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Author Topic: VCAA Accounting Sample Exam Solutions 2019  (Read 16129 times)  Share 

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jasheel

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VCAA Accounting Sample Exam Solutions 2019
« on: November 01, 2019, 10:39:19 am »
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Hi all!

I'm the subject manager for the accounting team at TuteSmart. I made some 2019 Sample Exam solutions for the class, which I thought I would also upload here (since VCAA doesn't provide solutions).

For the theory questions, I used dot points to identify the key points some of the key points I think VCAA is looking for. .

For the practical aspect of the exam, I've identified some of the trickier parts. I also believe there's a typo in the exam in Q11 which I've identified.

Obviously, without the VCAA exams its hard to be sure that you're 100% correct, but I have have checked the solutions for errors a few times.

If you have any questions feel free to message me!

Hope this helps. All the best for the exam!

Edit: Adjusted Q3 to show that there should be GST and the figure should be $1320.

Edit: For Q2b, note that if the question is asking about the overall effect (after the disposal) then there is no effect. In the solutions, I assumed it was talking about the immediate impact before the disposal because it wasn't made clear.
« Last Edit: November 05, 2019, 10:08:53 am by jasheel »
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accountboi

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #1 on: November 01, 2019, 05:04:20 pm »
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Hey,

Are you sure the debt written off isn't 1320? I thought we should do allowance for doubtful debts/GST clearing. However, this would result in a decimal place for the answer. I just thought the question was a bit ambiguous.

cotangent

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #2 on: November 01, 2019, 10:43:03 pm »
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Hey,

Are you sure the debt written off isn't 1320? I thought we should do allowance for doubtful debts/GST clearing. However, this would result in a decimal place for the answer. I just thought the question was a bit ambiguous.

ye same, I thought it would be 1320 as well, but since I knew I was gonna get a decimal I just used 1200. But pre sure, u have to add GST cos that's what most the practice exam solutions do.
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jasheel

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #3 on: November 02, 2019, 08:01:07 am »
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ye same, I thought it would be 1320 as well, but since I knew I was gonna get a decimal I just used 1200. But pre sure, u have to add GST cos that's what most the practice exam solutions do.

Yeah add the GST in the exam ! I just chose $1200 because otherwise you get decimals!
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spursy

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #4 on: November 02, 2019, 02:54:32 pm »
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I think question 5 is wrong cos the question doesn't specify how many desks they were depositing the $825 for so i think we just assume its 100 desks
« Last Edit: November 02, 2019, 02:59:58 pm by spursy »

Seamus Wong

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #5 on: November 03, 2019, 12:45:36 am »
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I think question 5 is wrong cos the question doesn't specify how many desks they were depositing the $825 for so i think we just assume its 100 desks


I think you would assume that they are placing a deposit of $825 for the amount that they are ordering - 150 desks.

jnlfs2010

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #6 on: November 03, 2019, 04:22:43 pm »
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Hi all!

I'm the subject manager for the accounting team at TuteSmart. I made some 2019 Sample Exam solutions for the class, which I thought I would also upload here (since VCAA doesn't provide solutions).

For the theory questions, I used dot points to identify the key points some of the key points I think VCAA is looking for. .

For the practical aspect of the exam, I've identified some of the trickier parts. I also believe there's a typo in the exam in Q11 which I've identified.

Obviously, without the VCAA exams its hard to be sure that you're 100% correct, but I have have checked the solutions for errors a few times.

If you have any questions feel free to message me!

Hope this helps. All the best for the exam!

Edit: Adjusted Q3 to show that there should be GST and the figure should be $1320.

wait for question 1 why is the delivery a product cost? There are two different lines of bracelets? So shouldn't it be a period cost
« Last Edit: November 03, 2019, 04:28:22 pm by jnlfs2010 »
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Seamus Wong

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #7 on: November 03, 2019, 04:48:10 pm »
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wait for question 1 why is the delivery a product cost? There are two different lines of bracelets? So shouldn't it be a period cost

both the bracelets are the same price as each other. The only difference is the color. So it is reasonable to assume that the delivery cost can be logically allocated to each one of the bracelets - thus rendering it a product cost

jnlfs2010

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #8 on: November 03, 2019, 04:52:57 pm »
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both the bracelets are the same price as each other. The only difference is the color. So it is reasonable to assume that the delivery cost can be logically allocated to each one of the bracelets - thus rendering it a product cost

on the real exam we should assume these things then.
Also the only difference is COLOUR therefore they arent the same line?
« Last Edit: November 03, 2019, 04:56:04 pm by jnlfs2010 »
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Seamus Wong

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #9 on: November 03, 2019, 05:01:57 pm »
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on the real exam we should assume these things then.
Also the only difference is COLOUR therefore they arent the same line?

You just gotta think logically. even if they aren't the 'same line' of inventor, they are the same cost, weigh the same, are purchased and delivered together. So u just intuitively reason that the delivery per unit is the same for both lines

cotangent

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #10 on: November 03, 2019, 05:23:24 pm »
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You just gotta think logically. even if they aren't the 'same line' of inventor, they are the same cost, weigh the same, are purchased and delivered together. So u just intuitively reason that the delivery per unit is the same for both lines

Ye but u cant use that for every scenario right? Say you have golf clubs and tennis raquets being delieverd at the same cost. You cant logically allocate it right because it separate lines of inventory?
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accountboi

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #11 on: November 03, 2019, 05:28:37 pm »
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Ye but u cant use that for every scenario right? Say you have golf clubs and tennis raquets being delieverd at the same cost. You cant logically allocate it right because it separate lines of inventory?

Yea you can't. Only for ones which can be logically allocated to each individual unit of inventory. Golf clubs and tennis racquets are like completely different so you can't logically allocate these.

jnlfs2010

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #12 on: November 04, 2019, 10:35:54 am »
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For question 5, why do we only allocate the earning of a portion of the unearned sales revenue? I don't think I ever learnt this at school or in textbook, apologies.
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GaGeAN

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #13 on: November 04, 2019, 12:15:29 pm »
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Yeah add the GST in the exam ! I just chose $1200 because otherwise you get decimals!
I know to avoid decimals on the exam and if I see I probably made a mistake, but don't you just round off the numbers and not leave it as a decimal

spursy

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Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #14 on: November 04, 2019, 12:40:23 pm »
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For question 5, why do we only allocate the earning of a portion of the unearned sales revenue? I don't think I ever learnt this at school or in textbook, apologies.

yea same i have a feeling we allocate the unearned revenue for the 100 desks because ive never seen a question where you have to do a portion of the unearned revenue. Also I asked my teacher and she said you allocate the full amount of $825