ATAR Notes: Forum
Archived Discussion => 2010 => End-of-year exams => Exam Discussion => Victoria => Accounting => Topic started by: Albeno69 on November 07, 2010, 02:36:51 pm
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i dont quite know if it was a mistake or not and we will have to wait for vcaa how long did it take for them to admit the unit 3 mistake.
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nobody likes to admit to mistakes, it will only be admited once the results are already out
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which mistake was this?
For the mid-year exam, our teacher informed us of that question they ended up giving us full marks on, about a week or so after the exam. So I would say probably after all the exams are finished.
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i think the OP was referring to not being given the cost of sales amount for the last question (prepaid sales revenue)
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i think the OP was referring to not being given the cost of sales amount for the last question (prepaid sales revenue)
We were not require to record cost of sales anyway as it should go to sales journal.
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i think the OP was referring to not being given the cost of sales amount for the last question (prepaid sales revenue)
We were not require to record cost of sales anyway as it should go to sales journal.
As is Debtors control though.
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I'm pretty sure there are two different ways of completing the question, one which require cost of sales etc to be recorded in the sales journal, one in the general journal.
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I'm pretty sure there are two different ways of completing the question, one which require cost of sales etc to be recorded in the sales journal, one in the general journal.
Why would you record credit sales in general journal, it's not a non-cash/ infrequent transaction. And besides, even if it is in the general journal, there weren't enough space.
edit: not "receipts from debtors" but credit sales
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Why would you record receipts from debtor in general journal, it's not a non-cash/ infrequent transaction. And besides, even if it is in the general journal, there weren't enough space.
I agree.
We were not require to record cost of sales anyway as it should go to sales journal.
True. Though in the answer booklet a Sales Journal wasn't given, hence there was no need to record Cost of Sales anywhere. The last question was very poor. I think it's wrong if students spent all that time on that last question and to find out there was an error, that's frustrating - when they could have been doing other questions/checking over.
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I wrote nearly half a page of explanation under the last question regarding C.O.S and how that question is incorrect. Would be funny if it turned out to be right :D