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Author Topic: Accounting: Discussion, Questions & Potential Solutions  (Read 20672 times)

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Joseph41

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Accounting: Discussion, Questions & Potential Solutions
« on: October 09, 2018, 03:29:22 pm »
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This thread is for all exam-related discussion. Was it easy? Was it hard? What did you get for each question? Feel free to post any and all of your thoughts below.

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« Last Edit: October 23, 2018, 03:05:23 pm by Joseph41 »

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yebavin

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #1 on: November 09, 2018, 05:27:05 pm »
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It was a pretty accessible exam, probably easier than last year's.

Maddyv11

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #2 on: November 09, 2018, 05:35:30 pm »
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That was a weird exam I’m not sure how I feel about it yet...

What did people get for the sales return 3 marker at the start?
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DoctorTwo

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #3 on: November 09, 2018, 05:39:25 pm »
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That was a weird exam I’m not sure how I feel about it yet...

What did people get for the sales return 3 marker at the start?

Yeah I think I found it more difficult than previous years, my cash flow statement was definitely wrong 😬😬

I’m not sure if it’s what they were looking for but I wrote negative revenue then defined revenue and explained how it’s the opposite.

Also 1a was a purchase return right?

forbiddensoulxx

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #4 on: November 09, 2018, 05:45:14 pm »
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I did the sales returns question as an expense too, because we haven’t explicitly learnt about negative revenues, or at least I haven’t.

That was a pretty long exam overall, some of the theory allocation was surprising, like the why selling price isn’t used in stock cards. I spent too long on the cash flow statement, and as a result didn’t get time to recheck anything.
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DoctorTwo

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #5 on: November 09, 2018, 05:52:48 pm »
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I think I did the same thing and got 77320 which confused me a bit because it’s so high 🤷‍♂️

Also for the bad debt, did we have to record the other part in the cash receipts journal? I was thinking about it but I didn’t because it didn’t say they actually paid it, just that the debtors amount decreased but I’m probably wrong.

That was a pretty long exam overall, some of the theory allocation was surprising, like the why selling price isn’t used in stock cards. I spent too long on the cash flow statement, and as a result didn’t get time to recheck anything.

I agree, if I didn’t stop and move on from the CFS I definitely would have run out of time. My net increase was something like 29000, and I know it’s wrong but did anyone else get something similar? 😭

Hm same I spent a bit too long on the cash flow statement than I had liked too.

Did any one pick up on the new equipment purchased? There was an increase in $10 000 over the year. I the shop fittings weren’t sold were they?

Yeah I had the equipment too and it says the shop fittings weren’t replaced. Really not sure what I did wrong.

crackleking

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #6 on: November 09, 2018, 05:58:16 pm »
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Where does it say in the textbook that a sales return is a negative revenue?

Maddyv11

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #7 on: November 09, 2018, 06:00:47 pm »
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I think I did the same thing and got 77320 which confused me a bit because it’s so high 🤷‍♂️


Also for the bad debt, did we have to record the other part in the cash receipts journal? I was thinking about it but I didn’t because it didn’t say they actually paid it, just that the debtors amount decreased but I’m probably wrong.

I agree, if I didn’t stop and move on from the CFS I definitely would have run out of time. My net increase was something like 29000, and I know it’s wrong but did anyone else get something similar? 😭

Yeah I had the equipment too and it says the shop fittings weren’t replaced. Really not sure what I did wrong.


I got the exact same figure for drawings so hopefully it’s correct 😂😂

Nah I didn’t record the payment for the bad debt
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DoctorTwo

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #8 on: November 09, 2018, 06:20:09 pm »
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Where does it say in the textbook that a sales return is a negative revenue?
Not sure if we have the same textbook but mine always says the type of account next to the title for ledgers.

Jim_Bob

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #9 on: November 09, 2018, 06:27:39 pm »
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Where does it say in the textbook that a sales return is a negative revenue?

Sales Returns is always classified as a negative revenue. This is seen through the item being subtracted from revenues. If it was an expense, it would be subtracted from Other Expenses or COGS

zenith101

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #10 on: November 09, 2018, 06:31:18 pm »
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thoughts on A+ cutoff for this year? Personally I feel that the cash flow statement and that last variance question makes this the second hardest exam in the study design (after 2014 of course).

DoctorTwo

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #11 on: November 09, 2018, 06:34:48 pm »
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Does anyone remember what the opening balance in the prepaid advertising account was? Also, were we supposed to record the depreciation expense for September in the general journal with the disposal entries?

thoughts on A+ cutoff for this year? Personally I feel that the cash flow statement and that last variance question makes this the second hardest exam in the study design (after 2014 of course).
I’d guess somewhere on the lower end of 80s like 81-83 just because we didn’t have to do the disposal ledgers but there were some questions like the 4 mark debt ratio, the relationship between cc and schedule, and that sales returns one which might get some people.

jamesmctank

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #12 on: November 09, 2018, 06:41:52 pm »
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what did you guys do for the relationship between the creditors control leder and the schedule, all i said was that the schedule records the balances of creditors invididually and can be cross checked with the creditors control leder.

Acynatic

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #13 on: November 09, 2018, 06:46:29 pm »
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I feel like that was a relatively easy exam overall. 4 mark planning/control was annoying, honestly not sure about what you were meant to say for that other than setting targets and expenditure limits, identifying trends and preventing a net loss.

Interesting that there were no qualitative characteristics on the whole exam, and I was surprised that there was only 1 proper 6-marker.

Does anyone remember what the opening balance in the prepaid advertising account was? Also, were we supposed to record the depreciation expense for September in the general journal with the disposal entries?
I’d guess somewhere on the lower end of 80s like 81-83 just because we didn’t have to do the disposal ledgers but there were some questions like the 4 mark debt ratio, the relationship between cc and schedule, and that sales returns one which might get some people.

Opening balance was $3800. I'm 90% sure we didn't have to include depreciation since 1. there were only 6 marks allocated to the question, and 2. it said to record general journal entries for the sale of the asset and purchase of the new one. You could technically say the depreciation is included in the sale of the asset but I highly doubt that we had to include that. VCAA generally don't do trick questions like that without explicitly stating it, and they already assigned 1 mark to that earlier, they wouldn't give us 1/2 more marks just for knowing "depreciation/acc. depn".

Sales returns was another wierd question, since it specifically stated it wanted an accounting element and the study design says "the elements of financial reports: assets, liabilities, owner’s equity, revenue and expenses", I don't think "negative revenue" would be valid since it's not really an accounting element, more of a variation on one. And even though it's not included with expenses in the Income Statement, it still meets the definition of an expense (decrease in asset, outflow of economic benefits (or you could say reduction in inflows)).
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Jim_Bob

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Re: Accounting: Discussion, Questions & Potential Solutions
« Reply #14 on: November 09, 2018, 06:48:14 pm »
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Does anyone remember what the opening balance in the prepaid advertising account was? Also, were we supposed to record the depreciation expense for September in the general journal with the disposal entries?
I’d guess somewhere on the lower end of 80s like 81-83 just because we didn’t have to do the disposal ledgers but there were some questions like the 4 mark debt ratio, the relationship between cc and schedule, and that sales returns one which might get some people.



Yeh i included it cos it wasnt a general journal entry to calculate the dep. expense only a little table. IF you did/didnt include it i dont think theyll care, just moreso you show that acc. dep has increased