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May 16, 2022, 04:11:38 pm

Author Topic: VCE Accounting Question Thread!  (Read 310475 times)  Share 

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hq317

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Re: VCE Accounting Question Thread!
« Reply #1770 on: April 28, 2020, 12:16:54 pm »
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Hi,
If there is a decrease in cost of goods sold, there would obviously be an increase in the GPM, but would this affect the NPM in any way (as I've read that only expenses can affect the NPM).
Any help would be appreciated thanks.

Manny.R

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Re: VCE Accounting Question Thread!
« Reply #1771 on: April 29, 2020, 01:58:20 pm »
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ah ok, thank you so much for your reply! So people who have done accounting will have an advantage, but the course is designed for those with zero background knowledge?

Sorry for all my questions but do you know roughly what proportion of people in BCom at uni have done vce accounting? Is it a significant number? thank you! :)

Yes, that would be correct. They teach that unit as though you have no knowledge of accounting.
With respect to your second question, I do not know the answer to that. There are so many people that study BCom at Monash it is impossible to tell.

Manny.R

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Re: VCE Accounting Question Thread!
« Reply #1772 on: April 29, 2020, 02:16:33 pm »
+3
Hi,
If there is a decrease in cost of goods sold, there would obviously be an increase in the GPM, but would this affect the NPM in any way (as I've read that only expenses can affect the NPM).
Any help would be appreciated thanks.

It would indeed affect NPM. What's interesting is that you are partly correct in saying 'only expenses can affect the NPM', although obviously revenues affect it too. But your statement "only expenses can affect the NPM" is correct as it includes COGS, because COGS is an expenses. And therefore a variation in COGS will affect NP and NPM.

If you are talking about Net Profit Margin, then start with the formula for calculating it:
NPM = Net Profit/Revenue

This formula can be further broken down into:
NPM = (Revenue - COGS - Expenses)/Revenue

The first thing you should notice is the COGS is a part of the formula, and therefore any increase or decrease in COGS will affect NPM.

What you need to remember is that anything that increases or decreases Gross Profit will increase or decrease Net Profit. Because GP is contained within the calculation of Net profit. There are multiple ways to look at NP below and all are correct.
NP = Revenue - Expenses (which include COGS)
NP = Revenue - COGS - Expenses
NP = GP (which is Rev - COGS) - expenses

pahm

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Re: VCE Accounting Question Thread!
« Reply #1773 on: May 03, 2020, 04:38:20 pm »
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Yes, that would be correct. They teach that unit as though you have no knowledge of accounting.
With respect to your second question, I do not know the answer to that. There are so many people that study BCom at Monash it is impossible to tell.

thank you so much for your help! :)
❝ Everything is possible for one who believes ❞
Mark 9:23
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Economics [45] Legal [47] English Methods Specialist

Manny.R

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Re: VCE Accounting Question Thread!
« Reply #1774 on: May 04, 2020, 12:56:18 am »
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thank you so much for your help! :)

You're welcome.

yikesagain

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Re: VCE Accounting Question Thread!
« Reply #1775 on: May 13, 2020, 09:52:13 am »
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Hi,

I was looking at a question from the 2019 exam for cashflow.
I don't understand how they get to the accounts payable figure of (222 015).

My thinking is the cost of sales at 210,000 + inventory on hand of 25,000. Less the 5% discount?

Thanks,

morlin01

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Re: VCE Accounting Question Thread!
« Reply #1776 on: October 01, 2020, 11:42:46 am »
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HOW IS A DEPOSIT MADE BY A CUSTOMER REPORTED IN CASH FLOW STATEMENT -- LIKE WHAT HEADING DO I USE -- DO I USE UNEARNED SALES REVENUE OR DEPOSIT?
2019 : Business Management [46]

2020: English [43] Further Mathematics [41] Accounting [41] Italian [39]  Religion and Society [48]
ATAR: 98.45

C.J.Tielen

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Re: VCE Accounting Question Thread!
« Reply #1777 on: November 16, 2020, 09:09:14 pm »
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HOW IS A DEPOSIT MADE BY A CUSTOMER REPORTED IN CASH FLOW STATEMENT -- LIKE WHAT HEADING DO I USE -- DO I USE UNEARNED SALES REVENUE OR DEPOSIT?


Hey man,
Under Operating activities, as Unearned Sales revenue. Trust.

You'll be fine, chill brother

valjaybj

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Re: VCE Accounting Question Thread!
« Reply #1778 on: November 17, 2020, 12:18:50 pm »
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hi, what's the best way to use reading time in the exam? would you recommend skipping straight to all the theory questions (esp the 4-6 mark ones) and formulate some ideas, then quickly jot down your ideas as soon as writing time starts or is that a waste of time???

PizzaMaster

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Re: VCE Accounting Question Thread!
« Reply #1779 on: December 17, 2021, 06:37:05 pm »
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Hi!
In a balance sheet, there is a section called "Bank:  ". I was wondering if you have to add the loan in it too?
For example in one of the questions it says:
Someone has Cash $70000, office assets $11000, vehicle $35000. They also borrowed $30000 cash from
ANZ Bank and $5000 cash from AMP Finance.
Is the cash value $70 000
OR
is it $70 000 +$30 000 + $5000
= $105 000
?

PizzaMaster

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Re: VCE Accounting Question Thread!
« Reply #1780 on: January 09, 2022, 02:34:08 pm »
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Hi
I was just wondering whether wages was part of owner's equity or not?

Commercekid2050

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Re: VCE Accounting Question Thread!
« Reply #1781 on: January 11, 2022, 09:14:49 pm »
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Hi
I was just wondering whether wages was part of owner's equity or not?

Hi Pizzamaster,

You can consider wage as a part of owner equity as wage are an expense which impact business Net Profit. Net Profit would  improve owner equity or lower (Net Loss). Thus wage can be consider a part of owner equity.

Hope it helps
2021 VCE- English, Math Method, Further Math,Accounting and Economics

2022-2026 Bachelors in Business (Taxation) and Accounting in Monash

Commercekid2050

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Re: VCE Accounting Question Thread!
« Reply #1782 on: January 11, 2022, 09:22:08 pm »
+1
Hi!
In a balance sheet, there is a section called "Bank:  ". I was wondering if you have to add the loan in it too?
For example in one of the questions it says:
Someone has Cash $70000, office assets $11000, vehicle $35000. They also borrowed $30000 cash from
ANZ Bank and $5000 cash from AMP Finance.
Is the cash value $70 000
OR
is it $70 000 +$30 000 + $5000
= $105 000
?

Hi Pizzamaster (Again)

While preparing balance sheet you would have to add money you get loan in bank. This is as you need to equal Asset=Liability+Owner Equity. Both the loan would be part of liability section in balance sheet. so to equal the equation you would need to increase bank value.

Hope this helps
2021 VCE- English, Math Method, Further Math,Accounting and Economics

2022-2026 Bachelors in Business (Taxation) and Accounting in Monash

PizzaMaster

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Re: VCE Accounting Question Thread!
« Reply #1783 on: January 27, 2022, 12:18:37 am »
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Oh I understand now
In other questions it doesn't specify how much loan is taken but we just have to assume that the loan is included in the 'bank' section?

destinyschild

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Re: VCE Accounting Question Thread!
« Reply #1784 on: February 05, 2022, 05:33:59 pm »
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Could someone give me a hand with this question? How would the mark allocation work? (It's not a VCAA question tho)

I am also not sure how to begin answering this. A sample response/ key points would be greatly appreciated. Thanks!