VCE Accounting Question Thread!

[awesomejames]

2012 scaling report says no scaling at 35 but scaling +1 if 40 or above

Do you think that would be Same or very similar for this year?

[abcdqd]

Do you think that would be Same or very similar for this year?

yeah its the same pretty much every year

[dreambig]

Thank you abcdqdxD

Conservatism states that losses must be recognised when probably and gains recorded only when certain. This is done to avoid overstating assets and owner's equity. This is linked to the Lower of cost/NRV rule.

It doesn't have anything to do with estimations to the best of my knowledge. But you could probably link 'no estimates' to Reliability - all transactions must be verifiable by source documents to ensure it is free from error and bias (and I guess free from estimations as a result).

Hope this helps

[abcdqdxD]

2012 scaling report says no scaling at 35 but scaling +1 if 40 or above

I thought scaling affects you the most at 30 and less as you move away from the mean? o.O

[abcdqd]

I thought scaling affects you the most at 30 and less as you move away from the mean? o.O

accounting and biology are weird, probably has something to do with the large number of year 11s doing those subjects

[sin0001]

Shouldn't scaling decrease as your SS increases, did you mean it scales up by 1 at 35 and there's no scaling at 40? 0.o

[abcdqd]

Shouldn't scaling decrease as your SS increases, did you mean it scales up by 1 at 35 and there's no scaling at 40? 0.o

no http://www.vtac.edu.au/pdf/scaling_report.pdf

[BoredSatan]

no http://www.vtac.edu.au/pdf/scaling_report.pdf

This could mean that it is harder to differentiate higher scores (40+) compared to lower scores (~30). This happens if a lot of people get around the same high mark.

[sin0001]

Can someone please explain why there needs to be a column for 'Stock Control' in Cash Payments Journals?

[availn]

Can someone please explain why there needs to be a column for 'Stock Control' in Cash Payments Journals?

If you buy stock with cash, then it would increase your stock control balance, so you use that column, as well as the bank and GST columns.

[morantz]

If you buy stock with cash, then it would increase your stock control balance, so you use that column, as well as the bank and GST columns.

Most importantly, the reason why one account has its own column in a particular journal is because there's regular activity involving that account in the reporting period. If one item only has a rare transaction here and there, then it would be unnecessary to have a separate column and would just be recorded under the Sundries column.

[dreambig]

In the balance sheet expenses decrease owners equity but how come its not deducted from Capital under owners equity?

[abcdqdxD]

Expenses decreases net profit which is then added to capital at start, minus drawings to give capital at end

So essentially the expense is accounted for by decreasing net profit or increasing net loss

[sin0001]

Why are the opening balances such as 'Bank', 'Stock Control', etc. recorded in the General Journal, why can't we just record them as 'Balance' under the accounts in the General Journal

[abcdqdxD]

Did you mean why can't we record them as "balance" under the accounts in the General Ledger?

In double entry accounting, financial data must be recorded in a journal before they are posted to ledger accounts