WACE Accounting exam 2026Exam: Fri 13 Nov · SCSA timetable
Your WACE Accounting exam:
When and how long
- Accounting and Finance9.20 am start3 h plus 10 min reading time
SCSA: arrive 30 minutes before the examination start time. Every ATAR written exam has 10 minutes reading time and 3 hours working time unless otherwise indicated. The timetable is final, and no allowance is made for misreading it.
Source: 2026 Year 12 ATAR course written examinations timetable (SCSA), checked Wednesday 23 September 2026. Where a start time, reading time or duration isn't shown, the timetable doesn't publish it: check your personal timetable and the front of your paper.
What the exam covers
We don't have past-paper frequency data for this exam, so here is the course, module by module. Make sure every module is covered.
Night-before and exam-morning checklists
The night before
Exam-week survival kit: The last 7 days · The night before and exam morning · What to bring, and what's banned · How to use reading time · If you're sick or something goes wrong · Handling exam-week stress.
Last-week revision
WACE Accounting cram sheet
Key formulas, definitions and facts copied from our Accounting syllabus pages. One page when printed.
Unit 3: Financial Accounting
The Conceptual Framework for Financial Reporting is a set of agreed concepts, issued by the AASB, that describes the objective of, and the ideas behind, general purpose financial reports. It guides the AASB in setting standards and helps preparers when no standard applies.
Share capital is the amount contributed by shareholders in exchange for ordinary shares. It is a permanent part of equity and is not normally reduced except through a formal capital reduction or buy-back.
Under the accrual basis, transactions are recorded in the period in which they occur, not when cash is received or paid. Revenue is recognised when earned; expenses are recognised when incurred. This matches expenses against the revenue they help generate.
. Carrying amount is sometimes called book value or written-down value. It is never the asset's market value or what it could be sold for; depreciation is an allocation of cost, not a valuation exercise.
Unit 4: Cost and Management Accounting
A direct cost can be traced economically to a specific product or job, such as the timber in a table. An indirect cost (overhead) cannot be traced economically to a single product, such as factory rent or the supervisor's salary, and must be allocated.
A budget is a quantified financial plan for a defined future period. It expresses management's expectations for income, costs, cash flows and resources, and becomes the benchmark against which actual performance is later measured.
Internal control is the system of methods and procedures adopted by a business to safeguard its assets, ensure the accuracy and reliability of its accounting records, promote operational efficiency, and encourage adherence to management policies. Good internal control reduces the opportunity for error and fraud.
A variance is the difference between an actual amount and the corresponding budgeted amount for the same period. Budgeting is the planning phase; variance analysis is the control phase, where actual performance is measured against the plan so management can respond to differences.