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Hi all,
So…you have finished the VCE Accounting Unit 4 exam for 2009.
What did you think of the paper? What was hard? What was easy? How do you think you went?
Let me know your thoughts and comments below (please keep them clean!)…cheers

Tuesday, 29 Sep

BUNDOORA

1

9.00am-11.30am

Physical Education OR Health & Human Devt.*

Tuesday, 29 Sep

BUNDOORA

2

12.15pm-2.45pm

Food & Technology OR Biology*

Tuesday, 29 Sep

BUNDOORA

3

3.15pm-5.45pm

Business Management OREnglish*

Thursday, 1 Oct

CLAYTON

1

9.00am-11.30am

Geography OR Legal Studies

Thursday, 1 Oct

CLAYTON

2

12.15pm-2.45pm

Health & Human Devt.OR Psychology

Thursday, 1 Oct

CLAYTON

3

3.15pm-5.45pm

Biology [...]

Accounting Reports
Classified Reports: Are reports which have been modified in presentation in an attempt to highlight the key aspects of the business, which provide more detail for decision making. For example, in each specific business area ratios and trends can be established, and managerial responsibilities can be accounted for.
Classified Statement of Financial Position:
Is a report [...]

Balance Day Adjustments
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, [...]

Closing Entries
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 [...]

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 point
of sale, which enables user to know how much stock is on hand at all times. Advantages of this as distinct from using a [...]

Journals
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 [...]

Accounting System

Effect on ledger accounts:

A/C
Increase
Decrease

Asset (A)
Debit
Credit

Liability (L)
Credit
Debit

Owner’s Equity (OE)
Credit
Debit

Revenue (R)
Credit
Debit

Expenses (E)
Debit
Credit

(See below for notes on:  Journals, Ledgers, Trial Balance, Balance Day Adjustments, Accounting Reports, Evaluation of reports, Budgeting for future).
Source Documents:
[Used as verification for a transaction. It ensures reliability.]

Cash Receipt:
Used to record inflow of cash.

Cheque Butt:
Provides details of cash [...]

Hi all,
How did you find the Unit 3 Accounting exam? How do you think you went?
Let us all know by commenting below. Cheers

The good folk at Insight Publications have recently released a brand new series of VCE trial exams in time for the 2009 Unit 3 VCE mid-year exams. Insight have kindly offered a sample of each of their mid year practice exams with solutions that offer excellent tips, mark allocations and detailed assessor notations.
The VCE exams [...]

VCE Accounting – VCAA website
This page takes you to the VCAA site. It will have the assessment guide, links to past exams, exam criteria, assessor reports, articles and other useful items. This should be your first point of reference for all information relating to this subject.
CPA Australia
CPA is Australia’s premier organization in finance, accounting and [...]

By Peter Lenkefi
When learning accounting for the first time, the terms ‘debit’ and ‘credit’ can be a bit confusing. Why? Because when you go to the bank and deposit money, the teller will tell you, “I am crediting your account X amount of dollars,” but if you are taking money our of your account, the [...]