unsure questions on exam

[nbalakers24]

That Credit Sale question confused me the most.

I put credit sales and cost of sales down however for could not think of the third.

Looking back over I don't see how the stock gain could be part of that question.

If a transaction was not recorded and the stock was taken that would be a stock loss.
If a transaction was recorded and the stock was not taken that would be a stock gain.

What these VCAA people think of.

are you saying that its stock loss instead?

damn.. so confusing


also what are your thoughts/answers on the BDA on last page of the electricty bill?

[mtwtfss]

That Credit Sale question confused me the most.

I put credit sales and cost of sales down however for could not think of the third.

Looking back over I don't see how the stock gain could be part of that question.

If a transaction was not recorded and the stock was taken that would be a stock loss.
If a transaction was recorded and the stock was not taken that would be a stock gain.

What these VCAA people think of.

Yeah but there was only a stock gain account, you cant overstate an account which does not exist

[mtwtfss]

That Credit Sale question confused me the most.

I put credit sales and cost of sales down however for could not think of the third.

Looking back over I don't see how the stock gain could be part of that question.

If a transaction was not recorded and the stock was taken that would be a stock loss.
If a transaction was recorded and the stock was not taken that would be a stock gain.

What these VCAA people think of.

are you saying that its stock loss instead?

damn.. so confusing


also what are your thoughts/answers on the BDA on last page of the electricty bill?

Yeah another good question by VCAA.

Credit Wages
Debit GST Clearing
Debit Electricity

[plbuck]

I asked my teacher afterwards and she did not know either.

It cannot be stock loss cause thats not a revenue
If you have a look at the Sales Journal their is only 3 things; Cost of Sales, Sales, GST

So they are the only things that get posted to the ledgers. "GST does not get reported in the Profit or Loss statement"

[monokekie]

revenue item=stock gain

[GoodGuys]

wow 6 pages...

man i jst want to ignore this post all along....
learning my mistakes, freaks me out even more!!
ill be back once this is over

[nbalakers24]

stock loss can be a expense

[nbalakers24]

wow 6 pages...

man i jst want to ignore this post all along....
learning my mistakes, freaks me out even more!!
ill be back once this is over

your mistakes may not even be mistakes

[Flaming_Arrow]

wow 6 pages...

man i jst want to ignore this post all along....
learning my mistakes, freaks me out even more!!
ill be back once this is over

your mistakes may not even be mistakes

yep this is by no means the solutions, we're just posting what we think

[sdhains]

I asked my teacher afterwards and she did not know either.

It cannot be stock loss cause thats not a revenue
If you have a look at the Sales Journal their is only 3 things; Cost of Sales, Sales, GST

So they are the only things that get posted to the ledgers. "GST does not get reported in the Profit or Loss statement"

If there was a Stock Gain before the credit sales transaction was omitted, Stock gain would be overstated.
For example, if there was a stock gain of $1000, and cost of sales omitted was $200. Stock Gain would be overstated by $200 as when the stock take was conducted there was $1000 that hadn't been accounted for. However, $200 can now be accounted for, therefore that stock gain figure of $1000 is overstated by $200.

[nbalakers24]

i think that question on the assessment report would be like 2% got the full marks lol

[Lemollin]

Well, its a 3 marks question, so you will only lose 1 for not including Stock gain (Overstated), am i right?

[sdhains]

Well, its a 3 marks question, so you will only lose 1 for not including Stock gain (Overstated), am i right?

correct. i'm very interested as to why it would be correct to have starting balance as $20,000 and $30,000 as the capital injection figure.
 
PS. thats what i had

[nbalakers24]

me too.

[chris1991]

i'm not sure but thats what i had.

this exam is tricky and long

YES YES YES///
FOR SURE IT WAS LONG.. ESPECIALLY QUESTION 1. took long time.
i wrote a little message for the examiner...
would that lower my score?
i said "too long""

how was it that long i finished with like 15 mins to go

Yeh I finished with 20 minutes left, and thats after spending heaps of time on question 1 (the ledgers).