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September 29, 2020, 12:29:42 am

Author Topic: VCE Accounting Question Thread!  (Read 207262 times)  Share 

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morlin01

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Re: VCE Accounting Question Thread!
« Reply #1755 on: January 20, 2020, 07:52:30 am »
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Hi,

Can someone distinguish between Accrued Wages and Wages Owing, providing which report that they will be required to be reported in!

Thankyou
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Seamus Wong

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Re: VCE Accounting Question Thread!
« Reply #1756 on: January 20, 2020, 07:07:31 pm »
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Hi,

Can someone distinguish between Accrued Wages and Wages Owing, providing which report that they will be required to be reported in!

Thankyou

Pretty sure they are the same. Both represent an obligation of a firm to transfer an economic resource (cash) to an outside entity (employees) at some future date. It is therefore classified as a current Liability on the Balance sheet.
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morlin01

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Re: VCE Accounting Question Thread!
« Reply #1757 on: January 20, 2020, 08:11:47 pm »
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Hi !

A business uses FIFO to manage its inventory of clocks, and their current balance is:
2 Clocks with a cost price of 45 each-------was purchased first by the business
12 Clocks with a cost price of 50 each

On the 7th of Jan, a customer purchases 4 clocks, and in order to fulfil the rules of FIFO, the customer receives the 2 Clocks worth the $45 each and 2 clocks worth $50 each

Two days later, the customer makes a sales return of one of the clocks (but the info doesn't specify which clock was returned)
SO my question is, is there a specific rule that determines which clock is recorded as the sales return in the inventory card?

Thankyou!
2019 : Business Management [46]

2020: English, Further Mathematics, Accounting, Italian, Religion and Society

idrk

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Re: VCE Accounting Question Thread!
« Reply #1758 on: January 21, 2020, 06:15:54 pm »
+1
Hi !

A business uses FIFO to manage its inventory of clocks, and their current balance is:
2 Clocks with a cost price of 45 each-------was purchased first by the business
12 Clocks with a cost price of 50 each

On the 7th of Jan, a customer purchases 4 clocks, and in order to fulfil the rules of FIFO, the customer receives the 2 Clocks worth the $45 each and 2 clocks worth $50 each

Two days later, the customer makes a sales return of one of the clocks (but the info doesn't specify which clock was returned)
SO my question is, is there a specific rule that determines which clock is recorded as the sales return in the inventory card?

Thankyou!

The Rule is Last out, first in or LOFI, where the last inventory to go out according to FIFO is the first inventory to be returned
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morlin01

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Re: VCE Accounting Question Thread!
« Reply #1759 on: February 09, 2020, 04:34:09 pm »
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HELLO,

Could anyone please explain to me the difference between how both the period and accrual basis assumption are concerned with recognising revenue and expenses for a particular period of time? Hope this isn't a dumb question :(

THANKYOU
2019 : Business Management [46]

2020: English, Further Mathematics, Accounting, Italian, Religion and Society

pahm

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Re: VCE Accounting Question Thread!
« Reply #1760 on: February 15, 2020, 09:47:38 pm »
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Hi, I'm curious to know what level of accounting knowledge would people expect in first year BCom at Monash or Melbourne Uni? I'm asking because I have just recently dropped VCE accounting 3/4 but I know it's a compulsory subject for commerce at uni.

I know it's not a prereq but would someone who had done accounting 3/4 (or even 1/2) be in a much better position than someone who hadn't?
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pahm

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Re: VCE Accounting Question Thread!
« Reply #1761 on: February 18, 2020, 02:27:57 pm »
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Hi, I'm curious to know what level of accounting knowledge would people expect in first year BCom at Monash or Melbourne Uni? I'm asking because I have just recently dropped VCE accounting 3/4 but I know it's a compulsory subject for commerce at uni.

I know it's not a prereq but would someone who had done accounting 3/4 (or even 1/2) be in a much better position than someone who hadn't?
Bump!
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pahm

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Re: VCE Accounting Question Thread!
« Reply #1762 on: February 22, 2020, 08:23:51 pm »
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Hi, I'm curious to know what level of accounting knowledge would people expect in first year BCom at Monash or Melbourne Uni? I'm asking because I have just recently dropped VCE accounting 3/4 but I know it's a compulsory subject for commerce at uni.

I know it's not a prereq but would someone who had done accounting 3/4 (or even 1/2) be in a much better position than someone who hadn't?
Bump!
Also, are there overlaps in content between vce and uni accounting, or anything that doesn't apply? Thank you!
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harley1

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Re: VCE Accounting Question Thread!
« Reply #1763 on: February 28, 2020, 05:33:37 pm »
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 If anyone of you has any problem related to debt and loan he or she may take debt advice for help.

rubybynature

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Re: VCE Accounting Question Thread!
« Reply #1764 on: March 04, 2020, 07:35:53 pm »
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Does anyone have experience with completing accounting 1&2 or 3&4 through virtual school victoria? Was the program well run? What is the general structure of doing a subject through distance? Sorry for all the questions!!

I did units 1 and 2 through vsv and it's well run and well structured! The only thing is that you have to be motivated, and you have to stay motivated throughout the entire year. If you fall behind by one or two weeks, that can really set you back if you're not quick to catch up! Otherwise, if you're motivated and determined, it can be really good!
Rubes :)

pahm

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Re: VCE Accounting Question Thread!
« Reply #1765 on: March 08, 2020, 06:24:29 pm »
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I did units 1 and 2 through vsv and it's well run and well structured! The only thing is that you have to be motivated, and you have to stay motivated throughout the entire year. If you fall behind by one or two weeks, that can really set you back if you're not quick to catch up! Otherwise, if you're motivated and determined, it can be really good!

ahhh rip I already dropped it :'(
Nothing against vsv tho or how they run the subject but I just didn't enjoy the content overall, and I thought the workload was a bit too much.
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zazzlemay

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Re: VCE Accounting Question Thread!
« Reply #1766 on: March 25, 2020, 10:24:03 am »
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Hello, I have a query regarding Unit 1/2 statement of receipts and payments.
I've been given this question where I have to create a statement of R & P (that's all that's required). I've already recorded the payment for the supplies the owner bought during the period (worth $4000).

However the question also states as additional information that the owner has used up some supplies (worth $2000) during the period and believes that it should be recorded as an expense. I understand that this would be true in an income statement (please correct me if I'm wrong) but would that make any changes to my supplies listed as $4000 in the statement of R & P?

Thank you in advance for the help!

Manny.R

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Re: VCE Accounting Question Thread!
« Reply #1767 on: April 25, 2020, 03:22:25 pm »
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Hi, I'm curious to know what level of accounting knowledge would people expect in first year BCom at Monash or Melbourne Uni? I'm asking because I have just recently dropped VCE accounting 3/4 but I know it's a compulsory subject for commerce at uni.

I know it's not a prereq but would someone who had done accounting 3/4 (or even 1/2) be in a much better position than someone who hadn't?

Good question, I completed Accounting 3+4 in High School and then went on to complete a BCom at Monash. The first accounting unit you study is essentially the same as high school accounting. The university assumes you know nothing about accounting, and teaches it to you in that way. That being said, it is university, so the expectations on you speed of learning is greatly accelerated. You will be expected to learn 2 years worth of high school content in 1 semester, roughly 16 weeks or so. So to answer your question, someone who has completely VCE accounting, even just 1/2, and actually understands the concepts and fundamentals will find the first accounting subject in university a breeze. All subsequent accounting units in university are beyond the scope of VCE accounting, but build on its fundamentals.

Manny.R

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Re: VCE Accounting Question Thread!
« Reply #1768 on: April 25, 2020, 03:36:55 pm »
+1
Hello, I have a query regarding Unit 1/2 statement of receipts and payments.
I've been given this question where I have to create a statement of R & P (that's all that's required). I've already recorded the payment for the supplies the owner bought during the period (worth $4000).

However the question also states as additional information that the owner has used up some supplies (worth $2000) during the period and believes that it should be recorded as an expense. I understand that this would be true in an income statement (please correct me if I'm wrong) but would that make any changes to my supplies listed as $4000 in the statement of R & P?

Thank you in advance for the help!

Good Question.

The short answer is it would not make any changes to the supplies listed at $4000.

The longer answer is, Statement of receipts and payments simply shows the CASH that is flowing to the business (Received) and the CASH that is flowing away from the business (Paid). You are correct to say that the cash paid to a supplier is payment recorded in the Statement of R&P.
The using up of those supplies does not result in CASH flowing to or from the business, rather it results in SUPPLIES moving from the business because they are being used up. And you are again correct in saying it should be recorded as an expense in the income statement.
Whenever you have a Statement of Receipts and Payments question, just ask yourself this simple question. Did the transaction cause CASH to be received by the business OR to be paid by the business? If the answer is Yes, then it goes in the Statement of R&P, if the answer is No, then it doesn't.
Ultimately it just shows the bank balance of the business, ie. how much is in the bank account.
« Last Edit: April 25, 2020, 03:38:30 pm by Manny.R »

pahm

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Re: VCE Accounting Question Thread!
« Reply #1769 on: April 27, 2020, 04:57:58 pm »
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Good question, I completed Accounting 3+4 in High School and then went on to complete a BCom at Monash. The first accounting unit you study is essentially the same as high school accounting. The university assumes you know nothing about accounting, and teaches it to you in that way. That being said, it is university, so the expectations on you speed of learning is greatly accelerated. You will be expected to learn 2 years worth of high school content in 1 semester, roughly 16 weeks or so. So to answer your question, someone who has completely VCE accounting, even just 1/2, and actually understands the concepts and fundamentals will find the first accounting subject in university a breeze. All subsequent accounting units in university are beyond the scope of VCE accounting, but build on its fundamentals.

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! :)
❝ Everything is possible for one who believes ❞
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