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07/7020/02 1 The University of Adelaide Adelaide Business School CORPORATE ACCOUNTING Final Exam Information and Guidelines Semester 1, 2022 This document is divided into 3 sections: • Section 1 contains important information for all students. • Section 2 contains specific formatting and layout information about the in-person exam (for Adelaide-based students ONLY). • Section 3 contains important information about the online exam (for offshore students ONLY). Table of Contents Section 1: Exam Information for All Students .............................................................. 1 Section 2: In-Person Exam Information (for Adelaide-Based Students ONLY) ........... 5 Section 3: Online Exam Information (for Offshore Students ONLY) ........................... 7 Section 1: Exam Information for All Students Date, Time, Venue: • Please consult your examinations timetable on MyAdelaide for the exam date/time. • Students who are located in Adelaide must sit an in-person exam at Wayville Showground. • Students who are offshore must sit an online closed-book exam on MyUni, which is invigilated by ProctorU. • [Online Exam Only] If you are sitting an online exam, please check the starting time of your exam in your MyAdelaide Examination Timetable: different students will have slightly different starting time for the online exam. It is crucial for you to arrive at your exam on time (based on your exam start time) otherwise you may not be able to start your exam. • If you are currently offshore but have not yet received any correspondence from the University about your online exam, please contact the University’s Examinations and Results Office (
[email protected]). • Both in-person and online exams will be closed-book (with only prescribed permitted resources: see below) and invigilated. • Please carefully read all correspondence from the University relating to your exam. • This examination is subject to the University’s normal examination rules. 2 Exam Coverage: • All Topics 1–11 in this course are examinable (including all specific paragraphs in AASB standards covered in this course). • The principles and knowledge obtained from the Harvard Business Cases and other Case Studies are examinable. However, you will not be asked about the facts in any Case Study. • Consolidation will be examined. You will be asked to provide consolidation adjustment entries and other calculations/information, but you will not be asked to fill out a physical consolidation worksheet (in either the online or in-person exam). • Your knowledge of the AASB accounting standards will be examined (see “Permitted Materials” section below). Exam Format: • The duration of the examination is 3 hours (180 minutes). • The exam contains 5 questions. The mark distribution are as follows (allocate your time based on the marks allocated to each question). Question Marks Question 1 30 marks Question 2 25 marks Question 3 20 marks Question 4 13 marks Question 5 12 marks • The questions are a mix of short-/long-answer (essay) questions and calculations/journal entries questions. • Some questions will consist of multiple sub-parts (e.g., Question 2 Part (A), Question 2 Part (B) etc.) • [In-Person Exam] You must write your answers in the examination booklet in the prescribed space provided for each question/sub-question. • [Online Exam] You must type your answers into the answer box corresponding to each question/sub-question. Do not attach any files as they will not be graded. • This is a closed book exam (for permitted materials please see the section below). • You are not allowed to communicate with any individual or entity (except the exam invigilators), verbally or in writing, during the duration of the exam. 3 Permitted Materials This is a closed book exam, but you are allowed to use the following resource(s) during the exam. We have reproduced below the “Permitted Materials” instructions printed on the cover sheet of your exam paper. These instructions will be strictly enforced by invigilators (both in-person and online). • In-Person Exam: Permitted Materials: • 1 Examination Booklet. • CAANZ Financial Reporting Handbook or CPA Australia Accounting Handbook is permitted. ONLY highlighting and/or underlining is permitted in the Handbook. No other writing or other marks may be included anywhere in the Handbook. Tabs are NOT permitted. No other notes are permitted. • A standard calculator incapable of storing text is permitted. If you are sitting an in-person exam, you are only permitted to use a hardcopy of the Accounting Handbook or Financial Reporting Handbook published by CPA Australia or CAANZ (no digital e-book or print-outs allowed). All Handbooks will be checked individually by invigilators – any found containing unauthorised material will be confiscated and this will be subject to plagiarism proceedings. To avoid such stressful situations, please double-check your Handbook before the exam to ensure that it does not contain any unauthorised material. • Online Exam: Permitted Materials: Calculator – Standard (physical or on-screen) Students are allowed to access any AASB accounting standards from the following websites during the exam: • https://aasb.gov.au/pronouncements/accounting-standards/ and/or • https://www.legislation.gov.au/ CAANZ Financial Reporting Handbook or CPA Australia Accounting Handbook is permitted. ONLY highlighting and/or underlining is permitted in the Handbook. No other writing or other marks may be included anywhere in the Handbook. Tabs are NOT permitted. If you are sitting an online exam, you may have been unable to purchase a copy of the hardcopy Accounting Handbook from offshore. During the exam, you are allowed to access the AASB accounting standards from the aforementioned two websites. It is essential for you to visit these websites before the exam to familiarize yourself with their layout and to ensure that you are able to access the accounting standards and know how to find the right standards during the exam. You are not allowed to visit any other website during the exam. The online invigilator will monitor your screen and actions during the exam. You are allowed to use one sheet of A4-sized scratch paper. The ProctorU invigilator will ask you to show both sides of the scratch paper to the camera at the start of the exam. At the end of the exam, the ProctorU invigilator will ask you to destroy the scratch paper by tearing it into pieces. https://aasb.gov.au/pronouncements/accounting-standards/ https://www.legislation.gov.au/ 4 Exam Tips: • Allocate your answering time to each question based on their marks/weighting. • Do NOT over-invest your time in one question. • Do NOT leave any question unattempted. • Read the questions carefully. Make sure you fully comprehend the facts and instructions. Do not start answering until you are sure what the question is asking. • Make sure you are familiar with the accounting standards. This will be examined. • The AASB accounting standards contain definitions, rules, and examples that will help you – read through all paragraphs we have covered in this course prior to the exam. • Apply the accounting standards to the requirements/facts in the question. Simply listing paragraph numbers is not enough. • Show all calculations and workings – you will still be awarded marks for interim steps when your final answer is not 100% correct, but ONLY if you show the calculations. • Where necessary, state any assumptions you make. • Corporate Accounting builds on your knowledge from prior accounting courses. You are expected to use the prior knowledge where appropriate. • Everything in the exam relates to content that we have extensively and repeatedly studied in this course. Therefore, if you see a question that looks unfamiliar or which you are unsure about, DON’T panic! Take a moment to think about what the question is asking. The answer(s) may be obvious. 5 Section 2: In-Person Exam Information (for Adelaide-Based Students ONLY) In-Person Exam Layout: • The exam will contain one examination booklet. The questions are printed in the booklet, and blank spaces are provided in the booklet where you should write down your answers to each question. • Please see the cover sheet of the exam below: Don’t Forget to Bring to the Exam: • Your non-programmable calculator • Your Accounting Handbook • Your Student ID 6 Instructions in In-Person Exam: • All answers and workings must be written in your examination booklet. Strictly follow the instructions. • In short-answer/long-answer questions, you may receive the following instructions: Your answer must be supported by references to specific paragraphs in all relevant accounting standards. Formatting requirements: Your answer should be divided into multiple paragraphs. You should use section headings to clearly identify the structure of your essay. • For calculation/journal entry questions, provide your supporting calculations (e.g. acquisition analysis) in the lined space: • Provide all journal entries (including consolidation adjustment entries) in the prescribed tables (if available) following the format below. Credit entries must be indented. Ref Account DR $ CR $ Account to be Debited XX Account to be Credited XX 7 Section 3: Online Exam Information (for Offshore Students ONLY) Browser Requirement: • You must use Firefox or Chrome to take the Online Exam. • This requirement is imposed by the University’s Examinations Office (other browsers are not compatible with the MyUni Exam). There will be no exceptions. Online Exam Layout: • The online exam will be located in a separate MyUni Course for the Corporate Accounting EXAM (not within our usual MyUni Course). • The Exam will be in the format of a MyUni Quiz, with a similar look-and-feel as the Weekly Quizzes. • Each question will have 2 different question