VCE Accounting Question Thread!

[anna.xo]

sorry I meant it more along the lines of that you already know the main concepts its probably just small things that are stopping you from getting 90%

That's okay, I'm sorry for jumping down your throat when you were only trying to be helpful. I'm just stressed [like most of us no doubt] and sensitive, so ignore the theatrics
Anyway good luck to you for tomorrow

[Jason12]

could a bank statement be given to us and if so, how to record one?

[abcdqdxD]

just write B/S under receipt/cheque no.


P.S. go to sleep guyz

[kk.08]

could a bank statement be given to us and if so, how to record one?

Yeah so I just checked and according to the study design we need to know how to interpret a bank statement, I'm guessing you could use it to see whether there have been overdrafts and to be able to record it in the balance sheet and what not.

[Rachelle]

Another depreciation question-how is this one worked out?

Thanks!

[mc1234]

Hey Guys, when looking at discussion questions, is it more of a discussion of positives/negatives, or is it just a more general discussion of the topic.

E.g. The motor vehicle is 3 years old, and the owner has estimated its value at $15200, rather than $22000 its listed at in the Balance Sheet. Discuss how the motor vehicle should be valued, citing at least two qulitative characteristics in your answer.

Would I just talk about how the $15200 is the agreed value and therefore the most relevant, despite not being as reliable as the $22000? Or would I have to discuss positives/negatives?

Cheers!

[aaziz17]

Hey Guys, when looking at discussion questions, is it more of a discussion of positives/negatives, or is it just a more general discussion of the topic.

E.g. The motor vehicle is 3 years old, and the owner has estimated its value at $15200, rather than $22000 its listed at in the Balance Sheet. Discuss how the motor vehicle should be valued, citing at least two qulitative characteristics in your answer.

Would I just talk about how the $15200 is the agreed value and therefore the most relevant, despite not being as reliable as the $22000? Or would I have to discuss positives/negatives?

Cheers!

I cant answer your question i have trouble with those questions as well. But i do know when talking about agreed value QC you should be referring to is relevance and not reliability

[Zealous]

Hey Guys, when looking at discussion questions, is it more of a discussion of positives/negatives, or is it just a more general discussion of the topic.

E.g. The motor vehicle is 3 years old, and the owner has estimated its value at $15200, rather than $22000 its listed at in the Balance Sheet. Discuss how the motor vehicle should be valued, citing at least two qulitative characteristics in your answer.

Would I just talk about how the $15200 is the agreed value and therefore the most relevant, despite not being as reliable as the $22000? Or would I have to discuss positives/negatives?

Cheers!

There's no harm talking a little bit about both sides. So discuss both ways that it could be recorded and describe why one method is better than the other. Discussions are often quite open which can also make them difficult.

This is your classic reliability vs relevance question. Using the reliability characteristic, the $22000 should be used as it is verifiable by source documents and is free from bias - it is not based on estimations. This will provide the most accurate figure in reports and also supports the historical cost principle. However, the $15200 is more relevant and will provide a better picture of the business position at the point where reports are made. Ultimately, using the $15200 will allow the owner to make better decisions as the information is more relevant and up to date, so the vehicle should be valued at $15200.

[mc1234]

There's no harm talking a little bit about both sides. So discuss both ways that it could be recorded and describe why one method is better than the other. Discussions are often quite open which can also make them difficult.

This is your classic reliability vs relevance question. Using the reliability characteristic, the $22000 should be used as it is verifiable by source documents and is free from bias - it is not based on estimations. This will provide the most accurate figure in reports and also supports the historical cost principle. However, the $15200 is more relevant and will provide a better picture of the business position at the point where reports are made. Ultimately, using the $15200 will allow the owner to make better decisions as the information is more relevant and up to date, so the vehicle should be valued at $15200.

Great answer, cheers!

[Escobar]

any tips on an excel sac for general journal?
last year the class average was 40% and no one finished
so time might be an issue

[abcdqdxD]

any tips on an excel sac for general journal?
last year the class average was 40% and no one finished
so time might be an issue

read the questions carefully, type fast and check your answers if you have time

[abcdqdxD]

Hey guys, just a friendly reminder:

If you have any questions, please make use of this thread

[nick_9_8]

I have a trial balance with "Insurance" listed.

Do I include it in the income statement ? Is it an expense or an asset?

[Kel9901]

I have a trial balance with "Insurance" listed.

Do I include it in the income statement ? Is it an expense or an asset?

expense.

prepaid insurance is an asset, insurance is an expense

[MayMacQueen]

Luke has stated that he would reduce his profit as much as possible as he doesn't want to pay too much tax this year. In order to do so he has stated that he will record the whole amount of Prepaid Rent Expense as an expense in the reporting period.
Discuss, ref to AP (OTHER THAN reporting period), why this is inappropriate.

I could only think of going concern that could fit, but can't come to the conclusion as to why. Any one got any suggestions?