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VCAA Accounting Sample Exam Solutions 2019
Seamus Wong:
--- Quote from: spursy on November 02, 2019, 02:54:32 pm ---I think question 5 is wrong cos the question doesn't specify how many desks they were depositing the $825 for so i think we just assume its 100 desks
--- End quote ---
I think you would assume that they are placing a deposit of $825 for the amount that they are ordering - 150 desks.
jnlfs2010:
--- Quote from: jasheel on November 01, 2019, 10:39:19 am ---Hi all!
I'm the subject manager for the accounting team at TuteSmart. I made some 2019 Sample Exam solutions for the class, which I thought I would also upload here (since VCAA doesn't provide solutions).
For the theory questions, I used dot points to identify the key points some of the key points I think VCAA is looking for. .
For the practical aspect of the exam, I've identified some of the trickier parts. I also believe there's a typo in the exam in Q11 which I've identified.
Obviously, without the VCAA exams its hard to be sure that you're 100% correct, but I have have checked the solutions for errors a few times.
If you have any questions feel free to message me!
Hope this helps. All the best for the exam!
Edit: Adjusted Q3 to show that there should be GST and the figure should be $1320.
--- End quote ---
wait for question 1 why is the delivery a product cost? There are two different lines of bracelets? So shouldn't it be a period cost
Seamus Wong:
--- Quote from: jnlfs2010 on November 03, 2019, 04:22:43 pm ---wait for question 1 why is the delivery a product cost? There are two different lines of bracelets? So shouldn't it be a period cost
--- End quote ---
both the bracelets are the same price as each other. The only difference is the color. So it is reasonable to assume that the delivery cost can be logically allocated to each one of the bracelets - thus rendering it a product cost
jnlfs2010:
--- Quote from: Seamus Wong on November 03, 2019, 04:48:10 pm ---both the bracelets are the same price as each other. The only difference is the color. So it is reasonable to assume that the delivery cost can be logically allocated to each one of the bracelets - thus rendering it a product cost
--- End quote ---
on the real exam we should assume these things then.
Also the only difference is COLOUR therefore they arent the same line?
Seamus Wong:
--- Quote from: jnlfs2010 on November 03, 2019, 04:52:57 pm ---on the real exam we should assume these things then.
Also the only difference is COLOUR therefore they arent the same line?
--- End quote ---
You just gotta think logically. even if they aren't the 'same line' of inventor, they are the same cost, weigh the same, are purchased and delivered together. So u just intuitively reason that the delivery per unit is the same for both lines
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