VCE Stuff > VCE Accounting
Accounting Unit 3 & 4 Notes (2007-2010 Study Design)
Fyrefly:
Hmm... it appears I write much fuller answers than you Prav. Just flicking through the first few pages of your unit 3 notes.
"Explain why the balance sheet is titled ‘as at’ a particular date.
Because balance sheets are only ever accurate at the time they were produced, they will
only tell the financial position AT a particular date."
I would've gone a step further and fully ensured myself two marks, as in:
"Because balance sheets are only ever accurate at the time they were produced, they will only tell the financial position AT a particular date, as opposed to the 'for' used in the Cash Flow and P+L Statements, which describe financial changes over the given period, rather than at a static moment."
I like your notes; I hand-wrote mine. Mine were excellent use for for me, but other people may have trouble deciphering what I'm going on about due to my lack of more 'lowly' explanations - as in, stuff I already understood and didn't bother writing anything about.
costargh:
Nah I didnt bother with acronyms. I just rememver that characteristics have 3 ility's lol
and theres 7 principles and they just flow. lol
karina:
oh i always get mixed up relevance and reliability, usually just take a stab
costargh:
Do you mean you get mixed up with which one to use in a certain scenario?
Fyrefly:
reliability = don't estimate/guess numbers and don't record anything you don't have a source document for (as this figure is unverifiable).
relevance = useful for decision-making => if there's a source doc, you should record it; basically, anything that will lead to better decision should be recorded, and anything superfluous to that information should not (like, recording values for individual lines of stock in the balance sheet is not necessary, because the control account figure is sufficient for such decision-making - if the owner wants more info, he can just look at the stock cards).
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