VCE Stuff > VCE Accounting
Last Year's Exam
costargh:
Do you mean the 2007 sample questions?
Has anyone done 2008 Neap, Insight, TSSM and 2007 VCAA exam?
Ill share my results and you can share yours
Neap 2008 70.5/90 (Ran out of time and was ranked 3rd in class LMAO)
TSSM 2008 79.5/90 Did this way back....
Insight 2008 82.5/90 Ranked 2nd
VCAA 2007 aprox 84/90
Need to consistently be hitting the 80+ range over the next few days. =( If not then WESTGATE here I come
elaine. Im going to do those sample questions now so once I finish it we can compare answers and see if we're heading down the right path
elaine:
--- Quote from: costargh on June 06, 2008, 07:30:58 pm ---
elaine. Im going to do those sample questions now so once I finish it we can compare answers and see if we're heading down the right path
--- End quote ---
oh sweet
--- Quote from: costargh on June 06, 2008, 07:30:58 pm ---Do you mean the 2007 sample questions?
Has anyone done 2008 Neap, Insight, TSSM and 2007 VCAA exam?
Ill share my results and you can share yours
Neap 2008 70.5/90 (Ran out of time and was ranked 3rd in class LMAO)
TSSM 2008 79.5/90 Did this way back....
Insight 2008 82.5/90 Ranked 2nd
VCAA 2007 aprox 84/90
--- End quote ---
i've only done the neap and VCAA ones, i don't have the other ones but instead of those, we got CSE and Compak.
I can't really remember my marks, but they were about 87ish at best, 75ish at worst lol.
costargh:
I want 87 =( lol
Heres my answers
1.1.1
Sales Journal
Jan 8 City S.C Inv 1 COS- 1350 Sales- 2150, GST 215, Total debtors 2365
Purchases Jornal
Jan 6 Acme Dist. Inv 76, Stock- 12000, GST- 1200, Total Creditors 13200
1.1.2
Stock Control
Jan 1 Balance 20000 Jan 31 Sales/GST Clearing 2365
Jan 31 Creditors Control/ GST Clearing 13200 Feb 1 Balance 30835
33200 33200
GST Clearing
Jan 31 Creditors Control 1200 Jan 31 Debtors Control 215
Feb 1 Balance 985
1200 1200
1.1.3
(just give the end balance)
Qty 25 Cost 50 Total 1250
1.1.4- My answer is most probz wrong.
1.2 Consistancy?
lol... combining the revenues does nto allow for consistant recording in the general ledger... cant be compared
1.3.1
Prepaid Advertising
Feb 1 Bank 9000 June 30 Advertising expense 1500
June 30 Balance 7500
9000 9000
1.3.2 Cash Flow Statement
Prepaid Adv. Operating Outflow 9000
GST paid Operating outflow 900
P+L Statement
Adv expense expense 1500
1.4.1
June 20 A1 Sports Supplies chq 7 Bank 1463 Disc rev 77 Creditors 1540
June 25 Office stationary chq 8 Bank 1100 GST 100 Sundies 1000
General Journal
June 30 Office stationary expense DR 750
Prepaid office stationary CR 750
Stocktake revealed 250 worth of office stationary on hand memo 17
June 30 Bad debt DR 300
Debtors control CR 300
Debtor- J Hart (Subsid) CR 300
Debt written off as irrecoverable Memo 18
1.4.2
Relevance
Rev earned and exp incurred in reporting period must be used in calc of profit because they belong in the that reporting period. By including accrued expenses and prepaid expenses we can ensure all relevant information is included when we make reports (p+L)
elaine:
--- Quote from: costargh on June 06, 2008, 08:37:01 pm ---
1.1.2
Stock Control
Jan 1 Balance 20000 Jan 31 Sales/GST Clearing 2365
Jan 31 Creditors Control/ GST Clearing 13200 Feb 1 Balance 30835
--- End quote ---
ahhh crap i put debtors control as my debit cross reference . lol i FAIL
i think your credit entry is supposed to be Cost of Sales
1.1.4 This was a toughie. I still don't know how to answer it properly. I just stated what stock control accounts and stock cards do and then said that it elimates unnecessary detail in the ledger. But I still don't know what to put for how they both help manage stock. hmm.
--- Quote from: costargh on June 06, 2008, 08:37:01 pm ---
1.2 Consistancy?
lol... combining the revenues does nto allow for consistant recording in the general ledger... cant be compared
--- End quote ---
lol well i fail again, i put a characteristic. i would've put consistency too if i'd read the question properly lol
--- Quote from: costargh on June 06, 2008, 08:37:01 pm ---
Prepaid Advertising
Feb 1 Bank 9000 June 30 Advertising expense 1500
June 30 Balance 7500
9000 9000
--- End quote ---
I put advertising expense as $7500, as there have been 5 months advertising consumed since Feb? i don't like reporting periods
other than that, i got basically the same.
thanks costargh :)
costargh:
1.1.2
Yeh cross reference should be Cost of Sales. Ive done that in a few prac exams now... Pretty stupid. how can GST be a cross reference for Stock Control DUH. lol
Im gonna draw up some templates and memorise them so I can easily identify if I have used a wrong cross reference.
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.
I did the rewritten for current study design 2006 VCAA exam... I made a few errors..
I have a question.
If you have a NCA which is being depreciated (eg. Equipment) and then you purchase more Equipment, how do you go about depreciating them if they are now combined as one item...
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