Login | Register

Welcome, Guest. Please login or register.

July 07, 2020, 03:57:14 am

Author Topic: VCAA Accounting Sample Exam Solutions 2019  (Read 6766 times)  Share 

0 Members and 1 Guest are viewing this topic.

Seamus Wong

  • Forum Obsessive
  • ***
  • Posts: 200
  • Respect: +54
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #15 on: November 04, 2019, 02:57:24 pm »
0
I know to avoid decimals on the exam and if I see I probably made a mistake, but don't you just round off the numbers and not leave it as a decimal

Yes, round them
2018-2019
[Business Management] [Methods]
[Accounting] [Algorithmics] [Economics] [English Language]

ATAR: 97.65


2020-2023
Monash Uni - Bachelor of Commerce (Finance) / Bachelor of CompSci (Data Science)

jasheel

  • Adventurer
  • *
  • Posts: 13
  • Respect: +6
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #16 on: November 04, 2019, 03:20:13 pm »
+1
For question 5, why do we only allocate the earning of a portion of the unearned sales revenue? I don't think I ever learnt this at school or in textbook, apologies.

Yeah its a judgment call. I haven't seen a question like this. I decided to allocate a portion of the unearned sales revenue. My reasoning is from the perspective of Northwest, when they gave only 2/3rds of the ordered desks, they still have a present obligation to provide the 50 desks. So because of that I only allocated 2/3rds of the deposit.
ATAR: 99.70
2018 - 2023: Law (Honours) @ Monash.

jnlfs2010

  • Forum Regular
  • **
  • Posts: 65
  • Class of 2020- Melbourne High School
  • Respect: +7
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #17 on: November 04, 2019, 03:46:26 pm »
0
Yeah its a judgment call. I haven't seen a question like this. I decided to allocate a portion of the unearned sales revenue. My reasoning is from the perspective of Northwest, when they gave only 2/3rds of the ordered desks, they still have a present obligation to provide the 50 desks. So because of that I only allocated 2/3rds of the deposit.

Should we expect this on the exam? thanks
VCE:
2019: Accounting [45]
2020: English, Economics, Specialist Mathematics, Mathematical Methods, Chemistry

Seamus Wong

  • Forum Obsessive
  • ***
  • Posts: 200
  • Respect: +54
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #18 on: November 04, 2019, 05:24:43 pm »
0
Should we expect this on the exam? thanks

I wouldn't. I've been taught to allocate the entire amount, regardless of how much of the original order was filled (assuming that the sales amount is greater than the deposit, which I assume it always will be)

2018-2019
[Business Management] [Methods]
[Accounting] [Algorithmics] [Economics] [English Language]

ATAR: 97.65


2020-2023
Monash Uni - Bachelor of Commerce (Finance) / Bachelor of CompSci (Data Science)

jasheel

  • Adventurer
  • *
  • Posts: 13
  • Respect: +6
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #19 on: November 04, 2019, 05:54:55 pm »
+1
Should we expect this on the exam? thanks

There's not much guidance from VCAA on what they're expecting, because they don't provide official solutions to the sample exam.

However, I did have a quick look through the AASB standards (on which the course is based on) regarding Revenues from Contracts with Customers. The AASB is the Australian Government agency which issues the accounting standards that accountants have to follow!

https://www.aasb.gov.au/admin/file/content105/c9/AASB15_12-14_FP_COMPdec16_01-18.pdf

Page 9 Paragraph 21(b) seems to suggest that when part of a transaction is fulfilled, and the remaining goods are not different, the transaction has only been partially satisfied. Therefore, any adjustments to revenue are made on a cumulative catch-up basis.

I think its suggesting that when only parts of a contract is fulfilled, the adjustments to the revenue are made gradually until it is fully satisfied. I'd recommend taking a close look through the document if you want some more guidance. Again its very unclear what VCAA is looking for.
« Last Edit: November 04, 2019, 05:56:58 pm by jasheel »
ATAR: 99.70
2018 - 2023: Law (Honours) @ Monash.

jnlfs2010

  • Forum Regular
  • **
  • Posts: 65
  • Class of 2020- Melbourne High School
  • Respect: +7
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #20 on: November 04, 2019, 09:40:45 pm »
+1
There's not much guidance from VCAA on what they're expecting, because they don't provide official solutions to the sample exam.

However, I did have a quick look through the AASB standards (on which the course is based on) regarding Revenues from Contracts with Customers. The AASB is the Australian Government agency which issues the accounting standards that accountants have to follow!

https://www.aasb.gov.au/admin/file/content105/c9/AASB15_12-14_FP_COMPdec16_01-18.pdf

Page 9 Paragraph 21(b) seems to suggest that when part of a transaction is fulfilled, and the remaining goods are not different, the transaction has only been partially satisfied. Therefore, any adjustments to revenue are made on a cumulative catch-up basis.

I think its suggesting that when only parts of a contract is fulfilled, the adjustments to the revenue are made gradually until it is fully satisfied. I'd recommend taking a close look through the document if you want some more guidance. Again its very unclear what VCAA is looking for.

Thanks for the help man

I wouldn't. I've been taught to allocate the entire amount, regardless of how much of the original order was filled (assuming that the sales amount is greater than the deposit, which I assume it always will be)



Thanks for helping me out for the inventory part
« Last Edit: November 04, 2019, 09:52:47 pm by jnlfs2010 »
VCE:
2019: Accounting [45]
2020: English, Economics, Specialist Mathematics, Mathematical Methods, Chemistry

idkwhatusername

  • Fresh Poster
  • *
  • Posts: 3
  • Respect: 0
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #21 on: November 05, 2019, 06:38:14 pm »
0
For Q3 d), would you recommend giving both the advantages AND the disadvantages of the strategy that you select? Or should we only outline the 'good' side to it?
Cheers!  :)

Liousa

  • Victorian
  • Fresh Poster
  • *
  • Posts: 1
  • Respect: 0
  • School: Roxburgh College
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #22 on: November 05, 2019, 09:18:44 pm »
0
How can I download the solutions to the sample exams

exoticspice

  • Adventurer
  • *
  • Posts: 7
  • Respect: 0
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #23 on: November 06, 2019, 02:13:03 pm »
0
is it ok to use dot points in the theory questions

Joseph41

  • Administrator
  • Great Wonder of ATAR Notes
  • *****
  • Posts: 10211
  • Oxford comma, Garamond, Avett Brothers enthusiast.
  • Respect: +6885
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #24 on: November 06, 2019, 02:18:19 pm »
0
How can I download the solutions to the sample exams

If you're logged into your ATAR Notes account, you should be able to see Jasheel's sample solutions posted as an attachment to the first post. :)

jnlfs2010

  • Forum Regular
  • **
  • Posts: 65
  • Class of 2020- Melbourne High School
  • Respect: +7
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #25 on: November 06, 2019, 05:32:49 pm »
0
is it ok to use dot points in the theory questions

Definitely not. Always full sentences to convey your point and answer the question clearly and concisely.
VCE:
2019: Accounting [45]
2020: English, Economics, Specialist Mathematics, Mathematical Methods, Chemistry

miyashiro

  • Adventurer
  • *
  • Posts: 10
  • Respect: 0
Re: VCAA Accounting Sample Exam Solutions 2019
« Reply #26 on: November 06, 2019, 06:35:47 pm »
0
is it ok to use dot points in the theory questions

You really shouldn't be. However, if you're running out of time, it is better than nothing and marks may be awarded.
I think Jasheel only did so in the sample answers to highlight the points that you should cover.
2019: Accounting [41] | Economics [39]
2020: Literature | Methods | Specialist | Chemistry