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March 29, 2024, 12:05:27 pm

Author Topic: VCE Accounting Question Thread!  (Read 374749 times)  Share 

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izzywantsa97

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Re: VCE Accounting Question Thread!
« Reply #1410 on: June 15, 2015, 06:52:37 pm »
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Do discounts on credit purchases reduce the cost of stock? And if so, would that be a period or product thing?
2014: Methods (41)
2015: English (50), Accounting (45), Chemistry (49), Physics (42), Spec (36)
ATAR 99.65
ps moss is great

mc1234

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Re: VCE Accounting Question Thread!
« Reply #1411 on: June 24, 2015, 04:10:23 pm »
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I've been seeing in a couple of practice papers/Checkpoints questions relating to internal control mechanisms. I know it was somewhat covered briefly in Unit 1/2, but I can't see anything about it in the Study Design or in the Textbook. Will it ever/Has it ever come up on any actual VCAA exams or am I wasting my time doing questions on it?

mike.jones

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Re: VCE Accounting Question Thread!
« Reply #1412 on: June 24, 2015, 08:21:46 pm »
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Hey Guys,
I was wondering if someone could provide me with some Unit 4 QAT Exams even if it is the 2013 Exam, for accounting obviously.
Email: [email protected]

Thank-you, would be greatly appreciated.

Escobar

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Re: VCE Accounting Question Thread!
« Reply #1413 on: June 29, 2015, 12:50:56 pm »
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can you combine the entries for disposal of van?


2014: Chinese SL
2015: Further [50, Premier's], Specialist, Methods, Accounting,English
ATAR: 99.40

Davos

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Re: VCE Accounting Question Thread!
« Reply #1414 on: June 29, 2015, 02:17:59 pm »
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(Image removed from quote.)
can you combine the entries for disposal of van?

No

Zealous

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Re: VCE Accounting Question Thread!
« Reply #1415 on: July 02, 2015, 07:34:53 pm »
+1
Didn't realise there have been so many unanswered questions here. Thought I'd answer a few.

Do discounts on credit purchases reduce the cost of stock? And if so, would that be a period or product thing?
Nope. The cost of the stock won't change, all a discount is doing is reducing our liability to creditors, it doesn't actually change how much the stock is worth.

Luke has stated that he would reduce his profit as much as possible as he doesn't want to pay too much tax this year. In order to do so he has stated that he will record the whole amount of Prepaid Rent Expense as an expense in the reporting period.
Discuss, ref to AP (OTHER THAN reporting period), why this is inappropriate.

I could only think of going concern that could fit, but can't come to the conclusion as to why. Any one got any suggestions?
Conservatism: If you treat all the rent expense as an expense in the current period, there's going to be zero rent expense allocated to the next 'x' periods. This means you're acutally overstating your profit in future periods. It's better to spread out the expense.

I've been seeing in a couple of practice papers/Checkpoints questions relating to internal control mechanisms. I know it was somewhat covered briefly in Unit 1/2, but I can't see anything about it in the Study Design or in the Textbook. Will it ever/Has it ever come up on any actual VCAA exams or am I wasting my time doing questions on it?
I think it came up once a while ago - but I don't think it has come up since. I wouldn't worry too much about it.

(Image removed from quote.)
can you combine the entries for disposal of van?
It's fine to do boths. If you combine them you'll still get the same overall effect on the general ledger. So combining them will make the ledger look neater while separating them could make it slightly easier to understand.
vce:
2013: Further [50] (+Premier's) | Methods [48]
2014: Physics [50] | Specialist | Accounting | English Language || ATAR: 99.70 + Australian Student Prize!
uni:
2015: Bachelor of Commerce and Engineering (Honours)

Berimbolo King

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Re: VCE Accounting Question Thread!
« Reply #1416 on: July 05, 2015, 07:22:52 pm »
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Why do business' depreciate?
In the cambridge textbook it says because its a balance day adjustment and blah blah blah

Thanks  ;D ;D

shivaji

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Re: VCE Accounting Question Thread!
« Reply #1417 on: September 03, 2015, 04:54:18 pm »
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Why do business' depreciate?
In the cambridge textbook it says because its a balance day adjustment and blah blah blah

Thanks  ;D ;D

lol might be late but whatever

they depreciate to ensure that an accurate profit is determined at the end of the period (as the asset has been expensed.) also to abide by conservatism

shivaji

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Re: VCE Accounting Question Thread!
« Reply #1418 on: September 03, 2015, 04:55:27 pm »
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When stock turnover has improved (i.e. the number of days to sell stock is less), would you say stock turnover has increased or decreased? cheers

Escobar

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Re: VCE Accounting Question Thread!
« Reply #1419 on: September 18, 2015, 10:09:29 pm »
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[e] nvm, got an answer
« Last Edit: September 19, 2015, 03:02:27 pm by Escobar »


2014: Chinese SL
2015: Further [50, Premier's], Specialist, Methods, Accounting,English
ATAR: 99.40

teresa_turtle1234

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Re: VCE Accounting Question Thread!
« Reply #1420 on: September 30, 2015, 10:12:49 pm »
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How would you figure out Cost of Sales if selling price was $600,000 and mark-up was 50%?

Escobar

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Re: VCE Accounting Question Thread!
« Reply #1421 on: September 30, 2015, 10:17:17 pm »
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How would you figure out Cost of Sales if selling price was $600,000 and mark-up was 50%?
600000/1.5


2014: Chinese SL
2015: Further [50, Premier's], Specialist, Methods, Accounting,English
ATAR: 99.40

mc1234

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Re: VCE Accounting Question Thread!
« Reply #1422 on: October 04, 2015, 11:59:09 am »
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Hey guys, quick question, are we expected to recognize which expenses incur GST on their payment and which don't? For example, Advertising and Office Expenses will always incur GST, whilst Wages will not. Should we always treat these expenses as having GST incurred on their payment, even if the question does not explicitly state that they have?

Thanks!

Berimbolo King

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Re: VCE Accounting Question Thread!
« Reply #1423 on: October 04, 2015, 12:05:12 pm »
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Hey guys, quick question, are we expected to recognize which expenses incur GST on their payment and which don't? For example, Advertising and Office Expenses will always incur GST, whilst Wages will not. Should we always treat these expenses as having GST incurred on their payment, even if the question does not explicitly state that they have?

Thanks!
They would usually tell you. But yes you should .

mc1234

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Re: VCE Accounting Question Thread!
« Reply #1424 on: October 04, 2015, 12:59:15 pm »
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They would usually tell you. But yes you should .

Yeah I have noticed they are including a lot more in the practice exams I've been doing as a way to trick students. Thanks for the quick response!