Accounting Principles Definitions?

[One Step at a Time]

Hi everyone 

Would you recommend using the definitions for Accounting Principles from the study design or from the Cambridge Textbook? Or would it be better to mix the two together since sometimes the study design covers a bit that the textbook doesn't, and vice versa.

I greatly appreciate all of your responses 

[The Usual Student]

Hi everyone 

Would you recommend using the definitions for Accounting Principles from the study design or from the Cambridge Textbook? Or would it be better to mix the two together since sometimes the study design covers a bit that the textbook doesn't, and vice versa.

I greatly appreciate all of your responses 

Where are the accounting principles defined in the study design? Sorry I just never knew they had them, but I would use a combination of both, They most likely kept the study design in mind when writing up the definition in the textbook though.

[One Step at a Time]

Hi The Usual Student 

The definitions are found at the following link on Page 13!
http://www.vcaa.vic.edu.au/Documents/vce/account/AccountingSD-2013.pdf

[The Usual Student]

Hi The Usual Student 

The definitions are found at the following link on Page 13!
http://www.vcaa.vic.edu.au/Documents/vce/account/AccountingSD-2013.pdf

ahhh thanks,
I would use the defintions form the study design and the textbook. So understand the common elements between both then integrate any additional details from both and you should get a very detailed definition by the end of it.

[One Step at a Time]

All thanks goes to you, great advice 

[nt2387]

I used the Cambridge textbook definitions.

Both are fine. 

[One Step at a Time]

Thank you nt2387!  Just found that the Cambridge textbook would cover some bits of the definition that the study design didn't, and vice versa.

Is it required to know the definitions of qualitative characteristics? 

[The Usual Student]

Thank you nt2387!  Just found that the Cambridge textbook would cover some bits of the definition that the study design didn't, and vice versa.

Is it required to know the definitions of qualitative characteristics? 

Yes, just as important as the definition of the principles. Keep in mind some of the key words such as "Relevance: Useful for decision making" "Reliability:Verifiable or free from bias" ect ect ,

[nt2387]

Thank you nt2387!  Just found that the Cambridge textbook would cover some bits of the definition that the study design didn't, and vice versa.

Is it required to know the definitions of qualitative characteristics? 

Yes you should know the basic definitions of all qualitative characteristics. They come up a lot and you should know all of them really well as well as scenarios in which they apply.

You should also know all the accounting principles well and be able to apply them. You'll probably find here that some principles are used more than others. Reporting period and Conservatism are more likely to be assessed than something like monetary, for example.

[chasej]

You also need to compare/contrast/relate the principles and characteristics with each other.

[MAGICIAN]

I reckon you used the Cambridge Accounting Principles Definitions. The teachers who make your test will rely more on the textbook than the study guide. Good Luck!

[Cranium002]

You don't have to have the definitions memorise but you will have to have a definition that covers the important points.

Example:
Liability: A present obligation of an entity (as a result of past events) the settlement of which is expected to result in an outflow of economic benefits.

Can be written as: A present obligation of the entity (as a result of past events) is expected to result in an outflow of economic benefits.

[Cranium002]

You don't have to have the definitions memorise but you will have to have a definition that covers the important points.

Example:
Liability: A present obligation of an entity (as a result of past events) the settlement of which is expected to result in an outflow of economic benefits.

Can be written as: A present obligation of the entity (as a result of past events) is expected to result in an outflow of economic benefits.

[NAT0003]

Hi everyone 

Would you recommend using the definitions for Accounting Principles from the study design or from the Cambridge Textbook? Or would it be better to mix the two together since sometimes the study design covers a bit that the textbook doesn't, and vice versa.

I greatly appreciate all of your responses 

I reckon it would be better to use the cambridge textbook as it will have more accurate responses and you will do most of the work from the textbook