ACCTG 102 Accounting Concepts
The Complete Exam Bible · S2 2026ACCTG 102 Overview
- University of Auckland
- S2 2026
- 11 chapters
- Accounting
ACCTG 102 Accounting Concepts is the University of Auckland's preparer-perspective Stage I accounting course — 15 points in the Business School, taught flipped-classroom style with pre-recorded chapter lectures and compulsory weekly live workshops on the City Campus (an offshore stream also runs).
- Assessed by Final examination 50% (University course catalogue; weight not restated on Canvas — confirm) + 4 more
- Key terms Accrual accounting, Adjusting entry, Allowance for doubtful debts, Carrying amount
- How to prepare Run the weekly loop the flipped classroom assumes: watch the chapter's pre-workshop recordings, sit the 0.5% quiz before it closes…
- Most asked Can AI help me study ACCTG 102?
What you get in the full ACCTG 102 Exam Bible
- 11 chapters, 170 pages — every examinable topic, week by week
- 18 original practice questions, most with model answers in the Final examination format
- 11 worked examples, solved the way ACCTG 102 marks
- 4 computed figures, redrawn from the course’s own numbers
- Exam-morning plan for the Final examination — 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 ACCTG 102 is assessed
| Component | Weight | Format |
|---|---|---|
| Final examination | 50% (University course catalogue; weight not restated on Canvas — confirm) | Comprehensive: Chapters 1–5 & 7–10 + Xero. Practice paper: 15 compulsory questions / 75 marks, 2 hours, cover marked open book + calculator on Inspera — the real exam's mode is advised on Canvas during the semester |
| Mid-semester test (Inspera) | 20% | Online open-book, non-invigilated, 90 min + 5 min reading, MCQ + analytical + written questions, Chapters 1–5, no formula sheet provided |
| Pre-workshop quizzes | 5% (10 × 0.5%) | Weekly Canvas quizzes due before that week’s session — confirm each due time on Canvas |
| Assignments 1 & 2 (WileyPlus) | Confirm on Canvas | WileyPlus problem sets — A1: the Chapters 1-4 accounting cycle; A2: Chapters 7-10 (factoring, depreciation methods, leases). The University catalogue coursework total of 30% includes the quizzes and the Xero assignment |
| Assignment 3 (Xero) | 5% | A 13-section Xero NZ company build: conversion balances → invoices & bills → bank reconciliation → seven reports (graded 0/50/100 on correctness thresholds) |
What other students are asking about ACCTG 102
- Where can I find lecture notes or study guides for ACCTG 102 at Auckland?
- The ACCTG 102 study guide in AskSia Library covers Accounting Concepts in 11 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 ACCTG 102, and how much is it worth?
- Yes. In the offering this AskSia Library guide is built from, Final examination carries 50% (University course catalogue; weight not restated on Canvas — confirm) of the ACCTG 102 mark; the full split is Final examination 50% (University course catalogue; weight not restated on Canvas — confirm), Mid-semester test (Inspera) 20%, Pre-workshop quizzes 5% (10 × 0.5%), Assignments 1 & 2 (WileyPlus) Confirm on Canvas, Assignm.
- What does ACCTG 102 cover on the recording process: journals, ledgers & the trial balance?
- In AskSia Library's ACCTG 102 guide, the The Recording Process: Journals, Ledgers & the Trial Balance chapter explains accounting equation, debit/credit rules, journal entries, posting to the general ledger, the trial balance (Carlon Ch 2, Week 2).
- What does ACCTG 102 cover on accrual accounting & adjusting entries?
- In AskSia Library's ACCTG 102 guide, the Accrual Accounting & Adjusting Entries chapter explains accrual vs cash, the adjusting-entry families (prepayments, accruals, depreciation, unearned revenue), adjusted trial balance, closing the books, the accounting cycle (Carlon Ch 3, Week 3).
- What does ACCTG 102 cover on merchandising operations & gst?
- In AskSia Library's ACCTG 102 guide, the Merchandising Operations & GST chapter explains perpetual vs periodic systems, purchase & sales entries, discounts vs returns vs allowances, the Statement of Profit or Loss, the GST process as taught (Carlon Ch 4, Week 4).
What ACCTG 102 covers
The whole course → one exam-ready map. Chapters 1–5 build the accounting cycle and are the entire territory of the 20% open-book mid-semester test; the comprehensive final brings Chapters 1–5 back and adds Chapters 7–10 plus Xero. Each chapter links to its free guide.
Introduction to Accounting & the Four Financial Statements
Users & decisions, the four key statements, the NZ financial-reporting environment (XRB / NZ IFRS), intro ratio analysis, the Xero tech toolbox (Carlon Ch 1, Week 1)The Week-1 chapter of ACCTG 102 Accounting Concepts at the University of Auckland maps the whole course: who uses financial statements and for what decisions, the four key statements (profit or loss, changes in equity, financial position, cash flows) and how they interlock, and the New Zealand reporting environment where the XRB sets standards and for-profit companies apply NZ IFRS.
- Users & decisions — internal managers vs external investors, lenders, suppliers and regulators, and ACCTG 102's preparer perspective
- Forms of business — sole trader, partnership, company (separate legal entity, limited liability): the practice mid-semester test's opening territory
- The accounting equation Assets = Liabilities + Equity, and the five elements (assets, liabilities, equity, income, expenses)
- Statement of profit or loss — income − expenses = profit for the period (financial performance)
- Statement of changes in equity and the retained-earnings roll-forward: Closing RE = Opening RE + Profit − Dividends
- The classified statement of financial position — current vs non-current, NZ net-assets presentation, A = L + E ties out
The Recording Process: Journals, Ledgers & the Trial Balance
Accounting equation, debit/credit rules, journal entries, posting to the general ledger, the trial balance (Carlon Ch 2, Week 2)Week 2 of ACCTG 102 Accounting Concepts at the University of Auckland is where you stop reading financial statements and start building them: transaction analysis with the accounting equation, debit/credit rules, journal entries, posting to the general ledger, and the trial balance (Carlon Ch 2).
- What gets recorded: only events affecting assets, liabilities or equity — a transaction is an external exchange of value (hiring an employee = no entry)
- The accounting equation A = L + E and its expanded form: A = L + Share capital + Beginning retained earnings + Revenues − Expenses − Dividends — every transaction has a dual effect and every equity change is tagged with its source
- Accounts and the T-account: title, debit (left), credit (right); running-balance format as the alternative layout
- Debit/credit rules and normal balances for all seven account types — assets, dividends and expenses are debit-normal; liabilities, share capital, retained earnings and revenues are credit-normal
- Double-entry accounting: total debits = total credits for every entry — including compound entries (e.g. an asset bought part cash, part on account)
- Journalising conventions: date, debit flush left, credit indented — and the Inspera rules (narrations not required, each Dr/Cr on its own line, show workings)
Accrual Accounting & Adjusting Entries
Accrual vs cash, the adjusting-entry families (prepayments, accruals, depreciation, unearned revenue), adjusted trial balance, closing the books, the accounting cycle (Carlon Ch 3, Week 3)Week 3 of ACCTG 102 Accounting Concepts at the University of Auckland moves the ledger onto the accrual basis: revenue when earned, expenses when incurred, regardless of cash.
- Accrual vs cash accounting: recognise revenue when goods/services are provided and expenses when incurred — the timing distortion the cash basis creates
- Revenue recognition under NZ IFRS 15: five contract conditions and the five-step model
- The four adjusting-entry families: prepaid expenses, revenue received in advance, accrued revenues, accrued expenses — each pairs one P&L account with one balance-sheet account, never Cash
- Depreciation as allocation (not valuation): Dr Depreciation expense / Cr Accumulated depreciation, and carrying amount = cost − accumulated depreciation
- The recurring trap: questions state the unearned amount REMAINING — the adjustment is the ledger balance minus that figure
- Omission effects: which way profit, assets and liabilities are overstated or understated when an adjustment is skipped
Merchandising Operations & GST
Perpetual vs periodic systems, purchase & sales entries, discounts vs returns vs allowances, the Statement of Profit or Loss, the GST process as taught (Carlon Ch 4, Week 4)Week 4 of ACCTG 102 Accounting Concepts at the University of Auckland moves from service firms to merchandisers: businesses that buy and re-sell inventory, so a new line — cost of sales — appears between revenue and expenses.
- Perpetual vs periodic inventory systems — the key difference is WHEN cost of sales is calculated (each sale vs period-end stocktake)
- Purchaser entries (perpetual): purchases to Inventory, purchase returns, freight-in vs freight-out, credit terms like 2/7, n/30
- Trade discounts (never recorded — record the net price) vs settlement discounts (recorded: Discount received / Discount allowed)
- Seller entries: every perpetual sale needs TWO entries — revenue at selling price AND Dr Cost of sales / Cr Inventory at cost
- Sales returns vs allowances: a return puts inventory back (second entry at cost); an allowance has NO inventory entry — the tested trap
- The fully classified Statement of Profit or Loss: net sales, gross profit, then selling / administrative / financial expense classes
Reporting & Analysing Inventory: Cost-Flow Methods
FIFO / weighted-average cost flows, financial-statement effects, inventory turnover & days-in-inventory, closing entries for merchandisers (Carlon Ch 5, Week 5)Week 5 of ACCTG 102 Accounting Concepts at the University of Auckland asks the question recording alone cannot answer: when identical units were bought at different prices, which cost goes to cost of sales and which stays in ending inventory?
- The periodic system: Purchases, Purchase returns & allowances and Freight-in as temporary accounts, with cost of sales computed from the stocktake
- The cost-of-sales chain: beginning inventory + cost of goods purchased = cost of goods available for sale − ending inventory = cost of sales
- Stocktake ownership rules: FOB shipping point vs FOB destination goods in transit, and consigned goods excluded from the holder's count
- FIFO and weighted average (periodic): earliest costs to cost of sales vs one blended unit cost — LIFO for contrast only, not permitted in NZ/Australia under NZ IAS 2 / AASB 102
- Perpetual application: FIFO matches its periodic result, but the average becomes a moving weighted average re-computed after every purchase
- Financial-statement effects of the method choice under rising vs falling prices, and the consistency principle
The Mid-Semester Test Playbook (Chapters 1–5)
What the 20% Inspera test looks like (open-book, non-invigilated, 90 min, MCQ + analytical + written, no formula sheet), the question template, and a Chapters 1–5 revision synthesis (Week 6)Week 6 of ACCTG 102 Accounting Concepts at the University of Auckland carries no new content: it is the revision and sitting window for the mid-semester test, worth 20% of the final grade.
- The rules of the game: 20% weighting, 50 marks, 90 minutes' writing plus 5 minutes' reading and a 15-minute technical buffer, evening sitting on Inspera — open book (own notes and a calculator) but AI tools and communication strictly banned, with an academic-integrity declaration
- The question template: MCQ warm-up (5 × 1 mark) → written/conceptual question → transaction journal run with a closing-cash proof → adjusting entries → merchandising/GST journals → inventory cost-flow computation
- The rotating dials between sittings: perpetual vs periodic, FIFO vs weighted average (LIFO for contrast only — not permitted in NZ), GST on or off, service vs retail business
- Pacing at 1.8 minutes per mark: a 10-mark journal question deserves about 18 minutes, and workings earn marks even when the final figure is wrong
- Inspera answer mechanics: each debit and credit on its own line (space bar, not tab), narrations not required, round to whole numbers, show labelled workings, state assumptions
- The no-formula-sheet ratio memorise set from Chapters 1–5: return on assets, profit margin, working capital, current ratio, current cash debt coverage, debt to total assets, cash debt coverage, gross profit ratio, operating expenses to sales, inventory turnover, days in inventory
Cash, Bank Reconciliations & Receivables
Internal-control principles, the bank reconciliation, recording receivables, the allowance method, receivables ratios & factoring (Carlon Ch 7, Week 7)Week 7 of ACCTG 102 Accounting Concepts at the University of Auckland opens the second half of the course with the assets most exposed to loss: cash and accounts receivable.
- Cash defined: cash on hand + cash at bank + cash equivalents (bank overdrafts, money-market deposits, 90-day bank bills)
- Five internal-control principles applied to cash receipts and cash payments: establishment of responsibility, segregation of duties, documentation, physical/mechanical/electronic controls, independent internal verification
- Bank reconciliation: timing differences (outstanding deposits, outstanding EFTs) vs errors, and the course's four-step procedure ending at adjusted bank statement balance = Cash at bank ledger balance
- Book-side updates that need journal entries: bank fees, direct debits and credits, and the firm's own recording errors
- The allowance method: period-end estimate (Dr Bad debts expense / Cr Allowance for doubtful debts), write-offs against the allowance, recoveries in two entries, and receivables at net realisable value
- Estimating the allowance by ageing accounts receivable — the adjusting entry is the required balance minus the existing balance
Non-Current Assets: Depreciation, Revaluation & Disposal
Cost at acquisition, straight-line vs diminishing-value vs units-of-production, mid-year catch-up depreciation, revaluations, disposals, intangibles (Carlon Ch 8, Week 8)Week 8 of ACCTG 102 Accounting Concepts at the University of Auckland follows a non-current asset through its whole life: what is capitalised into cost at acquisition, how that cost is allocated as depreciation (straight-line, diminishing-value, units-of-production), and how impairments, revaluations and disposals are journalised.
- Cost at acquisition — capitalise everything necessary to acquire the asset and make it ready for use; expense registration, annual insurance and repairs
- Land vs land improvements: land is never depreciated, but car parks, fencing and lighting are a separate depreciable class
- Straight-line depreciation: (cost − residual value) ÷ useful life, with carrying amount = cost − accumulated depreciation
- Diminishing-value (diminishing-balance): rate × carrying amount at the start of the year — never on cost after Year 1
- Units-of-production: per-unit rate = depreciable amount ÷ total estimated units, then rate × units used this period
- Mid-year catch-up depreciation (annual charge × months/12) before any disposal or revaluation
Reporting & Analysing Liabilities
Current & non-current liabilities, provisions (warranty top-ups), debentures & redemption, leases, liquidity & solvency ratios (Carlon Ch 9, Week 9)Week 9 of ACCTG 102 Accounting Concepts at the University of Auckland covers the right-hand side of the accounting equation below equity: classifying liabilities as current or non-current, recording notes payable, debentures and their redemption, instalment loans and leases, providing for warranties, and disclosing contingent liabilities.
- Classification: a current liability is payable within one year <b>or the operating cycle, whichever is longer</b>; everything else is non-current, presented in liquidity order
- The current-liability family: accounts payable, accrued liabilities, notes payable (interest = face × rate × time), revenue received in advance, payroll withholdings, and GST collected until remitted
- Current maturities of long-term debt — a reclassification only, with <b>no adjusting entry</b>
- Debentures vs unsecured notes: in this course's (Carlon) usage a debenture is <b>secured</b>; face value × contract rate sets the cash interest, and contract-vs-market rate decides par, discount or premium
- Debenture redemption: cash = face × price/100; cash above carrying amount = loss, below = gain — the practice final's Q12 pattern
- Loans payable by instalment: each payment splits into interest (opening balance × periodic rate) + principal reduction via the loan schedule
Reporting & Analysing Equity
The corporate form, share issues & splits, dividends (declaration → payment), payout ratio, ROE & capital structure (Carlon Ch 10, Week 10)Week 10 of ACCTG 102 Accounting Concepts at the University of Auckland turns to the owners' side of the balance sheet: the corporate form of organisation, share issues and splits, cash and share dividends from declaration to payment, and how equity is reported through share capital, retained earnings and reserves.
- The corporate form — separate legal existence, limited liability, transferable shares, continuous life, board of directors; public vs private companies (private capped at 50 non-employee shareholders)
- Share classes and rights: ordinary shareholders' three rights (vote, dividends, residual claim) vs preference shares' priority for dividends and liquidation
- Private placement — one entry: Dr Cash at bank / Cr Share capital (assets up, equity up, no liability)
- Public share issue — the four-entry chain: application money to trust → allotment to share capital → transfer the trust → collect allotment money; calls repeat the pattern
- Share splits: more shares at a lower stated value — share capital and total equity unchanged, NO journal entry (memorandum only), done for marketability
- Cash dividends: declaration (Dr Retained earnings / Cr Dividends payable) → record date (no entry) → payment (Dr Dividends payable / Cr Cash); three conditions before a dividend is lawful
Accounting in Xero: Cloud Accounting
The Xero workflow (conversion balances → invoices & bills → bank reconciliation → reports), fixed assets in Xero, cloud-accounting themes — examined in the final and drives Assignment 3 (Week 11)Week 11 of ACCTG 102 Accounting Concepts at the University of Auckland has no textbook chapter — instead it moves the whole manual accounting cycle into Xero, the cloud accounting platform: conversion balances (the opening trial balance), sales invoices and purchase bills (the journals), bank reconciliation and the closing reports.
- The Xero workflow: set up the organisation → conversion balances → invoices & bills → bank reconciliation → reports — the Chapters 1–5 accounting cycle re-enacted in cloud software
- Set-up phase: financial settings (NZ 31 March year-end; the course build runs with GST off), editing and adding chart-of-accounts codes, contacts with payment terms, a manual bank account
- Conversion date and conversion balances = the opening trial balance: total debits must equal total credits, and receivables must equal the unpaid customer invoices entered with pre-conversion dates
- What each screen posts: sales invoice (Dr Accounts receivable / Cr Sales revenue), purchase bill, credit notes allocated against specific invoices, Receive Money vs invoice payments, Spend Money
- Untracked service items vs tracked inventory items — tracked items keep a perpetual inventory and post the Chapter 4 pair (revenue entry + cost of sales entry) automatically
- Bank reconciliation tools: Match, Create (bank fees and other unrecorded lines), Find & Match across multiple invoices, Split for part-payments, minor adjustments for cent-level underpayments
Where ACCTG 101 reads financial statements as a user, ACCTG 102 Accounting Concepts has you prepare them: journalise transactions, post to the ledger, adjust and close the books, then work down the statement of financial position through receivables, non-current assets, liabilities and equity — all anchored to the NZ Conceptual Framework for Financial Reporting and NZ IFRS, using Carlon et al., Financial Accounting: Reporting, Analysis and Decision Making (7th ed., Wiley).
The course follows the textbook chapter a week (textbook Chapter 6 is skipped by design): Chapters 1–5 build the full accounting cycle and are the entire territory of the 20% open-book mid-semester test on Inspera; Chapters 7–10 plus a cloud-accounting module in Xero feed the comprehensive final (50% per the University course catalogue).
The prerequisite is ACCTG 101 or BUSINESS 114, and ACCTG 102 is the technical platform for Stage II financial and management accounting, finance and accounting information systems at the University of Auckland — the grade that follows you into an Accounting or Finance major.
Worked example · free
Mid-year disposal with catch-up depreciation — the exam's signature journal question
- +1Annual depreciation charge = (cost − residual) ÷ useful life = (24,000 − 3,000) ÷ 7 = $3,000 per year.
- +1Catch-up depreciation to the date of sale: three full years are already recorded (1 Apr 2022 → 31 Mar 2025 = $9,000), so the final 4 months need 3,000 × 4/12 = $1,000. Entry ①: Dr Depreciation expense 1,000 / Cr Accumulated depreciation — machinery 1,000.
- +1Total accumulated depreciation = 9,000 + 1,000 = $10,000 — the disposal entry must clear all of it, including the catch-up.
- +1Carrying amount = cost − accumulated depreciation = 24,000 − 10,000 = $14,000.
- +1Gain/(loss) = proceeds − carrying amount = 13,900 − 14,000 = loss $100 (proceeds below carrying amount → a loss, debited).
- +1Entry ②: Dr Cash at bank 13,900 · Dr Accumulated depreciation — machinery 10,000 · Dr Loss on disposal 100 / Cr Machinery 24,000. Total debits 24,000 = total credits 24,000 — the entry balances, and both the cost and its accumulated depreciation leave the books.
Key terms
- Accrual accounting
- Recognising revenue when the goods or services are provided and expenses when assets are consumed or liabilities incurred — regardless of when cash moves. The basis ACCTG 102 uses throughout; cash-basis accounting appears only as the contrast case.
- Adjusting entry
- A balance-date journal entry that brings the ledger up to date before the statements are prepared. Four taught families: prepaid expenses, revenue received in advance, accrued revenues and accrued expenses (plus depreciation, the special prepaid).
- Allowance for doubtful debts
- A contra-asset account holding the estimated uncollectable portion of accounts receivable. The balance-date estimate debits Bad debts expense and credits the allowance; an actual write-off debits the allowance — never the expense again.
- Carrying amount
- Cost minus accumulated depreciation (or amortisation/impairment) — the amount an asset stands at in the books. Gain or loss on disposal = proceeds minus carrying amount.
- Catch-up (partial-year) depreciation
- The depreciation charge from the last balance date to the date of a disposal or revaluation, computed as the annual charge × months/12 (for diminishing balance: rate × carrying amount × months/12). It must be recorded before the disposal entry.
- Cost of sales (COS)
- The cost of the inventory actually sold. Under the perpetual system it is recorded at every sale as the second entry (Dr Cost of sales / Cr Inventory); under the periodic system it is computed at period end: beginning inventory + cost of goods purchased − ending inventory.
- GST paid / GST collected
- The two GST accounts the course teaches: GST paid on purchases is an asset (an input credit); GST collected on sales is a liability until remitted. The course's worked examples assume a 10% rate for arithmetic simplicity — the practice final says to ignore GST entirely.
- Perpetual inventory system
- Continuous per-item inventory records: purchases go straight to Inventory, and every sale takes two entries — the revenue entry and the cost entry. The course default; the periodic system is the stocktake-based alternative.
- Profit or loss summary
- The temporary account closing entries route through: revenues are closed into it, expenses are closed against it, and its balance (the profit) transfers to Retained earnings. Dividends close to Retained earnings directly, never through the summary.
- Revaluation surplus
- The equity account credited when property, plant and equipment is revalued upward — an upward revaluation is never profit. A downward revaluation is an expense unless it reverses a prior surplus on that same asset.
- Revenue received in advance
- A liability recorded when a customer pays before the goods or services are provided (the NZ-terminology equivalent of "unearned revenue"). At balance date the earned portion is transferred to revenue.
- Debenture
- In this course's textbook usage, a debenture is public debt secured by a charge over assets (unsecured notes carry no security — the opposite of common US usage). Early redemption above face value produces a loss; below face, a gain.
- Statement of financial position
- The balance sheet: assets = liabilities + equity at a point in time, presented in classified current/non-current form. One of the four key financial statements, with the statement of profit or loss, the statement of changes in equity and the statement of cash flows.
ACCTG 102 FAQ
Can AI help me study ACCTG 102?
Yes — for learning, not for sitting assessments. Sia can explain any journal entry step by step, walk an adjusting-entry family until it clicks, re-derive a ratio from the taught formula and quiz you on fresh numbers.
One hard rule: the course bans AI tools and communicating with anyone during the mid-semester test and its other assessments — use AI to prepare before test night, never during an assessment, and treat the WileyPlus and Xero assignments as entirely your own work.
Where can I find practice questions for ACCTG 102?
The course itself releases unmarked practice papers on Inspera — a practice mid-semester test and a practice final (15 questions / 75 marks) — plus weekly pre-workshop quizzes with two attempts and WileyPlus problem sets.
This guide adds a full 75-mark practice set that mirrors the practice final's anatomy with fresh businesses and numbers, solved line by line, and you can ask Sia to generate more questions in the same pattern for any chapter.
What can Sia do that the textbook can't?
Interact. The textbook shows you a finished entry; Sia works one with you — paste a transaction, a trial-balance extract or your own attempted journal and it explains the reasoning line by line, checks that total debits equal total credits, and points at the exact step where a catch-up, a GST decomposition or an allowance increment went wrong. It explains and drills; it will not do graded work for you.
Is ACCTG 102 hard?
It is cumulative rather than conceptually deep: every week's journal entries build on the last, so falling behind is what makes it hard. The two pressure points are the mid-semester test's pace (50 marks in 90 minutes ≈ 1.8 min per mark, with no formula sheet) and the exam families students under-drill — adjusting entries, the allowance method and catch-up depreciation before disposals.
Students who keep the weekly quiz-workshop rhythm and drill entries by hand generally find it very manageable.
Is the mid-semester test open book?
Yes — confirmed. The mid-semester test (20%, Inspera, online and non-invigilated) is open book: your own notes, paper or electronic, plus a calculator. But AI tools and communicating with anyone are strictly banned, an academic-integrity declaration is signed inside Inspera, and no formula sheet is provided — every ratio formula must be in your head or your notes.
Is the final exam open book?
Not confirmed either way. The practice final's cover was marked open book + calculator on Inspera, but that is the practice paper — the real exam's mode and materials rules are advised on Canvas during the semester. Prepare as if closed book and confirm the announcement on Canvas; the mid-semester test's open-book policy does not automatically extend to the final.
What does the final exam cover?
It is comprehensive: textbook Chapters 1–5 and 7–10 plus a written cloud-accounting (Xero) question — weighted 50% per the University course catalogue. The practice paper ran 15 compulsory questions over 75 marks, set for 2 hours, and leaned visibly toward Chapters 7–10: bank reconciliation and receivables, three non-current-asset questions, two liabilities, two equity. Confirm the exact date, duration and mode on Canvas.
Questions students ask in each ACCTG 102 chapter
- How is Chapter 1 examined in ACCTG 102?
- It is mid-semester-test territory: the 20% Inspera test is open book (your own notes; no AI tools or communicating), non-invigilated, 90 minutes plus reading and tech buffers, 50 marks over Chapters 1–5, mixing MCQ, analytical and written questions with no formula sheet. A recent paper carried a 9-mark written question on whether profit alone measures financial health — pure Chapter 1 — and the practice test opens with sole-trader and company-form questions. The final exam is comprehensive, so the statement formats and ratio definitions return there too. Chapter 01 · Introduction to Accounting & the Four Financial Statements
- How is the recording process examined in ACCTG 102?
- Chapter 2 sits squarely in the mid-semester Inspera test (20% of your grade, 50 marks in 90 minutes, Chapters 1–5, open book but no formula sheet). On the practice mid-semester paper it carried a dedicated 10-mark question — journalising around nine transactions for a start-up, then deriving the closing Cash balance and stating its debit/credit side — and it also feeds the MCQ warm-up. The final exam is comprehensive, so journal mechanics resurface inside the receivables, non-current-asset, liability and equity questions. Narrations are not required, and each Dr and Cr goes on its own line in Inspera. Chapter 02 · The Recording Process: Journals, Ledgers & the Trial Balance
- How are adjusting entries examined in ACCTG 102 at the University of Auckland?
- The mid-semester Inspera test (20%, 50 marks, 90 minutes, open book, Chapters 1–5, no formula sheet) has carried a dedicated adjusting-entries question worth 6–8 marks in recent papers: an unadjusted trial-balance extract plus notes on supplies, prepaid insurance, depreciation and unearned revenue. Pre-workshop Quiz 3 samples the chapter in MCQ form, and the comprehensive 2-hour final (50% per the University course catalogue) reuses the same logic as catch-up depreciation before asset disposals. Chapter 03 · Accrual Accounting & Adjusting Entries
- Is Merchandising & GST in the ACCTG 102 mid-semester test?
- Yes — the mid-semester test (20%, 50 marks in 90 minutes, open-book on Inspera) covers Chapters 1–5, and Chapter 4 is a staple: a recent paper carried a ~9-mark perpetual merchandising journal question with GST on both the sale and purchase sides, including the return-vs-allowance distinction. No formula sheet is provided, so memorise the Chapter 4 ratios. Chapter 04 · Merchandising Operations & GST
- How is this chapter examined in ACCTG 102?
- It closes the Chapters 1–5 syllabus of the mid-semester test (20%, 50 marks, 90 minutes on Inspera, open book with your own notes but no AI tools, and no formula sheet). In the S1 2026 sitting the test finished with a ~9-mark cost-flow question asking FIFO on a periodic basis and then weighted average on a perpetual basis from one data set. The 2-hour final exam is comprehensive, so cost flows stay fair game there too — confirm the current semester's assessment details on Canvas. Chapter 05 · Reporting & Analysing Inventory: Cost-Flow Methods
- What does the ACCTG 102 mid-semester test look like?
- It is worth 20% of your final grade: 50 marks in 90 minutes of writing time (plus 5 minutes' reading and a 15-minute technical buffer), sat remotely on Inspera in the evening. It is open book (your own notes and a calculator) but non-invigilated with an integrity declaration, AI tools and communication are banned, no formula sheet is provided, and it covers textbook Chapters 1–5 only with a mix of multi-choice, analytical (journal entries and calculations) and written questions. Confirm your semester's exact date and time on Canvas. Chapter 06 · The Mid-Semester Test Playbook (Chapters 1–5)
- Is Chapter 7 in the ACCTG 102 mid-semester test?
- No — the mid-semester Inspera test covers Chapters 1–5 only. Cash and receivables are examined in the comprehensive final exam (the practice exam gave the area an MCQ plus two full analytical questions: a bank reconciliation with internal-control matching, and a receivables question with the allowance entry, a statement extract and three ratios), in the pre-workshop quiz cycle, and in the WileyPlus assignment covering Chapters 7–10. Chapter 07 · Cash, Bank Reconciliations & Receivables
- Is this chapter in the ACCTG 102 mid-semester test or the final exam?
- The mid-semester test (20%, on Inspera, open book) covers Chapters 1–5 only, and non-current assets are Chapter 8 (Week 8) — so this material is examined on the comprehensive final exam, which covers Chapters 1–5 and 7–10 plus Xero. On the practice final it was the heaviest single topic: three whole questions plus two multiple-choice questions. Assignment 2 on WileyPlus also drills the depreciation-method comparisons. Chapter 08 · Non-Current Assets: Depreciation, Revaluation & Disposal
- Is this chapter in the ACCTG 102 mid-semester test or the final exam?
- The mid-semester test (20%, on Inspera, open book) covers Chapters 1–5 only, and liabilities are Chapter 9 (Week 9) — so this material is examined on the comprehensive final exam, which covers Chapters 1–5 and 7–10 plus Xero. On the practice final it appeared as two whole questions — Q12 (two debenture-redemption journals) and Q13 (nine fill-in-the-blank statements on current liabilities and ratio vocabulary) — plus a multiple-choice question on topping up a warranty provision. Quiz 9 and Assignment 2 on WileyPlus (which drills loan schedules and a finance lease) also cover it. Chapter 09 · Reporting & Analysing Liabilities
- Is equity in the ACCTG 102 mid-semester test or the final exam?
- The mid-semester test (20%, on Inspera, open book) covers Chapters 1–5 only, and equity is Chapter 10 (Week 10) — so this material is examined on the comprehensive final exam, which covers Chapters 1–5 and 7–10 plus Xero. On the practice final it carried two whole questions (a two-year dividend-payout calculation with a judgement, and declaration-plus-payment dividend journals) and one multiple-choice question on what return on equity measures. Assignment 2 on WileyPlus (Chapters 7–10) and pre-workshop Quiz 10 also draw on it. Chapter 10 · Reporting & Analysing Equity
- Is Xero in the ACCTG 102 mid-semester test or the final exam?
- The mid-semester test (20%, on Inspera, open book) covers Chapters 1–5 only, and Xero is Week 11 material — so it is examined on the comprehensive final exam, which covers Chapters 1–5 and 7–10 plus Xero. On the practice final it appeared as Q6, a short-written question based on the announced “Fixed Assets in Xero” video: how Xero tracks fixed assets and depreciation in one system, what the asset register stores, and how depreciation coding errors are corrected. Assignment 3 (5%) is the hands-on leg of the same material. Chapter 11 · Accounting in Xero: Cloud Accounting
How to study for the exam
Run the weekly loop the flipped classroom assumes: watch the chapter's pre-workshop recordings, sit the 0.5% quiz before it closes, then treat the live workshop as supervised problem-solving — the ten quizzes and the assignments are steady percentage you simply collect. Drill journal entries by hand from Week 2: the course marks a line at a time, so the skill is writing balanced entries quickly, not recognising them.
For the mid-semester test (20%, Chapters 1–5, open book), prepare as if closed book — at 1.8 minutes per mark there is no time to learn from notes, and no formula sheet is provided, so memorise the taught ratio forms. After the break, give Chapters 7–10 the most reps: the practice final leans hard on the allowance method, disposals with catch-up depreciation, revaluations, debentures and dividends.
Sit both released practice papers on Inspera in timed conditions, always labelling workings — workings carry marks even when a figure slips. Start the Xero assignment early (it is graded 0/50/100 on correctness and instruction-sensitive) and watch any announced Xero video: the final asks a written question on it.
Exam week, reduce everything to the entries tables and the ratio sheet, and re-add every journal — total debits must equal total credits, per entry.
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