February 23, 2020, 03:20:55 pm

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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!

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 »
0
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

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#### 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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