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June 16, 2024, 05:26:56 pm
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Author Topic: VCE Accounting Question Thread!  (Read 383380 times)  Share 

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abcdqdxD

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Re: VCE Accounting Question Thread!
« Reply #900 on: November 10, 2013, 03:27:01 pm »
+1
In summary, this is what I think:

Taking out the term deposit : Investing outflow
Receiving the principal amount upon maturity: Operating inflow

Do you agree BoredSaint BoredSatan?
« Last Edit: November 10, 2013, 03:29:16 pm by abcdqdxD »
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Damoz.G

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Re: VCE Accounting Question Thread!
« Reply #901 on: November 10, 2013, 03:28:44 pm »
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Quote from: abcdqdxD on November 10, 2013, 03:27:01 pm
In summary, this is what I think:

Taking out the term deposit : Investing outflow
Receiving the principal amount upon maturity: Operating inflow

Yup, that's what I would do as well. :)
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BoredSatan

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Re: VCE Accounting Question Thread!
« Reply #902 on: November 10, 2013, 03:32:14 pm »
+1
Yeah so if the term deposit was greater than a year...

all the interest revenue received is operating inflows.

when you get the term deposit principle amount back, investing inflow
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abcdqdxD

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Re: VCE Accounting Question Thread!
« Reply #903 on: November 10, 2013, 03:34:45 pm »
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Quote from: BoredSatan on November 10, 2013, 03:32:14 pm
Yeah so if the term deposit was greater than a year...

all the interest revenue received is operating inflows.

when you get the term deposit principle amount back, investing inflow

Hmm.. I guess we have differing views about the last bit. Well I won't argue with Bored "the king of accounting" Satan :P
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BoredSatan

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Re: VCE Accounting Question Thread!
« Reply #904 on: November 10, 2013, 03:36:22 pm »
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Quote from: abcdqdxD on November 10, 2013, 03:34:45 pm
Hmm.. I guess we have differing views about the last bit. Well I won't argue with Bored "the king of accounting" Satan :P
pleaseeee :P

Well as I see it, when you get the principle back technically you are 'selling' a non-current asset
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Damoz.G

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Re: VCE Accounting Question Thread!
« Reply #905 on: November 10, 2013, 03:36:54 pm »
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Quote from: abcdqdxD on November 10, 2013, 03:34:45 pm
Hmm.. I guess we have differing views about the last bit. Well I won't argue with Bored "the king of accounting" Satan :P

LOL! Let's just hope that a Question on Term Deposits like that doesn't come up. If it does, you both can laugh at us all who are doing the Question in the Exam Room. :P
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Damoz.G

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Re: VCE Accounting Question Thread!
« Reply #906 on: November 10, 2013, 03:38:15 pm »
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Quote from: BoredSatan on November 10, 2013, 03:36:22 pm
pleaseeee :P

Well as I see it, when you get the principle back technically you are 'selling' a non-current asset

I originally that that opinion, and then abcdqdxD persuaded me otherwise, and now I've gone back to my original opinion. HAHA!....
Quote from: Caparva on November 10, 2013, 03:07:53 pm
Recording the receiving of Term Deposits in the CFS has become quite controversial. In my opinion and the Cambridge Textbook's opinion, its a Investing Cash Inflow.

Term Deposits are usually recorded under Non-Current Assets if the business is going to receive the Term Deposit sometime beyond 12 months. However, your example says its for 6 months, so it would go under Current Assets because the firm will receive it within the next 12 months, and is thus recorded as a Current Asset. :)
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abcdqdxD

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Re: VCE Accounting Question Thread!
« Reply #907 on: November 10, 2013, 03:38:53 pm »
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Quote from: BoredSatan on November 10, 2013, 03:36:22 pm
pleaseeee :P

Well as I see it, when you get the principle back technically you are 'selling' a non-current asset

Yeah I guess so. If it was last year, I probably would've recorded it under Investing inflow. The way I see accounting has changed a lot since doing UMEP :P

I would go with what BoredSatan has said.
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Damoz.G

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Re: VCE Accounting Question Thread!
« Reply #908 on: November 10, 2013, 03:41:16 pm »
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Quote from: abcdqdxD on November 10, 2013, 03:38:53 pm
Yeah I guess so. If it was last year, I probably would've recorded it under Investing inflow. The way I see accounting has changed a lot since doing UMEP :P

I would go with what BoredSatan has said.

Yeah exactly. That's why I can't wait to do proper Accounting at Uni! :P

BTW: Congrats on 1,000 Posts!
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Kuroyuki

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Re: VCE Accounting Question Thread!
« Reply #909 on: November 10, 2013, 03:42:26 pm »
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i would think that vcaa would mark both answers correct, cuz each of them can be argued.
But dont mess with AN accounting author. 
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abcdqdxD

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Re: VCE Accounting Question Thread!
« Reply #910 on: November 10, 2013, 03:45:33 pm »
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Quote from: Kuroyuki on November 10, 2013, 03:42:26 pm
i would think that vcaa would mark both answers correct, cuz each of them can be argued.
But dont mess with AN accounting author.

I don't think they will mark both answers correct. Again, go with what BoredSatan has said :P
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BoredSatan

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Re: VCE Accounting Question Thread!
« Reply #911 on: November 10, 2013, 03:45:40 pm »
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Quote from: Caparva on November 10, 2013, 03:36:54 pm
LOL! Let's just hope that a Question on Term Deposits like that doesn't come up. If it does, you both can laugh at us all who are doing the Question in the Exam Room. :P
I sure as will! :P
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Kuroyuki

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Re: VCE Accounting Question Thread!
« Reply #912 on: November 10, 2013, 03:46:31 pm »
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Quote from: abcdqdxD on November 10, 2013, 03:45:33 pm
I don't think they will mark both answers correct. Again, go with what BoredSatan has said :P
:/
BoredSatan it is.
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Lucho23

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Re: VCE Accounting Question Thread!
« Reply #913 on: November 10, 2013, 03:47:32 pm »
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If a stock write-down occurs and you have to show it in the stock card, would you have to put the written down stock at the top of the balance column? Does it matter?

Had 11 units at $860 each
Stock write down for 2 units (SWD value=$110)

What would the balance column look like now?
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BoredSatan

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Re: VCE Accounting Question Thread!
« Reply #914 on: November 10, 2013, 03:49:28 pm »
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Quote from: Lucho23 on November 10, 2013, 03:47:32 pm
If a stock write-down occurs and you have to show it in the stock card, would you have to put the written down stock at the top of the balance column? Does it matter?

Had 11 units at $860 each
Stock write down for 2 units (SWD value=$110)

What would the balance column look like now?
Hmm good question. I would put it at the top as one would assume you would want to get rid of that stock first hence the write down
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