VCE Accounting Question Thread!

[Oxmacro]

For budgeting, do we have to include dates when reconstructing ledger accounts such as debtors control, because from past sac papers, none of them include dates?

Thanks in advance

Hey!
For reconstructing ledgers, the strict Accounting rules do not apply; i.e you will not lose any marks for dates/cross references. You always can add them in if you want, but that may be just wasting your time!

[Guideme]

IDK why i am still doing practise exams from Neap after all the errors that i have found with the solutions.
However just to confirm in case i am wrong. If Disposals of EEquipment or any other non-current assets occur on the start of the month. Lets say May1. Do we record it as May 1 or May 31.

I am pretty sure it is 31 but the solutions say 1 HMMM :/

Thank you in advance

[peter.g15]

IDK why i am still doing practise exams from Neap after all the errors that i have found with the solutions.
However just to confirm in case i am wrong. If Disposals of EEquipment or any other non-current assets occur on the start of the month. Lets say May1. Do we record it as May 1 or May 31.

I am pretty sure it is 31 but the solutions say 1 HMMM :/

Thank you in advance

I believe that the general journal entries are made on the date of the disposal, but the posting to the general ledgers are made at the end of the month as usual.

[Snow_]

Just wondering,
When using the Lower of Cost and Net Realisable Value rule, and Net realisable value has fallen below cost price, the new cost will be net realisable value less Direct selling expenses. Does Delivery to customers (paid by the business) and installation costs count as direct selling expenses? What are other typical examples of direct selling expenses?

Thanks!

[kayalsingh]

Can I use pencil for the accounting exam???

[Oxmacro]

Can I use pencil for the accounting exam???

Hey!
Yeah, of course. I'm pretty sure they'd want all your practical work in pencil, and it's easier to correct mistakes anyway. However, you do have to use pen for theory answers because pencil's usually harder to read and you don't want your examiner to have a hard time reading your paper.
Good luck on Friday!

[Guideme]

are we allowed to use mechanical pencils? AKA pacers.

[peter.g15]

Just wondering,
When using the Lower of Cost and Net Realisable Value rule, and Net realisable value has fallen below cost price, the new cost will be net realisable value less Direct selling expenses. Does Delivery to customers (paid by the business) and installation costs count as direct selling expenses? What are other typical examples of direct selling expenses?

Thanks!

Delivery to customers is included, but I'm not sure about installation (it probably is, but show us the question first). Other typical selling expenses are those that involve giving the customer a free item when purchasing the stock. e.g. buy this chair for $50 and we'll give you a free cushion (worth $10)

[kayalsingh]

Can I use a CAS calculator in the accounting exam

[snowisawesome]

I tried really hard in year 11 accounting this year but only had an average of about 60%. I was wondering if there are any good study strategies to achieve 90%+ on sacs in year 12 to get a 40+ study score? Any advice would be appreciated, sort of stressing over it.

[tchaikno6]

For my school, where accounting is especially competitive, I found it really useful to go through past vcaa exams and look for theory questions. Rote learn the responses to these questions as theory does not change very much from school to school or between exams. I studied at least two weeks before all my accounting sacs. If you're using cambridge, be wary of some of the theory as they can either be dodgy or bad. But generally it is okay. in terms of doing the prac, just make sure you understanding why your doing all the entries you do and have a system whenever you do recording and reporting. When you get towards performance evaluation, where open and insightful discussion is a must, make sure your original and justified in your responses. As long as a you can provide evidence for any of the reasons you give, you can always get full marks on those tough questions. Hope i've helped a bit. Also flash cards for theory can really help.

[snowisawesome]

Does anyone know where i can get worked solutions for the unit 3/4 accounting workbook?

[exit]

Does anyone know where i can get worked solutions for the unit 3/4 accounting workbook?

which textbook?

[snowisawesome]

cambridge

[snowisawesome]

Does anyone have any unit 3 aos 1 practise sacs on atar notes? Or know where I can find any practise sacs? My school hasn't uploaded any yet.