VCE Accounting Question Thread!

[Kuroyuki]

The answer that massa gave is like 90% from a VCAA assessment report haha.

[Damoz.G]

The answer that massa gave is like 90% from a VCAA assessment report haha.

LOL! At least he has remembered it.

Wait, what? It's been a Question on a past VCAA Exam?

[massachusetts8]

You can give an example like accrued wages aswell.

Should the example depend on the scenario of the question?

Yup. Lets go with that answer. Its 100x better than mine.

I feel like mine doesn't clearly link to the going concern principle very well.. :/

[massachusetts8]

The answer that massa gave is like 90% from a VCAA assessment report haha.

Haha indeed it is, I took the liberty of copying and pasting VCAA theory answers to briefly remember

[BoredSatan]

LOL! At least he has remembered it.

Wait, what? It's been a Question on a past VCAA Exam?

Yep. But in the past it's asked as: 'referring to an accounting principle, explain why balance day adjustments are made'

And everyone in the state picks reporting period but going concern is also correct

[Damoz.G]

Yep. But in the past it's asked as: 'referring to an accounting principle, explain why balance day adjustments are made'

And everyone in the state picks reporting period but going concern is also correct

Ohhh yeah. I thought it was directly a question relating to BDAs and Going Concern.

I usually go with Reporting Period - Much safer.

[Kuroyuki]

Should the example depend on the scenario of the question?

I feel like mine doesn't clearly link to the going concern principle very well.. :/

I just use ur one cuz vcaa does.
Going concern assuems the life of the business is indefnite and ongoing. Many balance day adjustments recognise an asset or liability that must be carried forward to a future period. For example, accrued wages.
If i memorised it right that's vcaa's model answer. Your answer is EVEN better!
And there wouldnt usually be a scenario given but if there was then might aswell link it back.

[BoredSatan]

Copying VCAA answers are the best

[massachusetts8]

I just use ur one cuz vcaa does.
Going concern assuems the life of the business is indefnite and ongoing. Many balance day adjustments recognise an asset or liability that must be carried forward to a future period. For example, accrued wages.
If i memorised it right that's vcaa's model answer. Your answer is EVEN better!
And there wouldnt usually be a scenario given but if there was then might aswell link it back.

Sweet! Thank You

[Kuroyuki]

Copying VCAA answers are the best

Yeah
But like some of them are so short and concise, it feels risky to me.

[Damoz.G]

Yeah
But like some of them are so short and concise, it feels risky to me.

I agree. Sometimes I ask myself is that really 2/2?

[abcdqdxD]

Yeah I think VCAA don't give out perfect answers cus they know kids will memorise them

[Kuroyuki]

Yeah I think VCAA don't give out perfect answers cus they know kids will memorise them

was that a joke?
If not i need to add more detail to all my vcaa response answers lol

[Damoz.G]

Yeah I think VCAA don't give out perfect answers cus they know kids will memorise them

LOL! Yeah, true that. I guess the ones they give are still decent enough anyways.

[Damoz.G]

was that a joke?
If not i need to add more detail to all my vcaa response answers lol

Yeah, I don't think that was a joke. They give you the key important things, but they aren't enough - Especially when they give answers in dot points.