ATAR Notes: Forum
VCE Stuff => VCE Business Studies => VCE Subjects + Help => VCE Accounting => Topic started by: jasheel 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.
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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.
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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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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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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
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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.
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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
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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
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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?
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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
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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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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.
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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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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
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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
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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
Yes, round them
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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.
Yeah its a judgment call. I haven't seen a question like this. I decided to allocate a portion of the unearned sales revenue. My reasoning is from the perspective of Northwest, when they gave only 2/3rds of the ordered desks, they still have a present obligation to provide the 50 desks. So because of that I only allocated 2/3rds of the deposit.
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Yeah its a judgment call. I haven't seen a question like this. I decided to allocate a portion of the unearned sales revenue. My reasoning is from the perspective of Northwest, when they gave only 2/3rds of the ordered desks, they still have a present obligation to provide the 50 desks. So because of that I only allocated 2/3rds of the deposit.
Should we expect this on the exam? thanks
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Should we expect this on the exam? thanks
I wouldn't. I've been taught to allocate the entire amount, regardless of how much of the original order was filled (assuming that the sales amount is greater than the deposit, which I assume it always will be)
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Should we expect this on the exam? thanks
There's not much guidance from VCAA on what they're expecting, because they don't provide official solutions to the sample exam.
However, I did have a quick look through the AASB standards (on which the course is based on) regarding Revenues from Contracts with Customers. The AASB is the Australian Government agency which issues the accounting standards that accountants have to follow!
https://www.aasb.gov.au/admin/file/content105/c9/AASB15_12-14_FP_COMPdec16_01-18.pdf
Page 9 Paragraph 21(b) seems to suggest that when part of a transaction is fulfilled, and the remaining goods are not different, the transaction has only been partially satisfied. Therefore, any adjustments to revenue are made on a cumulative catch-up basis.
I think its suggesting that when only parts of a contract is fulfilled, the adjustments to the revenue are made gradually until it is fully satisfied. I'd recommend taking a close look through the document if you want some more guidance. Again its very unclear what VCAA is looking for.
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There's not much guidance from VCAA on what they're expecting, because they don't provide official solutions to the sample exam.
However, I did have a quick look through the AASB standards (on which the course is based on) regarding Revenues from Contracts with Customers. The AASB is the Australian Government agency which issues the accounting standards that accountants have to follow!
https://www.aasb.gov.au/admin/file/content105/c9/AASB15_12-14_FP_COMPdec16_01-18.pdf
Page 9 Paragraph 21(b) seems to suggest that when part of a transaction is fulfilled, and the remaining goods are not different, the transaction has only been partially satisfied. Therefore, any adjustments to revenue are made on a cumulative catch-up basis.
I think its suggesting that when only parts of a contract is fulfilled, the adjustments to the revenue are made gradually until it is fully satisfied. I'd recommend taking a close look through the document if you want some more guidance. Again its very unclear what VCAA is looking for.
Thanks for the help man
I wouldn't. I've been taught to allocate the entire amount, regardless of how much of the original order was filled (assuming that the sales amount is greater than the deposit, which I assume it always will be)
Thanks for helping me out for the inventory part
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For Q3 d), would you recommend giving both the advantages AND the disadvantages of the strategy that you select? Or should we only outline the 'good' side to it?
Cheers! :)
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How can I download the solutions to the sample exams
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is it ok to use dot points in the theory questions
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How can I download the solutions to the sample exams
If you're logged into your ATAR Notes account, you should be able to see Jasheel's sample solutions posted as an attachment to the first post. :)
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is it ok to use dot points in the theory questions
Definitely not. Always full sentences to convey your point and answer the question clearly and concisely.
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is it ok to use dot points in the theory questions
You really shouldn't be. However, if you're running out of time, it is better than nothing and marks may be awarded.
I think Jasheel only did so in the sample answers to highlight the points that you should cover.