WACE Accounting Finance ATAR exam-day guide
WACE Accounting Finance ATAR · Prepare for the day ahead.
Your checklist
Photo identification
Bring the ID your school or the exam supervisor has told you is acceptable. If you are unsure which document qualifies, confirm with the provider before exam day rather than assuming a school card is enough.
Admission slip or exam timetable confirmation
Check whether your school issues a printed statement of entry or whether entry is managed internally. Confirm with the provider what, if anything, you must present at the door.
Approved calculator
WACE Accounting and Finance requires a calculator, and only models on the approved list may be used. Verify your model against the current approved list and confirm with the provider if it is not clearly listed.
Spare batteries and a backup calculator
A flat battery mid-paper costs marks. Carry fresh batteries and, if permitted, a second approved calculator; confirm with the provider whether a backup device may be brought into the room.
Pens, pencils, eraser, ruler, sharpener
Bring at least two black or blue pens for written answers, pencils for any multiple-choice or grid work, and a ruler for ledger and table formatting.
Clear pencil case or pouch
Most venues require stationery to be visible in a clear container. Confirm with the provider whether a clear case is mandatory at your venue.
Analogue watch
Many venues do not permit phones, so a simple non-smart watch lets you pace yourself. Confirm with the provider whether watches are allowed and whether smart watches are banned.
Water in a clear, label-free bottle
Stay hydrated without breaching venue rules. Confirm with the provider whether bottles must be unlabelled or placed on the floor.
Know your seating and arrival time
Find out the reporting time and where to assemble. Arrive early; confirm with the provider the cut-off after which a late candidate may be refused entry or given no extra time.
Summary sheet of formulas and formats
Prepare a one-page revision sheet of ratios, depreciation methods, GST treatment, and statement formats. Use it in the final days, then set it aside before entering the room.
Rest, food and transport plan
Sort out how you are getting to the venue and eat a normal breakfast. Do not plan to revise new content in the final hour before entry.
Check prohibited items list
Phones, smart watches, notes and unauthorised calculators must stay outside. Confirm with the provider the full prohibited-items list and where bags are stored.
Plan the day
Finish active revision rather than starting new topics. Rework your summary sheet of key formulas: gross and net profit ratios, inventory turnover, accounts receivable turnover, return on equity, depreciation by straight-line and reducing balance, and GST payable or refundable. Then attempt one full past-style paper under timed conditions and mark it honestly.
Build an error log from the timed paper. For each lost mark, write the cause: misread question, wrong formula, arithmetic slip, or missing workings. Rank the causes by frequency and target the top two in your remaining study.
Do targeted practice on your weakest two topics, focusing on process rather than memory. Practise full layouts for the income statement, balance sheet, and cash flow statement, and rehearse the journal entries for bad debts, accruals, and prepayments until the sequence is automatic.
Do a light review only: read your summary sheet and error log once. Pack your clear case, pens, pencils, ruler, approved calculator, spare batteries, ID, and water bottle. Lay out clothes and confirm transport and reporting time. Stop studying by early evening.
Aim for a normal night's sleep. Avoid last-minute cramming of new content, which raises anxiety without adding usable marks. Set two alarms.
Eat breakfast and arrive at the venue with time to spare. Skim only your summary sheet and error log; do not attempt a new practice question. Switch off and stow your phone before entering the room.
Read the whole paper and note the marks per question. Identify the long structured and extended-response questions and estimate minutes per mark. Choose your starting point and plan the order so the highest-value sections are not left to the end.
Work through questions in your planned order, allocating roughly one minute per mark and leaving five to ten minutes for checking. Show all workings, because method marks are awarded even when the final figure is wrong. Label every figure with its unit and, where relevant, the period.
For scenario or evaluation questions, use a short structure: identify the issue, apply the relevant accounting concept or ratio, quantify the effect where possible, and give a reasoned recommendation. Use precise terminology such as liquidity, solvency, profitability, and going concern.
Check that every question has been attempted, that balance sheets balance, that debits equal credits, and that GST has been treated consistently. Confirm your name and candidate details are on the paper before you leave.
Rules to check
Bring only approved equipment and leave phones, smart watches, and notes outside the room. If you are unsure whether an item is permitted, confirm with the provider and leave it out rather than risk a breach.
Carry the identification your school or the provider requires and place it on your desk if instructed. If you do not know what counts as acceptable ID, confirm with the provider in advance.
Follow all supervisor directions on seating, starting, stopping, and leaving the room. Do not begin writing before you are told, and stop immediately when instructed.
If you need to leave the room for a break, raise your hand and wait for a supervisor to accompany you. Rules on toilet breaks and whether time is added vary, so confirm with the provider.
Do not communicate with other candidates once you enter the room, and do not share or request answers during or after the paper until permitted.
If you believe there is a printing error, missing page, or ambiguous instruction, raise it with a supervisor immediately rather than guessing silently.
Marks are awarded for correct method as well as final answers, so show workings clearly. Unsupported answers may receive partial or no credit depending on the marking scheme.
If illness or misadventure affects your performance, notify the supervisor and your school as soon as possible and ask about the official process. Confirm with the provider the deadlines and evidence required, as these are strictly applied.