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VCE Accounting Question Thread!
pahm:
--- Quote from: Manny.R on April 25, 2020, 03:22:25 pm ---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.
--- End quote ---
ah ok, thank you so much for your reply! So people who have done accounting will have an advantage, but the course is designed for those with zero background knowledge?
Sorry for all my questions but do you know roughly what proportion of people in BCom at uni have done vce accounting? Is it a significant number? thank you! :)
hq317:
Hi,
If there is a decrease in cost of goods sold, there would obviously be an increase in the GPM, but would this affect the NPM in any way (as I've read that only expenses can affect the NPM).
Any help would be appreciated thanks.
Manny.R:
--- Quote from: pahm on April 27, 2020, 04:57:58 pm ---ah ok, thank you so much for your reply! So people who have done accounting will have an advantage, but the course is designed for those with zero background knowledge?
Sorry for all my questions but do you know roughly what proportion of people in BCom at uni have done vce accounting? Is it a significant number? thank you! :)
--- End quote ---
Yes, that would be correct. They teach that unit as though you have no knowledge of accounting.
With respect to your second question, I do not know the answer to that. There are so many people that study BCom at Monash it is impossible to tell.
Manny.R:
--- Quote from: hq317 on April 28, 2020, 12:16:54 pm ---Hi,
If there is a decrease in cost of goods sold, there would obviously be an increase in the GPM, but would this affect the NPM in any way (as I've read that only expenses can affect the NPM).
Any help would be appreciated thanks.
--- End quote ---
It would indeed affect NPM. What's interesting is that you are partly correct in saying 'only expenses can affect the NPM', although obviously revenues affect it too. But your statement "only expenses can affect the NPM" is correct as it includes COGS, because COGS is an expenses. And therefore a variation in COGS will affect NP and NPM.
If you are talking about Net Profit Margin, then start with the formula for calculating it:
NPM = Net Profit/Revenue
This formula can be further broken down into:
NPM = (Revenue - COGS - Expenses)/Revenue
The first thing you should notice is the COGS is a part of the formula, and therefore any increase or decrease in COGS will affect NPM.
What you need to remember is that anything that increases or decreases Gross Profit will increase or decrease Net Profit. Because GP is contained within the calculation of Net profit. There are multiple ways to look at NP below and all are correct.
NP = Revenue - Expenses (which include COGS)
NP = Revenue - COGS - Expenses
NP = GP (which is Rev - COGS) - expenses
pahm:
--- Quote from: Manny.R on April 29, 2020, 01:58:20 pm ---Yes, that would be correct. They teach that unit as though you have no knowledge of accounting.
With respect to your second question, I do not know the answer to that. There are so many people that study BCom at Monash it is impossible to tell.
--- End quote ---
thank you so much for your help! :)
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