VCE Stuff > VCE Accounting
Last Year's Exam
costargh:
Thats the thing thats pissed me off with preparation for the mid year. There has been SO MANY mistakes in prac exams, exam busters etc that it makes it soo hard to stay focused and use your time properly. Like it ruins your train of thought and you dont feel as confident in urself beause the book says ur wrong even though ur right!
elaine:
my goodness, i can't tell you the amount of times i've had to ask my teacher whether it's me that's wrong or the book.
it's just frustrating that they can't even get their act together lol.
costargh:
i know. seriously. if theres a mistake in this years VCAA exam (or what I see to be a mistake) im just gonna skip the question and go on.... and at the end come back 2 it cause if we worry 2 much about a mistake we will run outta time tto finish... (we mite actually be wrong and there is no error in the exam and we wasted all our time!!!)
sheepz:
--- Quote from: costargh on June 07, 2008, 03:09:50 pm ---1.3.1 ( Prepaid Adverstigng)
Your right. I actuaally worked out that 5 months had been consuemd but i got the figures mixed up. Balance should be 1500 and Advertising expense should be 7500.
--- End quote ---
lol sorry guys to bring this up after so long but i just did the sample paper... shouldn't it be the other way round? (which means costa's first answer was right?) because they said that the advertising will START on june so the advertising expense consumed is just 1 month? that said, i put $7500 as my advertising expense the first time round >.< did so many careless mistakes!
--- Quote from: costargh on June 06, 2008, 08:37:01 pm ---
1.3.1
Prepaid Advertising
Feb 1 Bank 9000 June 30 Advertising expense 1500
June 30 Balance 7500
9000 9000
--- End quote ---
shouldn't the entry for bank be June 30 as the dates should all be the start/end of the reporting period?
costargh:
Hey sheepz. Yeh ur right! (and my original answer was right LOL)
Um im unsure... I thought you would put the Bank at the time they paid for the current asset...
EDIT
Sheepz is right. Should read as such
Prepaid Advertising
June 30 Bank 9000 June 30 Advertising expense 1500
June 30 Balance 7500
9000 9000
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version