What are the common theory Questions that appears on exams?

[Kayte]

Could someone tell me what type of theory questions appears on the exams regularly?

I've sort of neglected accounting compared to my other subjects and I've only done 2 years of past exams. So I want to spend the rest of my time on theory whilst still studying for my other subjects.

Thanks!

[Lucho23]

Could someone tell me what type of theory questions appears on the exams regularly?

I've sort of neglected accounting compared to my other subjects and I've only done 2 years of past exams. So I want to spend the rest of my time on theory whilst still studying for my other subjects.

Thanks!

There are always different theory questions on each exam as the examiners have clearly stated that they don't want students writing rote-learned responses.

However, I've gone through the VCAA exams and come up with a few regularly appearing questions:

• Explain how a business can report a net profit despite a significant fall in cash during the same period.
• Explain, with reference to one accounting principle, why revenue and expense accounts are closed to the Profit and Loss Summary account
• Identify one qualitative characteristic that supports recording a non-current asset at agreed value. Explain your answer.
• Discuss why a business may choose to have control accounts and subsidiary ledgers.
• Identify errors in recording that may have occurred but still resulting in the Trial Balance balancing.
• Discuss the use of the FIFO stock valuation system.
• How does a profit/loss on disposal of a non-current asset occur?
• Explain a purpose of budgeting and why it is beneficial for businesses.

Good Luck!