VCE Stuff > VCE Accounting
Random Accounting Revision Questions
elaine:
--- Quote from: costargh on June 09, 2008, 11:35:36 pm ---Huh. Me and elaine just did the insight 2007 exam.... i dont remember that question!!! what number
--- End quote ---
1.3.5- so it's not just the number that's wrong
sheepz:
hmm ok yeah i'll clarify that with my teacher... i really hope they don't ask things that can have like 2 answers like this >.<
costargh:
Its like if the owner withdrew stock in the middle of a period.
The period was Jan 1 - Jan 31
And on the 16th the owner withdrew stock....
They usually give you all this information prior to asking the 'Required' questions....
soo if they're asking what the affect will be if the owner didnt record this transaction... it wood have to be overstating assets and oe by the same amount... because its referring to that point in time. The recording of a stock loss is a separate transaction and thus shoodnt affect the abscence of recording drawings...
that shood clear it up
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