VCE Accounting Question Thread!

[Hodgeyhodgey]

When trading in a non-current asset but purchasing the new asset with cash, how is the trade-in value recorded in the general journal?
It says in the Cambridge book that a debit is made to the new asset's account (rather than the sundry account) but I don't get why this is done. Why would a debit entry be made to the asset's account?

Could someone please outline a typical example of this, I can't find one anywhere..

[abzzzz]

will complete later, must leave right now
[/quote]

Can you please teach me how to transfer the profit/loss

[Anon123]

When trading in a non-current asset but purchasing the new asset with cash, how is the trade-in value recorded in the general journal?
It says in the Cambridge book that a debit is made to the new asset's account (rather than the sundry account) but I don't get why this is done. Why would a debit entry be made to the asset's account?

Could someone please outline a typical example of this, I can't find one anywhere..

? Go to page 295, its perfectly clear with their example.

[nacho]

for insight 2010, how did you guys figure out the cost of  the billiard table? For 1.1.7 i got 225 per stock table, whereas insight got 700

[kamb0z]

for insight 2010, how did you guys figure out the cost of  the billiard table? For 1.1.7 i got 225 per stock table, whereas insight got 700

Prepaid Sales Revenue was 2800. Mark up is 100%, so cost is half of sales price. 2800/2 = 1400. 1400/2 tables = 700.

[Anon123]

what study score am i looking at?

A+ exam 1
really bad on SACs, like 75% [which ranks me pretty damn low for the MHS cohort]

What would another A+ on exam 2 get me? Guranteed 40+?
What about high A, 40 a possibility?

Thanks in advance :/

[mugcake]

Has anyone done CSE 2010 Q1.1.1?
Why is Capital included in the General Journal?
Since it was paid by cheque, why is it in the GJ?

[Hodgeyhodgey]

Has anyone done CSE 2010 Q1.1.1?
Why is Capital included in the General Journal?
Since it was paid by cheque, why is it in the GJ?

If you look carefully at the cheque butt, the account is 'Kathy Song' which indicates the owner is paying from her personal bank account, hence the reference to capital in the GJ.


Also my own question (probably a silly one), are disposals of assets recorded on the date of the disposal or on balance day? Thanks!

[RossiJ]

Has anyone done CSE 2010 Q1.1.1?
Why is Capital included in the General Journal?
Since it was paid by cheque, why is it in the GJ?

If you look carefully at the cheque butt, the account is 'Kathy Song' which indicates the owner is paying from her personal bank account, hence the reference to capital in the GJ.


Also my own question (probably a silly one), are disposals of assets recorded on the date of the disposal or on balance day? Thanks!

not silly, interesting
I'm quite sure date of disposal

[LuiAlefia28]

Hi can someone give me like an A+ answer to the difference between profit and profitability please?

Also when referring to profitiability do we need to incorporate the Profit ability ratio in the answer? Giving the question is theory based.

[Saur11]

Hypothetical question, if they asked, given that the business prepares budgets on monthly basis, how else could the business improve its budgeting process?

[RossiJ]

Hi can someone give me like an A+ answer to the difference between profit and profitability please?

Also when referring to profitiability do we need to incorporate the Profit ability ratio in the answer? Giving the question is theory based.

Profit is revenue less expenses determined through accrual accounting for a reporting period whereas profitability is the ability of a firm to turn/generate a profit through the use of its resources by measuring profit with a base figure. Profitability indicators may include ROI, ROA, GPR, ATO, NPR ect

[Anon123]

Hi can someone give me like an A+ answer to the difference between profit and profitability please?

Also when referring to profitiability do we need to incorporate the Profit ability ratio in the answer? Giving the question is theory based.

Profit is revenue earned less expenses incurred, and is expressed as a dollar figure. On the other hand, profitability is the ability of a firm to generate profit as compared to a base such as Assets or Sales.

[Hodgeyhodgey]

Has anyone done CSE 2010 Q1.1.1?
Why is Capital included in the General Journal?
Since it was paid by cheque, why is it in the GJ?

If you look carefully at the cheque butt, the account is 'Kathy Song' which indicates the owner is paying from her personal bank account, hence the reference to capital in the GJ.


Also my own question (probably a silly one), are disposals of assets recorded on the date of the disposal or on balance day? Thanks!

not silly, interesting
I'm quite sure date of disposal

The reason why I ask is that I did a practice exam and the solutions had it at balance day, I understand that it's recorded in the general ledger so it would make sense to be on balance day, but I'd still appreciate anyone else's feedback if possible

[hawks08]

Hi guys, I was hoping you could help me out with a couple of questions if anyone knows the answers
How is depreciation recorded in financial statements?
How are the income statement, the balance sheet and the statement of changes in equity related
Thanks!!!!