VCE Accounting Question Thread!

[The Usual Student]

Hi
Can someone please give me tips to know all the  different cross references for the different ledger accounts?

You kinda need to understand the transaction, break it up into accounts and then break those accounts into values.
What i do is kinda verbalise the transactions and the postings, so like if i post 55 bucks into creditor's control i ask myself? why? and i realize it is because of the 50 from stock ctrl and 5 from GST
ALWAYS ASK WHERE THE VALUES COME FROM

Eg Purchase of stock on credit for 60$ ex GST
1) Break it up into accounts --> creditor ctrl, stock ctrl, gst cl
Now you know all the accounts you need to corss reference tooo
2) pick and account to post in EG creditor's ctrl and ask how much does it increase by and why?
well it increase by 66 as 60 is incurred form purchase of stock and 6 from gst incurred.
Hence it becomes obvious you need ot reference to GST CL and STOCK CTRL

hope that helped

[val265]

Thank you so much. It really helped

[One Step at a Time]

Hi everyone!

Bit confused about this concept: is the total revenue always the amount received + the amount owed?

Thanks everyone!

[The Usual Student]

Hi everyone!

Bit confused about this concept: is the total revenue always the amount received + the amount owed?

Thanks everyone!

Hey one step, I haven't covered BDA for revenues yet but I presume what you are saying is correct it would be the accrued revenue + the revenue you received
Just make sure to distinguish between revenue received and simply cash received like a payment to denotes but other then that all good.

[Maz]

Hi everyone!

Bit confused about this concept: is the total revenue always the amount received + the amount owed?

Thanks everyone!

Hey yeah it is

[One Step at a Time]

Thanks so much guys, will definitely remember this for my SAC in a couple of days 

[Maz]

Hey,
do you guys do Cash flow statements in year 12?
If so do any of you humans have any prac tests that you are will/able to share?

[The Usual Student]

Hey,
do you guys do Cash flow statements in year 12?
If so do any of you humans have any prac tests that you are will/able to share?

1) yes
2) nah not really
I mainly use the textbook . I can send you some half baked notes lol, they are very rushed by its something i guess sorry i couldn't be anymore help.

You have any questions on CFS?

[Maz]

1) yes
2) nah not really
I mainly use the textbook . I can send you some half baked notes lol, they are very rushed by its something i guess sorry i couldn't be anymore help.

You have any questions on CFS?

Yeah we do, but we don't have a lot of tests to practice on...and that's generally the way to go as far as studying for a test

[The Usual Student]

Yeah we do, but we don't have a lot of tests to practice on...and that's generally the way to go as far as studying for a test

'

I have some theory questions I came up with myself if ya want?

[KDB]

What chapter are you all up to? We're on chapter 16 on the cambridge textbook

[The Usual Student]

What chapter are you all up to? We're on chapter 16 on the cambridge textbook

Chapter 17 at my school, just had a sac on 15/16

[Maz]

'

I have some theory questions I came up with myself if ya want?

yes please

[The Usual Student]

yes please

I will look through my notes tomorrow night and try and get em out
when is your test?
Maybe PM me so we don't clog up the thread lol

[Cornrow Kenny]

What chapter are you all up to? We're on chapter 16 on the cambridge textbook

17 here - SAC on 15/16 next week though