 Determination of functional currency
Past exam question: Accounting for joint arrangements
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unilateral
(100-x) % 100 %
Sdirect NCI
(Week 11-12)
Other investors
Joint Opera- tion
Joint Venture
Asso- ciate
Sign. Influence (Week 9)
Joint control (J.A.) (Week 10)
Line-by-line
Equity accounting method
Non-wholly owned (Week 6)
Wholly owned (Week 3-5)
Consolidated Financial Statements • Balance Sheet
Control (Week 1-2)
Comprehensive Income Statement Statement of Changes in Equity Cash Flow Statement (Week 7) Notes: Segment Disclosures (WPaegek3 8)
The University of Sydney
Consolidation Accounting
Other investors
2. Main exam information
Time: Check personal exam timetable Length: 2 hours + 10 minutes reading time Location: Canvas ( )
Content: Topics 1-12 inclusive
Exam conditions: Closed book exam Materials permitted: Handheld calculator Materials provided: None
Question type
Recommended time
10 x short and extended written answer questions*
72 minutes
20 x multiple choice questions
48 minutes
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2. Replacement exam information
Time: Check personal exam timetable Length: 2 hours + 10 minutes reading time Location: Canvas ( )
Content: Topics 1-12 inclusive
Exam conditions: Closed book exam Materials permitted: Handheld calculator Materials provided: None
Question type
Recommended time
10 x short and extended written answer questions*
96 minutes
10 x multiple choice questions
24 minutes
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2. General exam information
Section 1 questions:
These questions include at least one (1) application type question and at least one (1) discussion type question (refer to following slides). All questions may require written responses, calculations or computations, journal entries or other accounting related workings and/or explanations.
Section 2 questions:
These questions require nomination of one best answer option. Questions may require theoretical knowledge and or practical application of accounting requirements (e.g. calculations, journal entries).
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2. General Exam information (cont.)
– Create a account, set up your equipment and take a practice quiz
– Familiarise yourself with the Canvas exam site once it is activated
– Follow the posted instructions prior to your exam date
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3. Application question
LO3. Choose between financial reporting alternatives in an informed manner. LO4. Communicate the results from the analysis of accounting issues effectively.
Analyse a scenario and apply accounting standards to make a determination such as whether an investment should be classified as a subsidiary, associate or joint arrangement (joint venture or joint operation) or identify reportable segments or functional currency.
Relevant topics:
Question will be drawn from Topics 2, 8, 9, 10 or 11.
Practice questions:
Refer to lecture illustrations and related self-study questions (identified in learning check list)
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3. Application question (cont.)
Steps in answering an application type question
1. Define key terminology
2. Explain relevant concepts
3. Apply concepts to the facts of the case (i.e. available information)
4. Identify missing information and state any assumptions made
5. Draw a conclusion consistent with arguments presented
– Refer to requirements in relevant accounting standards, but you do not need to cite specific paragraphs (as in the lecture recording)
– Refer to specific information in the case and link it to the accounting requirements
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3. Application question: Practice example
Q10.3 Determination of functional currency
Based on the information above, determine the functional currency of CI Ltd. Support your answer by reference to AASB121. Describe and explain the additional information you would seek to determine the functional currency of CI Ltd.
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4. Discussion question
LO2. Evaluate alternative solutions to financial reporting problems relating to groups
LO4. Communicate the results from the analysis of accounting issues effectively.
Critically evaluation accounting requirements or alternative accounting treatments.
Relevant topics:
Question will be drawn from Topics 1-12 (inclusive)
Practice questions:
Refer to lecture discussions, related self-study questions (identified in learning check list), tutorial group presentation questions and case study.
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4. Discussion question (cont.)
Steps in answering a discussion type question
1. Interpret the question
2. Identify the key issue
3. Structure your answer
– Address all parts of the question
– Develop arguments and support them with reference to the standards or relevant research
4. Form a conclusion consistent with arguments presented
– Refer to requirements in relevant accounting standards and research findings, but you do not need to cite specific paragraphs or papers (as in the lecture recording)
– Refer to specific information in the case and link it to the accounting requirements
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4. Discussion question: Past exam question
“The classification of joint arrangements under AASB 11 according to the contractual rights of such investments will, through its prescribed accounting methods, result in more useful financial information.”
Critically evaluate this statement. Your evaluation must specifically:
a) Outline the classification rules for joint arrangements under AASB 11 including relevant technical references;
b) Describe the accounting methods for joint arrangements under AASB 11;
c) Consider the decision usefulness of the classification and accounting rules for
joint arrangements under AASB 11; and
d) Include a clear and persuasive conclusion to the stated view in this question
that is accompanied by (1) one supporting reason
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5. Multiple choice
LO1. prepare consolidated financial statements and investments
MCQ: Identify correct answer option
Relevant topics:
Question will be drawn from Topics 1-12 (inclusive)
Practice questions:
Refer to lecture illustrations, related self-study questions (identified in learning check list), practice quizzes (Canvas), tutorial quizzes (Canvas) and small tests feedback.
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5. Multiple choice
General advice:
– Read the entire question.
– Answer it in your mind first.
– Eliminate wrong answers.
– Use the process of elimination.
– Select the best answer.
– Read every answer option.
– Answer the questions you know first.
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6. Got questions?
1. Discuss with friends / Form study groups
2. Ask in the discussion forum on Ed
3. Attend consultation times (schedule for StuVac will be posted on Canvas)
All the best for your exam preparations!
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