1. Approaching the June Exam Sasha Mildenhall Taylors Lakes Secondary College

2. We remember.... 20% of what we read 30% of what we hear 40% of what we see 50% of what we say 60% of what we do 90% of what we see, hear, say & do!

4. Key Tips..... Complete several practice exams under exam conditions Practice at the same time as the exam The more exams you do the better your result will be Read the examiners reports for ‘07, ’08 & ’09 Eat the right food, drink plenty of water

5. Key Tips..... (continued) Get plenty of exercise Assemble the correct materials Plan your trip to the exam centre Carefully read the required tasks with the answer booklet to focus your reading Answer questions in full Be specific – eg current asset not just asset, use amounts in theory responses where possible

6. Key Tips..... Dont repeat the question in your theory responses Beware of constraints in questions Plan your time Don’t confuse qualitative characteristics with principles Use practice exams from the VCTA and VCAA Make full use of your teacher

7. Key Tips..... Watch out for titles If you get stuck on a question...move on... Come back if you have time Put all workings in the answer book Put a line through errors...dont erase them Complete the question even if you have made an error. You don’t lose marks for consequentials Look carefully at the marks allocated

8. Practice exams are ideal preparation The current course started in 2007! Complete the ’07 ‘08 and ’09 exams07 If they are available, practice using an actual answer book. The old course did not include the GST in all journals so be careful if using questions pre-2007 Most students need practice writing concise answers in the restricted space provided. Read the assessors reportsassessorsreports Race the clock! Set yourself time trials.

9. You should attempt questions in your preferred order: i.e. Question 1.1 does not have to done first. One mark = one minute (5 marks = 5 minutes) Work to a plan in terms of time and move on quickly if one question is particularly difficult. Show all workings where space is provided. Marks are often gained by students who actually end up with the wrong answer, but have shown workings that demonstrate their knowledge. Be aware of omissions that will cost you marks: e.g. no dates, no balancing of accounts, no narrations, no document numbers, no labelling of key items (e.g. gross profit, net profit).

10. Watch out for aliens in reports (don’t include everything just because it’s there!) Look for “key words” in questions, such as complete, record, explain, outline, justify, discuss, state, list, and calculate. The key word is a guide as to how the question should be answered.

11. Be aware of the marks allocated and the space provided in the answer book. Both provide clues as to the length of answer required. An explain type question worth 2 marks and with four lines provided will usually require a full explanation of two separate points. Three or four word answers will not suffice! Check dates when doing balance day adjustments. Watch out for prepaid items and depreciation when items occur part of the way through the reporting period.

12. Some Common Exam Errors Not answering the question: make sure you answer what the question requires, not what you want to answer! Insufficient detail: 2 marks usually indicates 2 points need to be made. Don’t make one point and simply re-word it. Make 2 separate points! Wrong reporting period: always check the length of the reporting period. You should not allocate a year’s depreciation in a one month report! Watch out for ‘constraints’: some questions state “apart from a particular item”, do not state the items already listed. Posting errors: when posting from special journals to general ledger accounts totals should be posted.

13. What will my student do first..... The PALER Rule CURR HERMCCG or CHER MCG

14. I D L Response Identify Define Link Let’s try an example

15. Caused when?Recorded? Reported Where? Strategies to reduce? Stock Loss Use of Visuals Try to think about a topic from every angle.....

16. The examiners do NOT have a pre-determined percentage of theoretical type questions – be prepared for both types! 200720082009 Practical 78% 68% 70% Theory 22%32% 30% 100%100% 100% Prac vs Theory

17. The General Journal 200720082009 Establishing double entry 44 Assets contributed by owner 3 3 Stock withdrawal 2 Balance day adjustments 7 105 Correction of error 12 Stock loss - 1 Bad debts - 2 Closing entries 5 22 Total marks allocated22 1813

18. Exam Literacy

19. Know your Templates......

20. Time for a challenge......

21. Contact Details Sasha Mildenhall Assistant Principal Taylors Lakes Secondary College mildenhall.sasha.s@edumail.vic.gov.au Skype: Sasha Mildenhall