for q 1.1.1 - Relevance or Reliability?

[Bowler09]

it was one of those questions where it could be both I think.
Personally i put reliability though.

ANYONE ELSE SEE HOW THE CASH RECEIPTS JOURNAL DIDNT TOTAL??!!

To work it out, you subtract the discount expense from debtors and add everything else EXCEPT Cost of Sales. So it was (9600-750)+3000+300+5200 = 17350

I hope that clears everything up for you

[geoftw]

99.95% sure that it's Reliability.

The purpose of the Schedule is the fact that it acts as a double-checking mechanism.

That is the sole reason you prepare it. You already have a total in the Control account, so it's not like it makes it "easier because there is only one total to report etc. etc.". The total is already there, so the REAL reason for a Schedule is to check your figures.

that's a relief!

[lefty]

it was one of those questions where it could be both I think.
Personally i put reliability though.

ANYONE ELSE SEE HOW THE CASH RECEIPTS JOURNAL DIDNT TOTAL??!!

sorry to say it total

17350+750 does not equal 9600+2000+3000+300+5200

which is what they gave us

why are you adding cos 2000 into your bank

[BoredSatan]

it was one of those questions where it could be both I think.
Personally i put reliability though.

ANYONE ELSE SEE HOW THE CASH RECEIPTS JOURNAL DIDNT TOTAL??!!

sorry to say it total

17350+750 does not equal 9600+2000+3000+300+5200

which is what they gave us

why are you adding cos 2000 into your bank

my bad

[Tren]

Its reliability my teacher does the solutions for the VCE exams and said that reliability is the answer as she has written the exams and its pretty obvious that it would be reliability if you went over other exams they would have probably said the same thing

[Desline]

it was one of those questions where it could be both I think.
Personally i put reliability though.

ANYONE ELSE SEE HOW THE CASH RECEIPTS JOURNAL DIDNT TOTAL??!!

sorry to say it total

17350+750 does not equal 9600+2000+3000+300+5200

which is what they gave us

Bok Bok, Cost of Sales is a stock flow =P

Yea, I said Reliability for cross checking too. It's a built in checking mechanism as the balance of the Debtors Control account should equal to the total of the sum of the balances of the subsidiary ledgers.

it was one of those questions where it could be both I think.
Personally i put reliability though.

ANYONE ELSE SEE HOW THE CASH RECEIPTS JOURNAL DIDNT TOTAL??!!

sorry to say it total

17350+750 does not equal 9600+2000+3000+300+5200

which is what they gave us

You do realise you have to subtract discount expense? God I hope you didn't add it to debtors on the cash flow statement hahah

He did Bank + Discount expense.

[BoredSatan]

it was one of those questions where it could be both I think.
Personally i put reliability though.

ANYONE ELSE SEE HOW THE CASH RECEIPTS JOURNAL DIDNT TOTAL??!!

sorry to say it total

17350+750 does not equal 9600+2000+3000+300+5200

which is what they gave us

Bok Bok, Cost of Sales is a stock flow =P

Yea, I said Reliability for cross checking too. It's a built in checking mechanism as the balance of the Debtors Control account should equal to the total of the sum of the balances of the subsidiary ledgers.

it was one of those questions where it could be both I think.
Personally i put reliability though.

ANYONE ELSE SEE HOW THE CASH RECEIPTS JOURNAL DIDNT TOTAL??!!

sorry to say it total

17350+750 does not equal 9600+2000+3000+300+5200

which is what they gave us

You do realise you have to subtract discount expense? God I hope you didn't add it to debtors on the cash flow statement hahah

He did Bank + Discount expense.

WHO ARE YOU TROLL?

[Desline]

it was one of those questions where it could be both I think.
Personally i put reliability though.

ANYONE ELSE SEE HOW THE CASH RECEIPTS JOURNAL DIDNT TOTAL??!!

sorry to say it total

17350+750 does not equal 9600+2000+3000+300+5200

which is what they gave us

Bok Bok, Cost of Sales is a stock flow =P

Yea, I said Reliability for cross checking too. It's a built in checking mechanism as the balance of the Debtors Control account should equal to the total of the sum of the balances of the subsidiary ledgers.

it was one of those questions where it could be both I think.
Personally i put reliability though.

ANYONE ELSE SEE HOW THE CASH RECEIPTS JOURNAL DIDNT TOTAL??!!

sorry to say it total

17350+750 does not equal 9600+2000+3000+300+5200

which is what they gave us

You do realise you have to subtract discount expense? God I hope you didn't add it to debtors on the cash flow statement hahah

He did Bank + Discount expense.

WHO ARE YOU TROLL?

U MAD?
Nah, I'm not troll *shifty eyes*
GUESS :DDDD

[paulseb]

You can make a case for relevance, reliability or understandability. I said understandailbity. If you really think about it the debtors schedule breaks down the list of debtors into a clear a more easy to comprehend format, which allows easier use for non accountants. However I'm still bewildered as to why the vcaa would put a question with 3 possible answers which can all be easily justified

[Desline]

I don't really think Understandability is a valid answer, as it's more Relevance why we only report 1 balance for Debtors. The "best answer" thing yea?

[Furbob]

yeah the best answer was Reliability

however if you wrote Relevance + mentioned reporting 1 figure for Debtors etc, you would only lose 1 mark according to my teacher who was discussing about it with his examiner-friend

[xXjAmEZXx]

damn, i was tossing up between relevance, comparability and understandability... and put comparability

[Desline]

damn, i was tossing up between relevance, comparability and understandability... and put comparability

Okay, Comparability is a definite wrong answer, and Understandability is better explained with Relevance.

[Hellhole]

Relevance can pretty much be used in any context, so I'd have to say Reliability is a better fit.