ATAR Notes: Forum
Archived Discussion => 2009 => End-of-year exams => Exam Discussion => Victoria => Accounting => Topic started by: geeza23 on November 05, 2009, 02:30:01 pm
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how did everyone else go?i personally think it was definitely easier than vcaa 08
there were a few tricky questions and i have my question booklet that i'll post up later i've written down most of my response next to it and u guys can compare it and tell me what i did wrong or stuffed up as well as urself
edit : exams up mind u after what u guys said im not that confident stuffed up like 3-4 now lol
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what did you do for the posters and ball question? product cost it or remove from selling price?
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what did you do for the posters and ball question? product cost it or remove from selling price?
I got this question wrong. The posters are selling expenses therefore are only included when the stock is valued at NRV. So you subtract the $5 poster expense from the balls which were valued at NRV.
How many marks do you think I will lose if i did everything else right, but treated the poster expense as a product cost?
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So did I. According to my Accounting teacher it might not be entirely incorrect.
My point is that why would they tell you 90 are remaining at the end?
Okay so if we got this wrong, reckon we could get one of the three marks?
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oh shit i just added it to 90 out of the 100 of pro junior balls might've gotten it entirely wrong the figure i got for values of stock is 10530
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I think you will get a mark for the pre junior total 1 for the pro senior total and one for the pro leather total
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did you have to include the import duties?
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So did I. According to my Accounting teacher it might not be entirely incorrect.
My point is that why would they tell you 90 are remaining at the end?
Okay so if we got this wrong, reckon we could get one of the three marks?
The whole '90 remaining' thing confused me, but it really came down to the fact of whether the posters were necessary to get the balls in the condition to sell. My arguement being that they were only necessary to sell the item, so they are only used in calculation of NRV
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Do you think there's room for alternative interpretations?
If that's 3 marks gone.....FML.
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It says that posters are purchased as required.
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I got stock writedown of $800 due to including the import duties as a product cost, therefore increasing the unit cost to $65.
Then the NRV would have been $55 due to the subtraction of the $5 that was a cost necessary for the sale.
I don't know if that is incorrect, did anyone get the same?
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What did you guys get for Stock Write Down? (Same qn)
I got 800
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Do you think there's room for alternative interpretations?
If that's 3 marks gone.....FML.
Possibly, it was pretty ambiguous.
I got 800 as well Phanphy
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Yes i got a SWD of 800 as well. Import duties shouldve been treated as product costs
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Yeh i think $800 was correct. However do you think if you, as i have listed:
Pro Junior: Right Amount
Pro Senior: Right Amount
Pro Leather: Wrong Amount (Due to incorrect Stock Write Down)
and then carried that mistake down to the General Jorunal entry, how many marks would it cost? Would consequentials apply?
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I got $800 too.
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Yeh i think $800 was correct. However do you think if you, as i have listed:
Pro Junior: Right Amount
Pro Senior: Right Amount
Pro Leather: Wrong Amount (Due to incorrect Stock Write Down)
and then carried that mistake down to the General Jorunal entry, how many marks would it cost? Would consequentials apply?
you should get 2/3 for that qn. I did the same
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I got stock writedown of $800 due to including the import duties as a product cost, therefore increasing the unit cost to $65.
Then the NRV would have been $55 due to the subtraction of the $5 that was a cost necessary for the sale.
I don't know if that is incorrect, did anyone get the same?
I did exactly the same :)
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Yeh that's what i thought, and if the mistake is carried through then it is not penalised again, so really its only worth one mark.
Not a bad outcome considering such a bad mistake.
I suppose that is the advantage of showing working in accounting.
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yeh i got 800 too
what did ppl for for the sale and purchases return?
i ran out of lines :S
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same, did you need one extra line?
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I Had:
OCT 20: Sales Returns
GST Clearing
Debtors Control
- Name
Stock Control
Cost of Sales
OCT 22: Creditors Control
- Name
Stock Control
GST Clearing
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Is someone going to post their answers? I am stressing about how I went!
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same
but they left one line to short so i was confused
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It was actually quite stupid because you couldn't group similar accounts as the transactions were on different days.
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exam's up guys one the first page
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I got stock writedown of $800 due to including the import duties as a product cost, therefore increasing the unit cost to $65.
Then the NRV would have been $55 due to the subtraction of the $5 that was a cost necessary for the sale.
I don't know if that is incorrect, did anyone get the same?
you got the right answer but wrong working.
have to minus 7 from each customs duty.
but right answer (Y)
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What did everyone say for the question about liquidity?
I said the net effect would be worse liqudity for the firm as although QAR and WCR increased (increasing liquidity) this was only marginal compared to the large increases in stock and debtors turnover (which worsens liquidity)
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yes same andrew...even though WCR increased a lot, QAR didn't, and DTO and STO were dramatically worse, so that means that the reason WCR is a lot better is cos of all the Debtors and Stock that they have (which they aren't able to turn into cash) which is listed as Current Assets, so i said it didn't improve
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I said that debtors turnover and stock turnover are more to do with the firm's efficiecny asnd are not direcltly linked with the liquidity of the business like working capital ration and quick asset ratio. then blah blah blah.
Aslong as my theory is ok, i'd say around 85-88/90 depending on consequentials
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I said that debtors turnover and stock turnover are more to do with the firm's efficiecny asnd are not direcltly linked with the liquidity of the business like working capital ration and quick asset ratio. then blah blah blah.
Aslong as my theory is ok, i'd say around 85-88/90 depending on consequentials
dto and sto are linked very closely with liquidity, no?
if they can't collect debts/turnover stock, how are they going to get cash to pay creditors, wages etc?!
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Stock isn't included in quick asset ratio and it still increased, if only marginally.
And debtors by definition, as it is included in the quick asset ratio, can be readily turned into cash.
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quention 1.2 part and quention 1.5 part were confusing.......maybe for others not.....but i found it did confuse me
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effect of depreciation expense on cash flow? it was none right? :S
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For another key indicator, I stated 'Creditors Turnover Ratio'.
I was stuck for answers, but I thought that the CTR gave a fairly good indication of a business' liquidity.
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Yeh i don't know, i think that liquidity question is going to be hard to mark
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effect of depreciation expense on cash flow? it was none right? :S
I said that it does not directly effect cash flows and that depreciation is an example of an expense which is not a cash payment. However, as it detracts from profit, claiming depreciation expense can have a positive effect on cash flow as the more expenses claimed the less profit one needs to claim to the tax office. So ultimately claiming depreciation means you dont need to pay as much tax.
I may have been going to far with this ..
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effect of depreciation expense on cash flow? it was none right? :S
yeh i said that depreciation does not directly effect the cash flow as it is a consumption of economic benefit in the form of a decrease in assets (delivery van), therefore decreasing net profit as an increase in depreciation expense..
cant remember the end.. but thats it =)
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I just said something about how its only an assumption made to allocate the expense of owning the asset over the period of its working life, thus doesn't actually effect cash flow. however it may when the business comes to sell the asset.
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1.1.2 - was it $12375 accum depn? and $3625 loss?
2.3.2 - what was actual and budgeted rent revenue? i had $24.8k and $24k
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1.1.2 I got the same as you :)
2.3.2 I said a $1000 difference as the rent revenue changed in August, resulting in five months of $2200 rent revenue.
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i have no qualms about it, i don't think i lost 1 mark.
You muppets can continue quarreling like uneducated pigs...but you lost marks...and i didnt
i know how to stop fights! just ace the exam! like i did.
nobody cares =)
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stfu lc3
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1.1.2 I got the same as you :)
2.3.2 I said a $1000 difference as the rent revenue changed in August, resulting in five months of $2200 rent revenue.
yeah i was going to do that too but it said 'commencing with the payment due on Aug 31'
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i have no qualms about it, i don't think i lost 1 mark.
You muppets can continue quarreling like uneducated pigs...but you lost marks...and i didnt
i know how to stop fights! just ace the exam! like i did.
Hope you lost shitloads of marks and anyway this is a discussion what you said not a disccussion!
for the last question is interest cover ratio an answer and did anyone else notice that this year they didn't actually ask for any narrations and that the didn't stipulate that GST IS NOT INCLUDED IN THIS QUESTION for budgeting?
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i wrote cash flow indicator lolol
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LC3, you are so rude and uncouth - we are NOT uneducated pigs, just students who really care about their grades. How dare you insult us?
I am sure that it is the over confident people like you who do not appreciate the complexities of exams. Trust me, I did tonnes of practice exams, have rank 1 in a very, very good school and yet I appreciate the tricky parts of the exam.
So get rid of your ego and arrogance and be a bit nicer.
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i have no qualms about it, i don't think i lost 1 mark.
You muppets can continue quarreling like uneducated pigs...but you lost marks...and i didnt
i know how to stop fights! just ace the exam! like i did.
i'll smash u u arrogant sack of shit
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Guys, ignore LC3
He is obviously trolling.
Nobody knows that they lost zero marks after the exam, nobody.
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WOW....u got 50 last year......that is so good
Guys, ignore LC3
He is obviously trolling.
Nobody knows that they lost zero marks after the exam, nobody.
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oh wow =|
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Guys, ignore LC3
He is obviously trolling.
Nobody knows that they lost zero marks after the exam, nobody.
Jamison you're obviously not at school anymore
get off this forum and get a life
go play with balls with ya stick
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and what school do you go to? cause i doubt its any good
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It's the best.
kinda...
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Guys, ignore LC3
He is obviously trolling.
Nobody knows that they lost zero marks after the exam, nobody.
Jamison you're obviously not at school anymore
get off this forum and get a life
Oh no, my life is crashing down around me.
Curse you internet, curse you!
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Can anyone confirm if Gearing ratio is or isn't a key indicator that could be used when assessing business liquidity?
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i said gearing.. but im not sure if it's right.
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LC3, you are so rude and uncouth - we are NOT uneducated pigs, just students who really care about their grades. How dare you insult us?
I am sure that it is the over confident people like you who do not appreciate the complexities of exams. Trust me, I did tonnes of practice exams, have rank 1 in a very, very good school and yet I appreciate the tricky parts of the exam.
So get rid of your ego and arrogance and be a bit nicer.
Ilovemathmeth, look at your predicted scores for this year
by posting them you are the arrogant pig
you did lots of practice exams cause you have no life
and what school do you go to? cause i doubt its any good
ahahahahaha thats hilarious!! mac.rob isn't good enough for prince chris?
i'll have a better life than you in the future!! you can have all the life you want now! =P
hmmm no they are just my ambitions. how are they are arrogant? i got good enough last year. maybe im just hopeful.
i think you're a jealous, immature person and vcenotes is much better without you!
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i also said something that the only reason WCR improved is that the business hasa large amount of stock and debtors on hand, its not selling stock/collecting cash from debtors well. its not improving etc etc
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yep the rote learning clearly got me the 49 in methods, A+ on chem exam and A+ on acc exam. Clearly guys, that's rote. and of course, with zero effort.
in case you dont know, LC3, vcaa doesn't really believe in rote. Shame you employ it in your study endeavours, it wont benefit you. You need to understand things. I can see you lack ability in that area, you clearly cannot understand that you need to be nice to others in order to gain some respect on this forum.
get a life, LC3. We dont care if you messed up on Accounting, dont shove your frustrations on others and be offensive.
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and people indicate their past scores not to be arrogant but to possibly be of help to other people on this forum. people like to help each other here, not make offensive, irrelevant comments about other members.
thanks.
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I don't understand how people can get 50's. lol.
its insane! good work though :P
For the price of the basketballs, was it $20 yeah? or $18? because i wrote $20 each but my teacher after said it was $18. Can anyone give me a DEFINITE answer that is 100% guaranteed?
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i wrote $20 because i included both the labelling of the balls as well as the freight. i think it should be ok.
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i put down $20 as well.
inv price 15
freight 2
logo 3
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wd guys on completing accounting, for those going to monash, i guarantee you will get at least a D for introductory accounting and finance, all entries are recorded in the general journal, you dont learn special journals til sem 2 lol
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wd guys on completing accounting, for those going to monash, i guarantee you will get at least a D for introductory accounting and finance, all entries are recorded in the general journal, you dont learn special journals til sem 2 lol
lol what's that suppose to mean?introductory accounting is hard coz u learn special journals at semester 2?
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wd guys on completing accounting, for those going to monash, i guarantee you will get at least a D for introductory accounting and finance, all entries are recorded in the general journal, you dont learn special journals til sem 2 lol
lol what's that suppose to mean?introductory accounting is hard coz u learn special journals at semester 2?
D is for Distinction
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the introductory accounting is a joke for ppl who have done accounting, D is for distinction, you will find it piss easy, its a shame they used to have a unit that required accounting 3/4 as a pre req
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what was net profit and net cash from operating?
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oh haha pardon me i thought its ranked A B C D E my bad
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1.1.2 - was it $12375 accum depn? and $3625 loss?
2.3.2 - what was actual and budgeted rent revenue? i had $24.8k and $24k
It said "Rent (revenue) was increased from $2000 per month to $2200 per month commening with the August payment due on 31 August".
This means Rent Revenue earned for the month of August was $2200.
Therefore, Rent Revenue earned:
31 August - $2200
30 September - $2200
31 October - $2200
30 November - $2200
31 December - $2200
= $11000
$11000 + ($2000 x 7 months prior)
= $25000
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I got that too! =)
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the introductory accounting is a joke for ppl who have done accounting, D is for distinction, you will find it piss easy, its a shame they used to have a unit that required accounting 3/4 as a pre req
Mmm... this unit was mostly revision for me.
People who have done accounting, I would suggest you take this unit in a semester where you're also taking a couple of harder units... they'll balance each other out.
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were the posters a product or period cost?
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i put it as a period cost
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Period, as they were not advertising for JUST the stock which had been damaged, it was just general advertiseing
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LC3 and chris.stafford are f***kers, had similar sort of trolls in my time ... bet you they get below 30
Don't worry Jamison, you make an awesome addition to vcenotes, keep up your good contributions.
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also, I wouldn't say 45+ predictions are arrogant IF you have worked up to it
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I don't predict; I obsess and I only hope =)
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ilovemathsmeth - he goes to a school much better than yours. please note that a school isnt measured by their vce results, but the admirable qualities the individuals possess upon leaving the school (our vce results are up there but not as good as yours due to your selection process)
schools like yours produce socially retarded braggarts (just look at your predicted scores) who pride themselves on elitism and churning out as many facts as they can remember just to beat the competition and if they drop a mark, they lose the plot because they know their parents will crack the ninetails on their back.
rlobo and mtwtfss - come here and say it. real heroes over the internet on a vce forum :| gonna get you far...
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I don't tolerate insults towards my school. If you've got a problem with my school, keep it to yourself. My school is better than yours, because not only does it produce really good results but it has the most caring, wonderful students I know - people who are not like you. I must ask you, what admirable qualities you think you have, insulting my school for no apparent reason and sticking up for trolls or losers.
My school does NOT produce "socially retarded braggarts". You've just given me a lecture on how your school has such admirable qualities - does making offensive remarks about other schools come under these qualities?
Are you blind? They're not PREDICTED scores, they're WHAT I WANT TO GET. Can't you read?? It says "hopeful scores". Not "predicted". Someone who predicts their scores must be very confident or very arrogant.
How DARE you insult our families? My school consists of a group of mature, self-motivated, hard working students. Unlike yours, who need to have their parents push them for every single SAC and grade. I think pushy parents must be very stressful. I'm quite sorry for you.
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so I think I got 82/90 hopefully. 40 is achievable?
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yeah man
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haha your school is the best?
im self motivated like all the boys at my school, but at the end of the day it is YOUR parents that whip you if you drop marks. not mine
your school WREAKS of arrogance just quietly.
and it is these admirable qualities that my school instils in me that make me nautious when i hear about your school and kids like you talking about vce - who cares if you dropped 3 marks and cant get a 50 have a fucking cry. there are more important things to life other than vce - you make it sound as if its a matter of life and death.
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^tbh I agree there. I get annoyed when people say 'I dropped 3 marks, kill me' or 'I wont get 50 now'.
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haha your school is the best?
im self motivated like all the boys at my school, but at the end of the day it is YOUR parents that whip you if you drop marks. not mine
your school WREAKS of arrogance just quietly.
and it is these admirable qualities that my school instils in me that make me nautious when i hear about your school and kids like you talking about vce - who cares if you dropped 3 marks and cant get a 50 have a fucking cry. there are more important things to life other than vce - you make it sound as if its a matter of life and death.
a-fucking-men
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ENOUGH
I do NOT want to sin-bin anyone during the exam period, but I will NOT hesitate if this continues. Consider yourselves warned.
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spizza#5
- you spelt 'nauseous' wrong as 'nautious'.
- Most parents don't actually care what their children get so long as they know that they have done their best. I'm sorry that your parents whip you, as you obviously seem to have got such ideas from your own experiences.
- 'Admirable' - my foot.
- Your vocabulary is absolutely appalling, it shows how much of a loser you are - you don't need to use such language, especially on an educational forum. You don't belong here.
- LOL I'm gonna laugh at you the day you complain about an awesome mark. What a hypocrite...
- LOL, everything's more important than VCE...you wouldn't be on this forum if you really thought that =P HYPOCRITE.
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- im never going to complain about an awesome mark
- i dont care how i spelt nauseous, you understand what i meant (once again, the arrogance of your school/assumed superiority)
- my vocab is far from appalling. i use one profanity and you make a generalisation (assumed superiority again)
- i have as much of a right to learn and access educational resources as you do, so dont say i dont belong here just because your a respected member and spend your saturday nites/non-studying time on here.
- vce isnt the be all and end all. im not saying that i dont want to do well, but what im saying is that i want to maximise my opportunities for success by obtaining some valuable pieces of info off sites such as this.
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spizaa: careful, your inferiority complex is showing through your comments about schools producing "socially-retarded braggarts" just because they do better in VCE than your school. Not everyone's ideas of "awesome mark" has to match up to your own. Something about that word beginning with d and ending with iversity?
You laugh at people for getting overly upset over losing minimal marks. Yet you are getting all worked up about a bunch of strangers on a VCE forum who have high expectations. Hypocrisy much?
And by the way, trying to insult people by insinuating that they have nothing better to do on Saturday nights than spend their time on VN kind of loses its effect if you are directing said insults on said site. :)
How DARE you insult our families? My school consists of a group of mature, self-motivated, hard working students. Unlike yours, who need to have their parents push them for every single SAC and grade. I think pushy parents must be very stressful. I'm quite sorry for you.
You make valid points, but don't be a hypocrite okay? :)
sorry for feeding the troll, I'm cranky tonight >_>
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And all of this relates to the unit 4 accounting exam how?
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And all of this relates to the unit 4 accounting exam how?
It does not.
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It's been 'shitting you' - nice to know, I didn't know parasites like you could experience normal bodily functions =P
Haha not really a clown, I think I'd get a better job than that...
You on the other hand seem fascinated by the world of 'shitting' - maybe you're looking at a cleaner role? Aww.
My "juvenile rants" have not been directed towards you, so frankly I think you should mind your own business. I wouldn't describe myself as "socially inept" thank you very much, I've got plenty of loyal friends and that makes me VERY social =). I also wouldn't describe myself as "stupid" particularly, because a) I do VCE and b) I do it at a good school and c) I got good scores from last year.
Clearly you're the one who is stupid =D
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Goodbye, polskafc.
Nothing of value was lost.
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I<3MM... plz stop feeding the trolls... don't bite, you're better than that.
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LOL =P I didn't know I was egging them on further!
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LOL =P I didn't know I was egging them on further!
Did you like the way I spiffy-fied your name?
Very cool, no?
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Very! =D Looks cooler than the way I spelt it! =)