ACC2100 Financial Accounting
The Complete Exam Bible · S2 2026ACC2100 Overview
- Monash University
- S2 2026
- 12 chapters
- Accounting
ACC2100 Financial Accounting is Monash University's second-year company financial reporting unit (also taught as ACF2100 and ACB2120 across campuses).
- Assessed by Group & Individual Exercises (Part A Weekly Written/Group 18% + Part B in-class discussions/Individual 12%) 30% + 2 more
- Key terms Carrying amount vs tax base (CA vs TB), Recoverable amount (AASB 136), Goodwill vs gain on bargain purchase (AASB 3), BCVR (Business Combination Valuation Reserve)
- How to prepare Treat ACC2100 as four machines plus an MCQ blueprint, not a wall of standards.
What you get in the full ACC2100 Exam Bible
- 12 chapters, 105 pages — every examinable topic, week by week
- 14 original practice questions in the Final Examination format
- 12 worked examples, solved the way ACC2100 marks
- 17 computed figures, redrawn from the course’s own numbers
- Exam-morning plan for the Final Examination (40%) — what to revise last, where marks are lost
Free on this page: assessment table, chapter map, one worked example, key terms, FAQ. The rest is in the full exam bible.
How ACC2100 is assessed
| Component | Weight | Format |
|---|---|---|
| Group & Individual Exercises (Part A Weekly Written/Group 18% + Part B in-class discussions/Individual 12%) | 30% | Weekly across Weeks 2–12; teamwork written submissions plus assessed tutorial participation |
| Written Assignment — Individual | 30% | Individual written assignment; due date set in the unit outline (subject to confirmation) |
| Final Examination | 40% | Invigilated closed-book eExam with specifically permitted items (calculator + five blank working sheets); 2h10m incl. reading; Part 1 = 10 MCQ × 2 = 20 marks, Part 2 = four written-answer questions = 80 marks; marked out of 100; covers Weeks 2–12 |
What other students are asking about ACC2100
- Where can I find lecture notes or study guides for ACC2100 at Monash?
- The ACC2100 study guide in AskSia Library covers Financial Accounting in 12 chapters, with the assessment table, a chapter-by-chapter topic map, key terms and a worked example, free to read on this page.
- Is there a final exam in ACC2100, and how much is it worth?
- Yes. In the offering this AskSia Library guide is built from, Final Examination carries 40% of the ACC2100 mark; the full split is Group & Individual Exercises (Part A Weekly Written/Group 18% + Part B in-class discussions/Individual 12%) 30%, Written Assignment — Individual 30%, Final Examination 40%.
- What does ACC2100 cover on statement of cash flows (aasb 107)?
- In AskSia Library's ACC2100 guide, the Statement of Cash Flows (AASB 107) chapter explains week 2 · Operating, investing and financing classification, and the direct method via T-account reconstruction. Part-2 exam stake, 10 marks.
- What does ACC2100 cover on impairment of assets (aasb 136)?
- In AskSia Library's ACC2100 guide, the Impairment of Assets (AASB 136) chapter explains week 3 · Recoverable amount = higher of FVLCD and value in use; single-asset and CGU impairment, the allocation order and reversal. MCQ pool.
- What does ACC2100 cover on revaluation of assets (aasb 116)?
- In AskSia Library's ACC2100 guide, the Revaluation of Assets (AASB 116) chapter explains week 4 · PPE initial cost, the cost vs revaluation model, first-time and subsequent revaluation (P&L vs OCI), and depreciating a revalued asset. MCQ pool.
What ACC2100 covers
The whole unit → one exam-ready map. Each chapter links to its free guide: the standard, the decision procedure, and the journals it is examined on.
Financial Reporting Regulation & the Conceptual Framework
Week 1 · Loftus Ch 1. Australian regulators (AASB, ASIC, FRC, the Corporations Act), how the IASB's IFRS become AASB standards, and the Conceptual Framework objective.Financial Reporting Regulation & the Conceptual Framework (Week 1, Loftus Ch 1) sets the rules of the game for the whole unit: who makes Australian accounting standards (the AASB), who enforces and oversees them (ASIC, the FRC, the Corporations Act 2001), and how the IASB's IFRS become AASB standards.
- Australian regulators: AASB (sets standards), ASIC (enforcement), FRC (oversight), ASX (listing), Corporations Act 2001
- International architecture: the IASB issues IFRS; the AASB adapts IFRS into AASB standards
- The IFRS → AASB mapping (AASB 112 ≡ IAS 12, AASB 3 ≡ IFRS 3, AASB 10 ≡ IFRS 10)
- Conceptual Framework objective (para 1.2): useful information for investors, lenders and other creditors
- The stewardship lens and resource-allocation decisions
- When the Framework and a specific standard conflict, the standard prevails
Statement of Cash Flows (AASB 107)
Week 2 · Operating, investing and financing classification, and the direct method via T-account reconstruction. Part-2 exam stake, 10 marks.Statement of Cash Flows (Week 2, AASB 107) converts accrual figures into cash by classifying flows into operating, investing and financing, and reconstructing cash receipts and payments using the direct method.
- Three classifications: operating (day-to-day), investing (long-term assets), financing (equity & borrowings)
- Unit conventions: interest paid = operating, interest received = investing, dividends paid = financing, tax paid = operating
- Cash from customers = Opening AR + Sales − Closing AR
- Cash to suppliers via Purchases = Closing Inventory + COGS − Opening Inventory
- Other operating payments: wages, rent, interest and income tax via the same T-account pattern
- Proceeds on sale of a non-current asset: CA = Cost − Accum depn, then Proceeds = CA + Gain (or − Loss)
Impairment of Assets (AASB 136)
Week 3 · Recoverable amount = higher of FVLCD and value in use; single-asset and CGU impairment, the allocation order and reversal. MCQ pool.Impairment of Assets (Week 3, AASB 136) asks whether an asset is carried above what it is really worth.
- Impairment loss = Carrying amount (CA) − Recoverable amount (RA), recognised only if CA > RA
- Recoverable amount = higher of FVLCD and value in use (VIU = PV of future cash flows)
- Indicator-based testing each period (external and internal sources)
- Annual test regardless of indicators: indefinite-life intangibles, intangibles not yet in use, and goodwill
- Cost model journal (Dr Impairment loss / Cr Accum depreciation & impairment) vs revaluation model (treat as a downward revaluation through OCI)
- Cash-generating unit (CGU): smallest group generating largely independent cash inflows
Revaluation of Assets (AASB 116)
Week 4 · PPE initial cost, the cost vs revaluation model, first-time and subsequent revaluation (P&L vs OCI), and depreciating a revalued asset. MCQ pool.Revaluation of Assets (Week 4, AASB 116) covers how property, plant and equipment is measured: the initial cost on recognition, the policy choice between the cost model and the revaluation model, and the rules for taking revaluation gains and losses to either equity (OCI) or profit or loss.
- Initial cost = purchase price + directly attributable costs + initial dismantling/restoration estimate
- Directly attributable costs (site prep, delivery, installation, testing) vs excluded costs (opening a facility, admin overhead, relocation)
- Policy choice per class: cost model vs revaluation model — revalue the whole class, no cherry-picking
- First-time revaluation: increase → OCI → Asset Revaluation Surplus (equity); decrease → expense in P&L
- Subsequent increase that reverses a prior decrease → P&L to the extent of the prior loss, remainder to OCI
- Subsequent decrease that reverses a prior increase → OCI to the extent of the surplus, remainder to P&L
Accounting for Income Tax: Current Tax (AASB 112)
Week 5 · Accounting vs taxable profit, permanent and temporary differences, the current-tax worksheet and tax losses. MCQ pool.Current Tax (Week 5, AASB 112) reconciles accounting profit to taxable profit and computes the tax actually payable for the year.
- Accounting profit (accrual) ≠ taxable profit (cash basis for certain items)
- Current-tax worksheet: start at accounting profit, add and deduct the differences, reach taxable profit
- Add back: non-deductible expenses and accounting expenses; deduct: tax-deductible amounts and accounting revenues that differ
- Current Tax Liability = taxable profit × 30%; Dr Income tax expense (current) / Cr Current tax liability
- Permanent differences (never reverse): exempt income, goodwill impairment, entertainment, fines and penalties
- Temporary differences (reverse over time): revenue in advance, accrued expenses, prepayments, doubtful debts, depreciation rate differences
Accounting for Income Tax: Deferred Tax (AASB 112)
Week 6 · Carrying amount vs tax base, TTD/DTD classification, the 4-step deferred-tax worksheet and rate changes. Part-2 exam stake, 25 marks.Deferred Tax (Week 6, AASB 112) recognises the future tax consequences of today's temporary differences.
- Tax base (TB) = the amount attributed to an asset/liability for tax purposes (the cash-basis 'tax balance sheet')
- Tax base rules: deductible asset TB = future deductible amount; liability TB = CA − future deductible amount; revenue in advance TB = CA − amount not taxable in future
- The four-step worksheet: determine CA → determine TB → compute and classify the temporary difference → DTA/DTL movement
- Asset CA > TB → TTD → DTL; Asset CA < TB → DTD → DTA
- Liability CA < TB → TTD → DTL; Liability CA > TB → DTD → DTA
- Special tax bases: prepaid insurance TB = 0, interest receivable TB = 0, gross (not net) receivables, provisions TB = 0, revenue in advance TB = 0
Australian Sustainability Reporting Standards (AASB S1/S2)
Week 7 · Double materiality, the four-pillar framework (Governance/Strategy/Risk/Metrics), IFRS & AASB S1/S2 and GHG Scopes 1–3. About half the MCQs.Australian Sustainability Reporting Standards (Week 7, AASB S1/S2) brings sustainability into financial reporting: the case for (and against) social-responsibility reporting, the limitations of traditional accounting, the concept of double materiality, the four-pillar disclosure framework, and the AASB's adoption of the international IFRS S1/S2.
This is a heavyweight for the MCQ pool — about half the ten MCQs come from Weeks 7 and 12. Expect conceptual questions on double materiality, the four pillars, GHG scopes, and the IFRS-to-AASB standards picture, so the definitions are high-yield marks.
- Why firms report on sustainability (risk management, altruistic, strategic) vs greenwashing
- Benefits: lower cost of capital, higher valuation, longer-term investors, better risk management
- Limitations of traditional accounting: ignores externalities, the entity assumption, short-term focus, recognition criteria
- Double materiality = financial materiality (impact on the firm) + impact materiality (the firm's impact on environment & society)
- The standard-setter map: ISSB (IFRS S1/S2), EU/EFRAG ESRS, GRI, SEC
- IFRS S1 (general disclosures) and IFRS S2 (climate); AASB S1 (voluntary) and AASB S2 (mandatory)
Business Combinations (AASB 3)
Week 9 · The acquisition method in four steps, consideration transferred, goodwill = consideration − FVINA, and gain on bargain purchase. Part-2 exam stake, 25 marks.Business Combinations (Week 9, AASB 3) accounts for one entity obtaining control of a business.
- Business combination = an acquirer obtains control of one or more businesses; if not a business → asset acquisition (no goodwill)
- The acquisition method, four steps: identify acquirer → acquisition date → recognise & measure identifiable net assets at fair value → goodwill or bargain gain
- Fair value of identifiable net assets (FVINA) = fair value of identifiable assets − liabilities assumed
- Consideration transferred: cash, deferred cash discounted to PV = FV/(1+r)ⁿ, equity instruments at FV, contingent consideration at FV
- Acquisition-related costs (advisory, legal, valuation) are EXPENSED, not part of consideration
- Contingent liabilities of the acquiree recognised at fair value
Consolidation: General Principles (AASB 10)
Week 10 · Control (three elements), the 5-step consolidation process, acquisition analysis, BCVR entries and pre-acquisition elimination. Part-2 exam stake (with Wk11), 20 marks.Consolidation: General Principles (Week 10, AASB 10) presents a parent and its subsidiaries as a single economic entity.
- Group = parent + subsidiaries, presented as a single economic entity
- Control (AASB 10 para 7) = three elements, all required: power, exposure to variable returns, ability to use power to affect returns
- Power presumed above 50% of voting rights, but can exist below 50%
- Consolidation = line-by-line aggregation + worksheet adjustments; entries repeat each period (they do not carry over)
- The five-step process: acquisition analysis → BCVR entries → pre-acquisition entries → intragroup transactions → NCI (out of scope)
- Acquisition analysis: compare cost with FVINA → goodwill (cost > FVINA) or bargain gain
Consolidation: Intragroup Transactions (AASB 10)
Week 11 · Eliminating intragroup inventory, non-current assets (with depreciation realisation), services, dividends and borrowings. Part-2 exam stake (with Wk10), 20 marks.Consolidation: Intragroup Transactions (Week 11, AASB 10) eliminates dealings within the group, because consolidated profit can only come from transactions with parties outside the group.
- Consolidated profit arises only from external transactions; eliminate intragroup items in full
- Closing inventory with unrealised profit: Dr Sales / Cr COGS / Cr Inventory; tax Dr DTA / Cr ITE on the unrealised profit
- If all the inventory is sold externally → reverse Sales & COGS in full, no inventory or tax adjustment
- Opening inventory (prior-period unrealised profit): Dr Retained earnings / Cr COGS; tax Dr ITE / Cr Retained earnings
- Intragroup non-current asset sold above CA: remove the unrealised gain (Dr Gain / Cr Asset); tax Dr DTA / Cr ITE
- Realisation through depreciation: buyer over-depreciates → Dr Accum depn / Cr Depreciation expense, with reversing tax
Investments in Associates (AASB 128)
Week 12 · Significant influence vs control, the equity method, and the influence spectrum (passive → associate → subsidiary). About half the MCQs (with Wk7).Investments in Associates (Week 12, AASB 128) deals with investor-investee relationships that fall short of control.
- Three investor-investee regimes: passive investment, significant influence (associate), control (subsidiary)
- Significant influence (AASB 128): typically a 20–50% holding, not control
- The influence spectrum: passive → associate (equity method) → subsidiary (consolidation)
- Equity method: record the investment at cost on acquisition
- Add the investor's share of the associate's post-acquisition profit (Dr Investment / Cr Share of profit of associate)
- Reduce the investment by dividends received from the associate (Dr Cash / Cr Investment)
Exam Strategy & Mark-Maximising Playbook
Revision (Week 8) · The 2h10m closed-book sitting, MCQ blueprint discipline, mark allocation across the four worked-answer machines and the permitted-items checklist.Exam Strategy & Mark-Maximising Playbook (Revision, Week 8) turns the unit into a sitting plan for the closed-book final: a 2 hours 10 minutes invigilated eExam (incl.
- Exam shape: closed-book eExam, 2h10m incl. reading, marked /100, no hurdle
- Permitted items: calculator + five blank working sheets only — everything else from memory
- Part 1 MCQ blueprint: 10 × 2 = 20 marks; about half from Weeks 7 & 12, rest from Weeks 3, 4, 5
- Part 2 machine 1 — Statement of Cash Flows (Week 2, 10 marks): T-account reconstruction, direct method
- Part 2 machine 2 — Deferred Tax (Week 6, 25 marks): the four-step CA-vs-TB worksheet
- Part 2 machine 3 — Business Combinations (Week 9, 25 marks): consideration → FVINA → goodwill
It moves beyond the recording cycle into applying selected Australian accounting standards for large reporting entities — the regulatory and conceptual framework, the statement of cash flows, impairment and revaluation of non-current assets, accounting for income tax, sustainability reporting, business combinations, consolidation, and investments in associates — built on the Loftus et al.
Financial Reporting (5e) text.
It is assessed by weekly group & individual exercises (30%), an individual written assignment (30%), and a closed-book invigilated final exam worth 40% (2 hours 10 minutes incl. reading).
The exam is two parts: ten MCQs (20 marks, about half from sustainability and associates) and four worked-answer questions (80 marks) on cash flows, deferred tax, business combinations and consolidation. There is no hurdle, but 80% of the exam marks come from four repeatable worksheet-and-journal machines — so the edge is rehearsing the decision procedure for each, not memorising.
(Your specific sitting is set via my.monash; confirm the date in your unit outline.)
Worked example · free
Deferred tax: classify carrying amount vs tax base and compute closing DTA/DTL
- 2 marksPlant — an asset with CA $90,000 > TB $70,000. An asset whose CA exceeds its TB is a taxable temporary difference (TTD = $20,000) that creates a deferred tax LIABILITY (more tax payable later).
- 2 marksAccounts receivable — an asset with CA $44,000 < TB $50,000 (the allowance gives a future deduction). An asset whose CA is below its TB is a deductible temporary difference (DTD = $6,000) creating a deferred tax ASSET.
- 2 marksLiabilities — warranty provision CA $8,000 > TB $0 and revenue in advance CA $5,000 > TB $0. A liability whose CA exceeds its TB is a DTD: warranty $8,000 and revenue in advance $5,000 both create a deferred tax ASSET.
- 2 marksTotal and apply the rate. ΣTTD = $20,000 → closing DTL = 20,000 × 30% = $6,000. ΣDTD = 6,000 + 8,000 + 5,000 = $19,000 → closing DTA = 19,000 × 30% = $5,700. The journal records the MOVEMENT from the opening balances to these closing figures.
Key terms
- Carrying amount vs tax base (CA vs TB)
- The carrying amount is what an asset or liability is worth in the accounting books; the tax base is the amount attributed to it for tax purposes. The difference between them is the temporary difference that drives every deferred-tax entry — the core machine behind AASB 112.
- Recoverable amount (AASB 136)
- The higher of an asset's (or CGU's) fair value less costs of disposal (FVLCD) and its value in use (VIU). An impairment loss is recognised only when carrying amount exceeds recoverable amount: loss = CA − RA.
- Goodwill vs gain on bargain purchase (AASB 3)
- On a business combination, goodwill = consideration transferred − the fair value of identifiable net assets (FVINA) when that is positive. If consideration is less than FVINA, the difference is a gain on bargain purchase, recognised immediately in profit or loss.
- BCVR (Business Combination Valuation Reserve)
- On consolidation, the reserve used to restate a subsidiary's identifiable assets and liabilities from carrying amount to fair value, with the tax effect. An asset uplift is split: × tax rate to a DTL and × (1 − rate) to BCVR.
- Double materiality (AASB S1/S2)
- The sustainability-reporting lens combining financial materiality (how environmental and social issues affect the firm's value) and impact materiality (how the firm affects the environment and society). It frames the four-pillar disclosures: Governance, Strategy, Risk Management, and Metrics & Targets.
ACC2100 FAQ
Is ACC2100 hard?
It is demanding but predictable. ACC2100 is a technical second-year unit built on selected accounting standards, and the closed-book exam is where most students feel the pressure. The reassuring part is that 80% of the exam marks come from just four worked-answer machines — the cash-flow T-account reconstruction, the deferred-tax CA-vs-TB worksheet, the acquisition analysis, and the consolidation worksheet.
Each is a repeatable decision procedure, not a memory test, so students who rehearse the journals line by line tend to do well even though the content feels heavy.
Is the final exam a hurdle in ACC2100?
No. The official exam brief states there is no hurdle requirement, so you pass on your weighted total across the weekly exercises (30%), the written assignment (30%) and the exam (40%). That said, the exam is the single largest component at 40% and the most technical, so it is where careful preparation pays off most.
What can I take into the exam?
It is a closed-book invigilated eExam with specifically permitted items only: a calculator and five blank working sheets. No notes or other materials are allowed. The sitting runs 2 hours 10 minutes including reading time and is marked out of 100. Because nothing is provided beyond the working sheets, you need the standards and the decision procedures memorised — which is exactly what the worked-answer machines drill.
What does the exam actually cover?
Part 1 is ten multiple-choice questions worth 20 marks, with about half drawn from Weeks 7 and 12 (sustainability and associates) and the rest from Weeks 3, 4 and 5 (impairment, revaluation, current tax). Part 2 is four written-answer questions worth 80 marks: Statement of Cash Flows (10), Deferred Tax (25), Business Combinations (25), and Consolidation across Weeks 10 & 11 (20). Coverage is Weeks 2 to 12 inclusive.
Do I need the Loftus textbook?
The set text is Loftus et al., Financial Reporting (5th edition, Wiley), and the unit's chapter references and tutorial exercises follow it closely. You can pass on the lecture slides and tutorial solutions alone if you are disciplined, but the textbook is the authoritative reference for the standards' detail (especially impairment, deferred tax and consolidation) and is worth having for the worked examples.
Questions students ask in each ACC2100 chapter
- What's the difference between the AASB, ASIC and the FRC?
- They sit at different points in the system. The AASB writes the accounting standards (adapting them from international IFRS); the FRC oversees the AASB and the broader standard-setting process; and ASIC enforces compliance with the Corporations Act and those standards. A useful shorthand: AASB makes, FRC oversees, ASIC enforces. Exam MCQs love to swap these roles, so anchor each body to its verb. Chapter 01 · Financial Reporting Regulation & the Conceptual Framework
- Direct or indirect method — which does ACC2100 examine?
- The direct method. You present operating cash flows as gross receipts and payments (cash from customers, cash to suppliers, wages paid, interest paid, tax paid), each reconstructed from the relevant ledger account. The indirect method (starting from profit and adjusting) is not the focus of the Week 2 written question. Chapter 02 · Statement of Cash Flows (AASB 107)
- Recoverable amount is the higher or the lower of the two figures?
- The higher. Recoverable amount = the greater of fair value less costs of disposal (FVLCD) and value in use (VIU). The logic is that a rational owner would either sell the asset or keep using it, whichever gives more, so the asset is worth at least the better of those two routes. Picking the lower figure is a common and costly slip. Chapter 03 · Impairment of Assets (AASB 136)
- Can I revalue just one asset in a class?
- No. If you revalue one item of property, plant and equipment, you must revalue the entire class to which it belongs. This 'no cherry-picking' rule stops entities from revaluing only the assets that have risen in value. The cost-vs-revaluation choice is itself made class by class. Chapter 04 · Revaluation of Assets (AASB 116)
- What's the difference between a permanent and a temporary difference?
- A permanent difference never reverses — the item is recognised by one set of rules and simply ignored by the other forever (exempt income, entertainment, fines, goodwill impairment). A temporary difference reverses over time — the item is recognised by both sets of rules, just in different periods (revenue in advance, accrued leave, prepayments). Permanent differences only affect current tax; temporary differences are what create deferred tax in Week 6. Chapter 05 · Accounting for Income Tax: Current Tax (AASB 112)
- How do I remember which way creates a DTA versus a DTL?
- Use the four-line rule. For an ASSET: CA > TB means a taxable temporary difference → DTL; CA < TB means a deductible temporary difference → DTA. For a LIABILITY the directions flip: CA < TB → DTL; CA > TB → DTA. A quick sense check is the economic story — a DTL means you'll pay more tax later, a DTA means you'll pay less. Chapter 06 · Accounting for Income Tax: Deferred Tax (AASB 112)
- What exactly is double materiality?
- It is materiality viewed from two directions at once. Financial materiality asks how sustainability issues (climate, resource scarcity, social licence) affect the firm's value, cash flows and position — the investor's lens. Impact materiality asks how the firm's activities affect the environment and society — the stakeholder's lens. The ISSB's standards emphasise financial materiality, the EU's ESRS require both, and the GRI focuses on impact materiality. Chapter 07 · Australian Sustainability Reporting Standards (AASB S1/S2)
- How is goodwill calculated?
- Goodwill = consideration transferred − the fair value of identifiable net assets (FVINA), when that figure is positive. FVINA is the fair value of the identifiable assets acquired less the liabilities assumed. So the two-step job is: total the fair value of everything you gave (consideration), total the fair value of the net assets you got (FVINA), and the gap is goodwill. Chapter 08 · Business Combinations (AASB 3)
- What are the three elements of control?
- Under AASB 10 para 7, an investor controls an investee only when it has all three of: (1) power over the investee (the current ability to direct the relevant activities), (2) exposure or rights to variable returns from its involvement, and (3) the ability to use its power to affect those returns. All three must be present — owning more than 50% of votes usually gives power, but power can exist below 50% (for example with dispersed shareholders or contractual rights). Chapter 09 · Consolidation: General Principles (AASB 10)
- Why do we eliminate intragroup transactions at all?
- Because the consolidated financial statements present the group as a single economic entity, and a single entity cannot make a profit by selling to itself. Only transactions with parties outside the group create real, consolidated profit. So intragroup sales, asset transfers, services, dividends and loans — and any unrealised profit still locked inside the group — are eliminated in full. Chapter 10 · Consolidation: Intragroup Transactions (AASB 10)
- What's the difference between an associate and a subsidiary?
- It comes down to the level of influence. A subsidiary is controlled (usually more than 50% of votes, satisfying the three control elements) and is fully consolidated line by line. An associate is only significantly influenced (typically a 20–50% holding) — the investor can participate in policy decisions but not control them — and is accounted for by the equity method as a single line on the balance sheet, not consolidated. Chapter 11 · Investments in Associates (AASB 128)
- When is the ACC2100 exam and is it a hurdle?
- It is a centrally scheduled closed-book eExam in the end-of-semester exam period; your specific sitting is set via my.monash, so confirm the date in your unit outline. There is no hurdle — you pass on your weighted total across the weekly exercises (30%), the written assignment (30%) and the exam (40%) — but the exam is the largest and most technical single component. Chapter 12 · Exam Strategy & Mark-Maximising Playbook
How to study for the exam
Treat ACC2100 as four machines plus an MCQ blueprint, not a wall of standards. (1) Build the four Part-2 procedures into muscle memory: the cash-flow T-account reconstruction (Week 2), the deferred-tax CA-vs-TB worksheet (Week 6), the acquisition analysis for goodwill or bargain purchase (Week 9), and the consolidation worksheet — acquisition analysis → BCVR → pre-acquisition → intragroup elimination (Weeks 10–11).
Together these are 80 of the 100 exam marks. (2) For each machine, write the decision procedure on a single page and rehearse it on fresh numbers until the journals come automatically — closed-book means you cannot look anything up. (3) Mine the weekly tutorial exercises and Part A group questions: the exam draws from exactly that style, and the deferred-tax and consolidation worksheets reward layout discipline.
(4) Target the MCQ pool deliberately: about half the ten MCQs come from sustainability (Week 7, double materiality, four pillars, GHG scopes) and associates (Week 12, the equity method), the rest from impairment, revaluation and current tax — these are high-yield, low-effort marks if you nail the definitions.
(5) Memorise the tax rate convention (30% throughout) and the sign rules (products minus reactants in cash flows; CA-vs-TB direction for deferred tax). (6) In the sitting, budget the 2h10m by marks: roughly 20 minutes on the MCQs, then split the remaining time across the four written questions in proportion to 10/25/25/20, and show every line of working — partial marks reward the procedure even when the final number slips.
Your AI Accounting tutor for ACC2100
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