Accounting Unit 3 & 4 Notes (2007-2010 Study Design)

[AppleXY]

Hey,

As everyone else is uploading notes and stuphs, I thought I might upload mine

Accounting Unit 3 Notes
http://rapidshare.com/files/73653666/Accounting_Unit_3_SNs.pdf

Accounting Unit 4 Notes
http://rapidshare.com/files/73653667/Accounting_Unit_4_SNs.pdf

Even though these notes may not come from a 1337 45+ student, I hope it helps future students studying VCE accounting obtain 40+s 

Enjoy! 

[karina]

thanks for that!

[costargh]

I have been meaning to download the notes but I am waiting a little bit until I have a bit more motivation to get into Accounting. Can I ask a simple question... why are ledgers not included in Units 1&2 because our teacher explained it to us that ledgers is sort of the step you skip in between your records and your reports or something like that...

[AppleXY]

Ledgers are a tad bit complicated and require a firm framework in balance sheets and the Accounting Equation

So to do well in DR. Crediting (LOOL, so lame :p ) ingrain the balance sheet and accounting equation to your head. (and don't forget about the P&Ls Revenue and Expenses )

[costargh]

Thanks man. I should get started soon

[karina]

lol i dont have a firm understanding in anything other then the princibles and characteristics, i better get some work done over summer

[kingmar]

lol i dont have a firm understanding in anything other then the princibles and characteristics, i better get some work done over summer

lol. My bugbear was remembering reliability and relevance weren't principles. gaaah

[Fyrefly]

U guyz r starting 4 2008 already...? :buck2: Man I must've been lazy

Ha ha... is it just me that remembers the titles for P+L Statement and Balance Sheet from the old course? Statement of financial performance and statement of financial position ring a bell? :idiot2:

As for ledgers, don't try and learn em during units 1 and 2, it'll just get you all screwy. Come to think of it, I didn't even learn anything about qualitative charactistics or accounting principles until the start of unit 3. Trust me, while what you learn in 1 and 2 may have nothing to do with ledgers, ledgers aren't the *fundamentals* you need to grasp if you're gonna have a chance in units 3 and 4.

[costargh]

lol i dont have a firm understanding in anything other then the princibles and characteristics, i better get some work done over summer

lol. My bugbear was remembering reliability and relevance weren't principles. gaaah

Oh really lol. =S I don't see how you can get them confused lol

[Fyrefly]

I never really got them confused... I made up some acronyms to help me though. My thing was remembering consistency = principle and comparability = characteristic, and not the other way around. I dunno if any1 who's started has tried acronyms yet, but here are mine:

Characteristics = CURR

Comparability
Understandability
Relevance
Reliability

Principles = CHER @ MCG (As in, the singer Cher sang at the MCG - I visualised this image in my mind and repeated the words 'accounting principles', then I just wrote down what went with each letter)

Consistency
Historical Cost
Entity
Reporting Period
Monetary
Conservatism
Goining Concern

Hope someone finds that useful, though there is no contest about PALER being the most useful acronym in the entire accounting course ^.^

[Fyrefly]

Hmm... it appears I write much fuller answers than you Prav. Just flicking through the first few pages of your unit 3 notes.

"Explain why the balance sheet is titled ‘as at’ a particular date.

Because balance sheets are only ever accurate at the time they were produced, they will
only tell the financial position AT a particular date."

I would've gone a step further and fully ensured myself two marks, as in:

"Because balance sheets are only ever accurate at the time they were produced, they will only tell the financial position AT a particular date, as opposed to the 'for' used in the Cash Flow and P+L Statements, which describe financial changes over the given period, rather than at a static moment."

I like your notes; I hand-wrote mine. Mine were excellent use for for me, but other people may have trouble deciphering what I'm going on about due to my lack of more 'lowly' explanations - as in, stuff I already understood and didn't bother writing anything about.

[costargh]

Nah I didnt bother with acronyms. I just rememver that characteristics have 3 ility's lol
and theres 7 principles and they just flow. lol

[karina]

oh i always get mixed up relevance and reliability, usually just take a stab

[costargh]

Do you mean you get mixed up with which one to use in a certain scenario?

[Fyrefly]

reliability = don't estimate/guess numbers and don't record anything you don't have a source document for (as this figure is unverifiable).

relevance = useful for decision-making => if there's a source doc, you should record it; basically, anything that will lead to better decision should be recorded, and anything superfluous to that information should not (like, recording values for individual lines of stock in the balance sheet is not necessary, because the control account figure is sufficient for such decision-making - if the owner wants more info, he can just look at the stock cards).