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March 29, 2024, 12:52:10 pm

Author Topic: 2010 mid-year theory Q  (Read 1088 times)  Share 

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99.95

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2010 mid-year theory Q
« on: May 27, 2010, 03:00:30 pm »
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what type of theory questions will highely be likely to appear on the exam?   :-\

mba

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Re: 2010 mid-year theory Q
« Reply #1 on: May 27, 2010, 03:24:41 pm »
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 Anything relating to Unit 3 can be asked.
Why don't you go download some past VCAA exams and assessment reports and see what they've asked?

I also put up some documents with questions from past exams in this thread: http://vcenotes.com/forum/index.php/topic,25647.0.html. You might like to download that.

Generally though expect questions that incorporate principles/characteristics.
A question on Cash Vs. Profit usually appears, so does questions on the benefits of special and subsidiary journals and ledgers.

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Yitzi_K

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Re: 2010 mid-year theory Q
« Reply #2 on: May 27, 2010, 06:55:52 pm »
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You've got to do practice exams, especially past VCAA papers, to get an idea of what kind of questions are asked. You should have started these already, if not, you'll want to do as many as possible before the exam to get you properly prepared.
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TyErd

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Re: 2010 mid-year theory Q
« Reply #3 on: May 29, 2010, 01:05:56 pm »
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why is discount revenue reported seperately in the profit and loss statement?
"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

TyErd

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Re: 2010 mid-year theory Q
« Reply #4 on: May 29, 2010, 05:12:34 pm »
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also with reference to a qualitative chracteristics, explain why Peter might choose to record the contribution of digital camera as part of Advertising expense?
"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

Akirus

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Re: 2010 mid-year theory Q
« Reply #5 on: May 29, 2010, 05:26:38 pm »
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also with reference to a qualitative chracteristics, explain why Peter might choose to record the contribution of digital camera as part of Advertising expense?

-Relevance
-Financial information relevant to making decisions (as to the allocation of scarce resources) should be included in accounting reports.
-The contribution of the digital camera (I'm assuming, since I don't have the actual figures) is too immaterial to affect the decisions of the users, so it can simply be written off as an expense for the period. i.e. since it does not have the capacity to influence the decisions of the intended users of the financial statements, it can be omitted.

This question refers to a constraint on relevance known as materiality; you don't HAVE to know that it is called materiality, but you should at least know what it means.

Yitzi_K

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Re: 2010 mid-year theory Q
« Reply #6 on: May 29, 2010, 06:39:27 pm »
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why is discount revenue reported seperately in the profit and loss statement?

Separately to Gross Profit? Because gross profit only relates to the actual trading revenue and expenses. Discount revenue is not a direct trading revenue so it adds to net profit but not gross profit.
2009: Legal Studies [41]
2010: English [45], Maths Methods [47], Economics [45], Specialist Maths [41], Accounting [48]

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inspire

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Re: 2010 mid-year theory Q
« Reply #7 on: May 30, 2010, 11:20:46 pm »
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Neap 2008: Suggest two procedures Emma could implement to try and reduce the problem revealed by the stocktake. (stock loss of two toasters)
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mba

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Re: 2010 mid-year theory Q
« Reply #8 on: May 31, 2010, 02:03:57 pm »
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Quote
Neap 2008: Suggest two procedures Emma could implement to try and reduce the problem revealed by the stocktake. (stock loss of two toasters)

  • Increase security of stock lines to minimise possible fraud from staff.
  • Ensure records are accurately updated through the possible specialisation of staff to perform these recording duties.
  • Keep stock in a safe and secure location to minimise possible damage
  • Ensure items are counted correctly when received and dispatched to ensure no undersupply from creditors or oversupply to debtors.
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