VCE Accounting Question Thread!

[cameotodd]

2000 per month from July to November and then 2400 per month from December to June
so (5 times 2000) plus (7 times 2400)

Ah thank you and also how did the get the interest on loan to be 9100 and not 8400?

[schooliskool]

Ah thank you and also how did the get the interest on loan to be 9100 and not 8400?

The accrued interest amount paid so 8400 plus 700 that was owing then paid

I think lmfao I'm probs wrong somehow

[cameotodd]

The accrued interest amount paid so 8400 plus 700 that was owing then paid

I think lmfao I'm probs wrong somehow

Ah yes you're correct! Didn't notice the accrued interest in the balance sheet.

Thank you!

[kvnroy9]

Hey, how do I effectively manage time during the accounting exam? Would anyone recommend doing the theory questions first and then do the practical ones last or is there any other way?

[teresa_turtle1234]

in the 2014 exam question 4 what do you do with the overdraft and the stock being ordered?

[omcgil15]

in the 2014 exam question 4 what do you do with the overdraft and the stock being ordered?

Leave them as there is no actual transaction that has occurred.

[Maz]

hey...can someone please help me with this question...
what is the difference between a debt agreement and a personal insolvency agreement?
thankyou in advance

[yermum]

Hi.. just a quick one. Why isn't collecting money from debtors considered revenue? Thank you

[Maz]

Hi.. just a quick one. Why isn't collecting money from debtors considered revenue? Thank you

it is i think- it goes in the accounts receivable section of the income statement, under 'add other income'

[nt2387]

Hi.. just a quick one. Why isn't collecting money from debtors considered revenue? Thank you

Receipts from debtors isn't revenue even though it is an inflow of economic benefits (cash) in the form of an increase in assets (bank),  as it also reduces assets (debtors control) and has no effect on owner's equity.

Even though we receive cash, it is not revenue. The revenue associated with receipts from debtors is credit sales and hence it will be credit sales which will be reported in the income statement.

[lin-d]

Hi.. just a quick one. Why isn't collecting money from debtors considered revenue? Thank you

Hey! It is not considered revenue because revenue was already recognised when the credit sale was made. Collecting money is just reducing the amount debtors owed you from the sale previously made. This is based on the concept of accrual accounting.

Hope that helps 

[chasej]

it is i think- it goes in the accounts receivable section of the income statement, under 'add other income'

Because you're in Western Australia what you are taught is a little different to Victoria, so please be mindful of that.

In VCE 'credit sales' is revenue, and the associated inflow of cash is 'receipts from debtors'. same as how credit purchases and cost of sales is linked to 'payments to creditors' [outflow].

[friedchromosome]

Seeing as I just dropped methods and picked up accounting 3&4 without 1&2, could i get as many tips/advice as possible because I'm currently so scared!!!!!? feel free to private message 

[The Usual Student]

Seeing as I just dropped methods and picked up accounting 3&4 without 1&2, could i get as many tips/advice as possible because I'm currently so scared!!!!!? feel free to private message 

A lot of people are in your position, I recommend going through the course as thoroughly as possible to catch up to all the rest of your peers who did unit 1.2.
Do the textbook questions under time since I ifnd that helps with my sac preparation.,

[chasej]

Seeing as I just dropped methods and picked up accounting 3&4 without 1&2, could i get as many tips/advice as possible because I'm currently so scared!!!!!? feel free to private message 

I picked up in unit 2 and know several that picked up in Yr 12 who did very well.

Maybe put some pre-reading in but everything you need to know is taught in 3/4 so don't be scared.