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Best of VCE help - June 09

Best of June 2009

Last month had lot of interesting articles and we have many more coming in July. This page provides the last month’s snippet in case you have missed it.

Accounting Reports- Is a report which illustrates the position of the business in terms of the accounting equation (A=L+OE) at a static point in time. It provides information regarding the ’stability’ of the business. The classified version has the following characteristics…

Balance day adjustments are alterations to the businesses records that are performed on the last day of the reporting period (i.e. balance day). These are performed to correctly adjust the revenue and expense accounts to match revenues earned against expenses incurred under accrual accounting, hence following the matching principle. In the general journal, where these transactions are recorded, the narration is usually ‘adjusting entry.’

Closing Entries in accounting

As a process in the preparation reports, closing entries are required as to:

Allow revenue and expense accounts to be closed off to one account to determine profit/loss for a period. This can then be transferred to the capital account.

Prepare the accounts for the new period by returning all revenue and expense accounts to a zero balance. This ensures that they do not carry over to the next period where they are irrelevant.

Process: An interim (temporary) ledger called ‘Profit and Loss Summary’ is created and all revenue and expense accounts are “closed off” to this account in a determination of profit/loss. This amount, and drawings, is then ‘transferred’ to the capital ledger

Perpetual Stock System -Stock Control: A process whereby we monitor the inflow and outflow of stock on hand.

Perpetual System: [Used in this accounting study course.] A continuous control system performed at the pointof sale, which enables user to know how much stock is on hand at all times. Advantages of this as distinct from using a manual system are:

-Slow and fast moving lines can be identified.

-Stock levels can be checked for efficient re-ordering.

-Stock losses/gains can be recorded.

Journals in accounting

Because the quantity of data to be recorded is so much, it is ‘easiest’ to summarise the information before posting the transactions in the general ledger. Journals facilitate this purpose by recording data from source documents and summarising this information before it goes to the general ledger.

General Journal: Used to record irregular ‘one-off’ transactions that do not fit into the four special journals.

Some common transactions it records include:

-Commencing the business (or double-entry accounting system).

-Purchasing a NCA (non-current asset) on credit.

-non-cash withdrawals by owner.

-non-cash contributions by owner.

-correcting entries.

-closing entries.

-adjusting entries.

Accounting Systems -Journals, Ledgers, Trial Balance, Balance Day Adjustments, Accounting Reports, Evaluation of reports, Budgeting for future.

Framework of Accounting

Accounting: An information system achieved by the identification, measurement and communication of financial information to the users of this information to permit ‘informed’ decisions by the owner.

VCE Health and Human Development Websites-These were sent to me by a teacher – hope they help.

This page provides the Health and Human Development study design, assessment handbooks and examination reports.

The health and human development Study Design specifies what can be examined and what to study.

Unit 3 VCE Environmental Science Exam Review

Hi all,

By now, you should have finished the Unit 3 VCE Environmental Science exam for 2009.

Well…what did you think of the paper? How do you think you went?

Let me know your thoughts and comments below (please keep them clean!)…cheers

Unit 3 VCE Chemistry Exam Review

Hi all,

What did you think of the Unit 3 VCE Chemistry exam for 2009?

What was hard? What was easy? How do you think you went?

Unit 3 VCE Psychology exam review

Hi all,

By now, you should have finished the Unit 3 VCE Psychology exam for 2009.

What did you think of the paper? What was hard? What was easy? How do you think you went?

Unit 3 VCE Accounting exam feedback

Hi all,

How did you find the Unit 3 Accounting exam? How do you think you went?

Unit 3 Physics exam feedback

Hi all,

By now, you should have finished the Unit 3 Physics exam for 2009.

What did you think of the paper? What was hard? What was easy? How do you think you went?

Unit 3 Biology exam feedback

Hi all,

By now, you should have finished the Unit 3 VCE Biology exam for 2009.

What did you think of the paper? What was hard? What was easy? How do you think you went?

The art of VCE exam cramming

Many people profess that they need to feel the “pressure” of exams and assessments before they finally pull the proverbial finger out and actually start working. Chances are, if you are this type of student. you’re best friend is the cramming session right before the exams.

Cramming is a specialised skill that anyone can do but like most things you need to know how to do it without experiencing the adverse affects of cramming. Later on, I want to know what you do when you cram but firstly…

Depression in young people – what are the signs and what you can do

I was sent a link yesterday to a brand new website resource for helping young adults with depression and anxiety called Youth Beyond Blue . It has been developed by the good people at Beyond Blue to help adults and young adults deal identify the signs of depression and anxiety and help them get the help they really need.

Last minute vce exam strategies… -I published this article last year in preparation for the mid-year exams – hope it helps you in your final preparations as we near the final exams for this year.

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