ATAR Notes: Forum
VCE Stuff => VCE Business Studies => VCE Subjects + Help => VCE Accounting => Topic started by: sheepz on June 11, 2008, 05:08:51 pm
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I reckon the exam this time round was harder than past years but still do-able... Many people in my school came out and were like 'omg its so hard!' The last question and the vehicle registration ones are pretty confusing I reckon. Would be really happy to have gotten them right lol!
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Last page completely screwed me up.. no clue what I'm going to get in terms of overall marks.
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yeh the last page and the registration question stuffed me up i will be content if i get a B because i really didnt put in that much effort at all
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Yeah lol for the last ques they didn't give enough space for the cash payments journal did they? what did you do? i wrote a note saying that i assume the reporting period is for the quarter oct - dec so yeah >.<
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Yeah lol for the last ques they didn't give enough space for the cash payments journal did they? what did you do? i wrote a note saying that i assume the reporting period is for the quarter oct - dec so yeah >.<
maybe they wanted us to combine wages and accrued wages in one line (but seperated by the columns of sundries and wages)
so did you guys just add an extra line
(i didn't even total it lol)
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i squeezed accrued wages/wages into the first line lol n sorta made the figure in the 'wages' and 'sundries' column subscript so one of them is kinda at the top and the other bottom (i don't think im making any sense lol dw) but yeah the rest i jz put wages $10000...
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i squeezed accrued wages/wages into the first line lol n sorta made the figure in the 'wages' and 'sundries' column subscript so one of them is kinda at the top and the other bottom (i don't think im making any sense lol dw) but yeah the rest i jz put wages $10000...
that makes sense, but you still didn't have enough space?
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yeah well i used up all 4 lines... but the first line was very squashed up haha apparently thats the right way to do it... my friend said his teacher worked it out =) i got it right!
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I did
Wages/ accrued wages chq no. a bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. b bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. c bank 10000 wages 5000 sundries 5000
Totals 30000 15000 15000
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I did
Wages/ accrued wages chq no. a bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. b bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. c bank 10000 wages 5000 sundries 5000
Totals 30000 15000 15000
I did the same. Doh, did the November and December months also have accrued wages? Damn, that means only my first entry was right. But my bank total was $30K as well. :)
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Nah the correct answer is:
Wages/ accrued wages chq no. a bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. b bank 10000 wages 10000
Wages/ accrued wages chq no. c bank 10000 wages 10000
Totals 30000 25000 5000
according to my friend's teacher who is one of the best in victoria apparently haha
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Nah the correct answer is:
Wages/ accrued wages chq no. a bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. b bank 10000 wages 10000
Wages/ accrued wages chq no. c bank 10000 wages 10000
Totals 30000 25000 5000
according to my friend's teacher who is one of the best in victoria apparently haha
YESSSSSSSSSSSS!!!!!!!!!!!!!!
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Nah the correct answer is:
Wages/ accrued wages chq no. a bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. b bank 10000 wages 10000
Wages/ accrued wages chq no. c bank 10000 wages 10000
Totals 30000 25000 5000
according to my friend's teacher who is one of the best in victoria apparently haha
damn i got nothing like that :(
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Nah the correct answer is:
Wages/ accrued wages chq no. a bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. b bank 10000 wages 10000
Wages/ accrued wages chq no. c bank 10000 wages 10000
Totals 30000 25000 5000
according to my friend's teacher who is one of the best in victoria apparently haha
damn i got nothing like that :(
i feel for u RD i didnt get anything liek that either, although i did get $30000 for bank total. 1 mark hopefully lol
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Nah the correct answer is:
Wages/ accrued wages chq no. a bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. b bank 10000 wages 10000
Wages/ accrued wages chq no. c bank 10000 wages 10000
Totals 30000 25000 5000
according to my friend's teacher who is one of the best in victoria apparently haha
AWwww =(
but if they were overlappin at the end of every month then why woodnt they be accrued?
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Someone scan the exam and tell Apple to do it. Then we can check the answers off him :P
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i really hope that his teacher is right coz i got that >.< anyway im sure A LOT of people will get that ques wrong... i bet the percentage of people who got it right is like less than 10%... maybe 5%? so dont worry too much about it =) your ranking should still be alright if you didn't many other careless mistakes!
costa: i think the reporting period is for the quarter oct - dec so the wages expense for the end of oct and dec won't be accrued.
for the vehicle rego one the first entry was: (don't look if you don't wanna know lol)
DR Vehicle 30000
DR Prepaid vehicle registration 675
CR Capital 30675
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haha if someone does scan it can they send a copy to me too? i'll ask my uni accounting friends to do it XD
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i really hope that his teacher is right coz i got that >.< anyway im sure A LOT of people will get that ques wrong... i bet the percentage of people who got it right is like less than 10%... maybe 5%? so dont worry too much about it =) your ranking should still be alright if you didn't many other careless mistakes!
costa: i think the reporting period is for the quarter oct - dec so the wages expense for the end of oct and dec won't be accrued.
for the vehicle rego one the first entry was: (don't look if you don't wanna know lol)
DR Vehicle 30000
DR Prepaid vehicle registration 675
CR Capital 30675
Yeh that makes sense now... i shooda realised the reporting period was every 3 months but like it didnt say it soo i just did every months which is stupid because why wood u have the journals for 3 months if the reporting period was every month!!1 FUCK I FEEL DUM NOW
and that one i did wrong i know already
i did
vechile 30000
capital 30000
Prepaid Reg 600
capital 600 (BUT IT shOOD BE 675 :()
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yeah for the last question i kept re-reading it and flipping pages in front to find out the reporting period lol. in the end i wrote a note saying 'assuming the reporting period is for 3 months' because that was like the only way it would make sense... especially with the ledger account balance at 1 oct...
ohh that was what i did at first and then the third point was to write off the expense for the month so im like 'oops' n changed it
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Nah the correct answer is:
Wages/ accrued wages chq no. a bank 10000 wages 5000 sundries 5000
Wages/ accrued wages chq no. b bank 10000 wages 10000
Wages/ accrued wages chq no. c bank 10000 wages 10000
Totals 30000 25000 5000
according to my friend's teacher who is one of the best in victoria apparently haha
If this is right, ah curse it! The only difference between mine and this one is the wages and accrued being on the same line and I put 15000 bank for the first entry, oh well hopefully I will get consequential marks.
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i really hope that his teacher is right coz i got that >.< anyway im sure A LOT of people will get that ques wrong... i bet the percentage of people who got it right is like less than 10%... maybe 5%? so dont worry too much about it =) your ranking should still be alright if you didn't many other careless mistakes!
costa: i think the reporting period is for the quarter oct - dec so the wages expense for the end of oct and dec won't be accrued.
for the vehicle rego one the first entry was: (don't look if you don't wanna know lol)
DR Vehicle 30000
DR Prepaid vehicle registration 675
CR Capital 30675
Yeh that makes sense now... i shooda realised the reporting period was every 3 months but like it didnt say it soo i just did every months which is stupid because why wood u have the journals for 3 months if the reporting period was every month!!1 FUCK I FEEL DUM NOW
and that one i did wrong i know already
i did
vechile 30000
capital 30000
Prepaid Reg 600
capital 600 (BUT IT shOOD BE 675 :()
What I did here was
Vehicle 30000
Pre-paid Reg 600 (or wait maybe it was 675 can't remember)
Capital 30600 (or 30675)
is that still correct if the reg total is the right one?
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Haha, i accidentally closed and balanced the wages and accrued wages account for the last question... could have used that time to recheck my work. lol..
and i think if u picked "cash at bank" for the entity principle it is also right..
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picked "cash at bank" for the entity principle it is also right..
ughh.. I picked Mortgage Loan. ???
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I picked Loan-ABC , but i think if you can explain the entity principle, then either of them should be right.. :S hopefully LOL
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yeah I'm hoping my explanation was adequate.
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another friend of mine just brought up a question...
for ques 2.2.2 with the balance day adjustment and closing entry for prepaid insurance, what figures did you guys use? i used $1200 i think for the BDA but my friend said wouldn't it be $3600 since its annual insurance (so the business would have paid and consumed the insurance before oct)
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I only used $3600 but i think its wrong..
I think you had to subtract 3600 from 4720 and add that amount to 2400 as insurance expense :S
so insurance expense should be 3520...
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I cant even remember what I put.
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lol i didnt even use the 4720... darn i should have detected something was weird there
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i used 3600
but it seems to obvious...
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lol i didnt even use the 4720... darn i should have detected something was weird there
haha neither- i just saw it and thought- yeahhhh, i'll just ignore that
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Accounting is gay. I hope it burns in hell lol
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Accounting is gay. I hope it burns in hell lol
lool
it wasn't this bad until yesterday :-\
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wow no one thinks they are going to get below 50.