VCE Stuff > VCE Accounting
Random Accounting Revision Questions
elaine:
--- Quote from: Jamison on June 09, 2008, 03:51:41 pm ---
--- Quote from: gta007 on June 09, 2008, 03:16:11 pm ---And anyone who has the Accounting Checkpoints 2008 book, could you please kindly tell me the third word of Question 7 on page 61. Cheers
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Dear me, these adjusted trial balances can get quite tricky! :)
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lol wink wink nudge nudge
you guys are dodgy haha
sheepz:
this is from the insight 2007 prac exam...
'state the effect on the balance sheet at 7 May of not recording the drawing of stock from the business'
there was a stock take on 7 May itself...
wouldn't this have no effect on the balance sheet overall since the amount withdrew would have been recognised as a stock loss and thus reduce owner's equity and assets (stock control) anyway? i remember seeing that as the answer in year 11 to a similar ques but this time round the answer says that assets and OE would be overstated... which is right?
elaine:
--- Quote from: sheepz on June 09, 2008, 11:18:28 pm ---this is from the insight 2007 prac exam...
'state the effect on the balance sheet at 7 May of not recording the drawing of stock from the business'
there was a stock take on 7 May itself...
wouldn't this have no effect on the balance sheet overall since the amount withdrew would have been recognised as a stock loss and thus reduce owner's equity and assets (stock control) anyway? i remember seeing that as the answer in year 11 to a similar ques but this time round the answer says that assets and OE would be overstated... which is right?
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ohhh yeah, that was in our SAC!
oh crap i did the whole overstated thing, i totally forgot about the fact that the stock loss would recognise the loss of stock anyway. good pick up :)
hmm dilemma dilemma
costargh:
Huh. Me and elaine just did the insight 2007 exam.... i dont remember that question!!! what number
costargh:
Ok you just made it a generic question...
Ok well I can see where your coming from... but I would still say overstated 390 for assets and oe... because it says...
'state the effect on the balance sheet at 7 May of not recording the drawing of stock from the business'
so if we didnt record that transaction... straight away after what wood be the effect... doing that transaction and then doing a physical stock take cant happen at the same time... thats why it says... the effect of NOT recording the drawings of stock... that effect is overstating assets and OE... and then later on on the day the stock loss reduces assets and oe back to where they should be... i hope that makes sense.
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