VCE Accounting Exam Discussion and Questions

[rithvikc]

I think i got $2400 for total net sales revenue and $1650 for loss on disposal. Although i cant remember exactly but fairly sure those are the numbers i got. What about you?

Rip, I included gst on sales. Would I still receive marks for working or?

[akash112]

Any chance someone could upload a copy of the exam? I'll work through some suggested solutions if you can !

Hey! Oh someone else just posted a copy too. Here's my copy anyway, I think it's better quality so you might want to use mine.
https://www.pdf-archive.com/2017/11/12/vce-accounting-3-4-exam-2017/

[MattCorp]

Rip, I included gst on sales. Would I still receive marks for working or?

It was only worth 2 marks anyways so at most you would probably get 1 mark.
For the stock loss figure i have been hearing people took the $160 amount and decreased the physical stocktake number by the amount. So im not sure what to think hah!

[rithvikc]

It was only worth 2 marks anyways so at most you would probably get 1 mark.
For the stock loss figure i have been hearing people took the $160 amount and decreased the physical stocktake number by the amount. So im not sure what to think hah!

Thats what I did. The additional Information stated that the advertising of stock hadnt been recorded yet.

[waterangel82]

I think i got $2400 for total net sales revenue and $1650 for loss on disposal. Although i cant remember exactly but fairly sure those are the numbers i got. What about you?

I got $2660 for sales revenue, quite sure this is correct. Cause you do 4*380 (3 march) + 2*380 (9 march) - 380 (sales returns) + 2*380 (20 march) and got $2660.

[rithvikc]

Any chance someone could upload a copy of the exam? I'll work through some suggested solutions if you can !

Answer Book: https://imgur.com/a/GBKM1

Question Book: https://imgur.com/a/V8xXx

[MattCorp]

I got $2660 for sales revenue, quite sure this is correct. Cause you do 4*380 (3 march) + 2*380 (9 march) - 380 (sales returns) + 2*380 (20 march) and got $2660.

Yeah my bad, i tried to work it out now with what i could remember! Forgot that the selling price was $380, im pretty sure i got your number as it sounds more familar!

[rithvikc]

I got $2660 for sales revenue, quite sure this is correct. Cause you do 4*380 (3 march) + 2*380 (9 march) - 380 (sales returns) + 2*380 (20 march) and got $2660.

Yes this is correct. I thought that my answer was incorrect because I received a number that wasnt as clean as what Matt got.

[MattCorp]

Yes this is correct. I thought that my answer was incorrect because I received a number that wasnt as clean as what Matt got.

Yeah pretty sure this is the number i got in the exam. I just tried to work it out now and didnt feel like it was the number hah! Sorry if i stressed you out a bit

[gfosdfos]

I think i got $2660 for total net sales revenue and $1650 for loss on disposal. Although i cant remember exactly but fairly sure those are the numbers i got. What about you?

Edit; Net sales is $2660 not $2400

I got the same yay!

[v1shnu]

I got 380. Note that the owner had withdrawn $160 worth of stock that had not yet been recorded. Therefore this figure must be deducted from the stock control balance. (22400 - 160 - 21860 = 380)

As for the Accounting Principle, 'Reporting Period' seemed to be the most suitable reponse, simply because the depreciation is calculated per reporting period and it allows the business to obtain accurate expenses and hence profit in preparation for the start of the next Reporting Period.

Yes Reporting Period is most suitable for an Income Statement, do you think they will take away 2 marks for omitting RP and for using Conservatism or just 1 mark... assuming all my other points were relevant. 

[dan0038]

Was I the only one who used going concern for the 6 mark depreciation question 0.0? Oh and what is the value for stock control to be recorded into the balance sheet? I wrote the whole 130000 thats why

[v1shnu]

Was I the only one who used going concern for the 6 mark depreciation question 0.0? Oh and what is the value for stock control to be recorded into the balance sheet? I wrote the whole 130000 thats why

Pretty Sure Stock Control is 25000 cuz (stock purchases 130000 - cost of sales 105000)

[rithvikc]

Yes Reporting Period is most suitable for an Income Statement, do you think they will take away 2 marks for omitting RP and for using Conservatism or just 1 mark... assuming all my other points were relevant. 

They'll probably deduct two assuming you used the wrong accounting principle. Could also be alien items. I'm not necessarily sure. :/

[MattCorp]

They'll probably deduct two assuming you used the wrong accounting principle. Could also be alien items. I'm not necessarily sure. :/

I reckon even if you dont explicity say 'reporting period' but discuss the expenses incurred bit they will still give you 6 depending on the strength of it? Just my take, interested to hear what you have to say!