Hi. I did enhancement studies for accounting at Monash Uni this year, after completing vce accounting in 2009.
Firstly you should note that a raw score of 42 or higher is required. But don't worry, it's BS people with 38 raw can get in.
What I can say is that vce accounting is VERY BLACK AND WHITE in comparison to 1st year uni accounting. As you have completed vce accounting this year, the first few weeks of uni accounting will be a breeze. Uni accounting surprisingly does not focus heavily on the accounting principles, qualitative characteristics. All the different reports are omnipresent in uni accounting, but more will be learnt (Eg Statement of Changes in Equity). Theoretically speaking, it is definitely more ambiguous, you can get full marks for being deemed 'wrong' as long as you can support it. If there is anything I have learned this year it would definitely be that accounting is all about professional judgement.
There are definitely more differences and similarities between Uni accounting and VCE accounting. Seeing I have ABSOLUTELY NOTHING TO DO, you can contact me via hotmail to ask more questions. =]