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VCE Accounting Question Thread!
rubybynature:
--- Quote from: pahm on November 28, 2019, 08:21:38 pm ---Does anyone have experience with completing accounting 1&2 or 3&4 through virtual school victoria? Was the program well run? What is the general structure of doing a subject through distance? Sorry for all the questions!!
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I did units 1 and 2 through vsv and it's well run and well structured! The only thing is that you have to be motivated, and you have to stay motivated throughout the entire year. If you fall behind by one or two weeks, that can really set you back if you're not quick to catch up! Otherwise, if you're motivated and determined, it can be really good!
pahm:
--- Quote from: rubybynature on March 04, 2020, 07:35:53 pm ---I did units 1 and 2 through vsv and it's well run and well structured! The only thing is that you have to be motivated, and you have to stay motivated throughout the entire year. If you fall behind by one or two weeks, that can really set you back if you're not quick to catch up! Otherwise, if you're motivated and determined, it can be really good!
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ahhh rip I already dropped it :'(
Nothing against vsv tho or how they run the subject but I just didn't enjoy the content overall, and I thought the workload was a bit too much.
zazzlemay:
Hello, I have a query regarding Unit 1/2 statement of receipts and payments.
I've been given this question where I have to create a statement of R & P (that's all that's required). I've already recorded the payment for the supplies the owner bought during the period (worth $4000).
However the question also states as additional information that the owner has used up some supplies (worth $2000) during the period and believes that it should be recorded as an expense. I understand that this would be true in an income statement (please correct me if I'm wrong) but would that make any changes to my supplies listed as $4000 in the statement of R & P?
Thank you in advance for the help!
Manny.R:
--- Quote from: pahm on February 15, 2020, 09:47:38 pm ---Hi, I'm curious to know what level of accounting knowledge would people expect in first year BCom at Monash or Melbourne Uni? I'm asking because I have just recently dropped VCE accounting 3/4 but I know it's a compulsory subject for commerce at uni.
I know it's not a prereq but would someone who had done accounting 3/4 (or even 1/2) be in a much better position than someone who hadn't?
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Good question, I completed Accounting 3+4 in High School and then went on to complete a BCom at Monash. The first accounting unit you study is essentially the same as high school accounting. The university assumes you know nothing about accounting, and teaches it to you in that way. That being said, it is university, so the expectations on you speed of learning is greatly accelerated. You will be expected to learn 2 years worth of high school content in 1 semester, roughly 16 weeks or so. So to answer your question, someone who has completely VCE accounting, even just 1/2, and actually understands the concepts and fundamentals will find the first accounting subject in university a breeze. All subsequent accounting units in university are beyond the scope of VCE accounting, but build on its fundamentals.
Manny.R:
--- Quote from: zazzlemay on March 25, 2020, 10:24:03 am ---Hello, I have a query regarding Unit 1/2 statement of receipts and payments.
I've been given this question where I have to create a statement of R & P (that's all that's required). I've already recorded the payment for the supplies the owner bought during the period (worth $4000).
However the question also states as additional information that the owner has used up some supplies (worth $2000) during the period and believes that it should be recorded as an expense. I understand that this would be true in an income statement (please correct me if I'm wrong) but would that make any changes to my supplies listed as $4000 in the statement of R & P?
Thank you in advance for the help!
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Good Question.
The short answer is it would not make any changes to the supplies listed at $4000.
The longer answer is, Statement of receipts and payments simply shows the CASH that is flowing to the business (Received) and the CASH that is flowing away from the business (Paid). You are correct to say that the cash paid to a supplier is payment recorded in the Statement of R&P.
The using up of those supplies does not result in CASH flowing to or from the business, rather it results in SUPPLIES moving from the business because they are being used up. And you are again correct in saying it should be recorded as an expense in the income statement.
Whenever you have a Statement of Receipts and Payments question, just ask yourself this simple question. Did the transaction cause CASH to be received by the business OR to be paid by the business? If the answer is Yes, then it goes in the Statement of R&P, if the answer is No, then it doesn't.
Ultimately it just shows the bank balance of the business, ie. how much is in the bank account.
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