VCE Stuff > VCE Accounting
VCAA Accounting Sample Exam Solutions 2019
jnlfs2010:
--- Quote from: jasheel on November 04, 2019, 05:54:55 pm ---There's not much guidance from VCAA on what they're expecting, because they don't provide official solutions to the sample exam.
However, I did have a quick look through the AASB standards (on which the course is based on) regarding Revenues from Contracts with Customers. The AASB is the Australian Government agency which issues the accounting standards that accountants have to follow!
https://www.aasb.gov.au/admin/file/content105/c9/AASB15_12-14_FP_COMPdec16_01-18.pdf
Page 9 Paragraph 21(b) seems to suggest that when part of a transaction is fulfilled, and the remaining goods are not different, the transaction has only been partially satisfied. Therefore, any adjustments to revenue are made on a cumulative catch-up basis.
I think its suggesting that when only parts of a contract is fulfilled, the adjustments to the revenue are made gradually until it is fully satisfied. I'd recommend taking a close look through the document if you want some more guidance. Again its very unclear what VCAA is looking for.
--- End quote ---
Thanks for the help man
--- Quote from: Seamus Wong on November 04, 2019, 05:24:43 pm ---I wouldn't. I've been taught to allocate the entire amount, regardless of how much of the original order was filled (assuming that the sales amount is greater than the deposit, which I assume it always will be)
--- End quote ---
Thanks for helping me out for the inventory part
idkwhatusername:
For Q3 d), would you recommend giving both the advantages AND the disadvantages of the strategy that you select? Or should we only outline the 'good' side to it?
Cheers! :)
Liousa:
How can I download the solutions to the sample exams
exoticspice:
is it ok to use dot points in the theory questions
Joseph41:
--- Quote from: Liousa on November 05, 2019, 09:18:44 pm ---How can I download the solutions to the sample exams
--- End quote ---
If you're logged into your ATAR Notes account, you should be able to see Jasheel's sample solutions posted as an attachment to the first post. :)
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version