VCE Stuff > VCE Accounting
Last Year's Exam
sheepz:
haha thx for clearing that up! omg so many mistakes in the solutions of all the prac exams!! im afraid that i dun even pick up my own mistakes because the solution is wrong >.< btw does any one have the rewritten 2003 answer booklet and solutions? i only have the question booklet...
costargh:
I only for the question book too.
I think somethign was wrong with the files on the VCTA site or something
elaine:
--- Quote from: sheepz on June 07, 2008, 10:38:37 pm ---
--- 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!
--- End quote ---
ohhh whoops my bad, thanks :)
--- Quote from: costargh on June 07, 2008, 10:49:22 pm ---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
--- End quote ---
i don't get why the balance has to be recorded at the end of period date. i'm confused
oh yeah, i also don't have solutions or an answer book for the 2003 one.
ben4386:
hey guys got some answers for the theory if you want to discuss it, its theory that seperates people in the exam,
While recording transactions during January, Fiona noticed that Interest Revenue and Commission Revenue
were recorded in two separate General Ledger accounts. In the future Fiona has decided to combine these
two accounts and record both in an account called ‘Other revenue’.
Identify and explain the accounting principle breached by recording the two revenue items in one
account.
Consistency Principle
The Same accounting methods should be applied from one reporting period to the next. By combining the titles commission revenue and interest revenue into the title "other revenue" Fiona is changing the way she records and posts revenues, thereby changing her accounting methods.
Explain, using a Qualitative Characteristic to support your answer, why it is necessary to make
balance day adjustments.
Relevance: Reports should contain all information that is useful for decision making. By making balance day adjustments we are calculating and including revenues earned and expenses incurred in the current reporting period. This information ensures an accurate profit figure can be determined so it can assist the owner in decision making (for example it facilitates the use of financial indicators such as net profit ratio)
elaine:
--- Quote from: ben4386 on June 08, 2008, 04:20:16 pm ---hey guys got some answers for the theory if you want to discuss it, its theory that seperates people in the exam,
While recording transactions during January, Fiona noticed that Interest Revenue and Commission Revenue
were recorded in two separate General Ledger accounts. In the future Fiona has decided to combine these
two accounts and record both in an account called ‘Other revenue’.
Identify and explain the accounting principle breached by recording the two revenue items in one
account.
Consistency Principle
The Same accounting methods should be applied from one reporting period to the next. By combining the titles commission revenue and interest revenue into the title "other revenue" Fiona is changing the way she records and posts revenues, thereby changing her accounting methods.
Explain, using a Qualitative Characteristic to support your answer, why it is necessary to make
balance day adjustments.
Relevance: Reports should contain all information that is useful for decision making. By making balance day adjustments we are calculating and including revenues earned and expenses incurred in the current reporting period. This information ensures an accurate profit figure can be determined so it can assist the owner in decision making (for example it facilitates the use of financial indicators such as net profit ratio)
--- End quote ---
do we have enough lines to write that kind of answer for question 2?
in my experience, i've run out of lines for almost every single theory question lol. and i can't bring myself to answer in dot points, it's too unnatural (after several years of english training me to write in full sentences)
(btw brilliant answering)
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