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Sorry for the delay in getting this up guys – congrats one and all for finishing off VCE Accounting. WooHoo! How was the paper? What was hard or easy? Please let us know your thoughts below. Please be respectful and keep your comments clean. All comments are moderated anyway. Cheers, Heath

Hi all, Congratulations on finishing the Unit 3 VCE Accounting exam for 2012. What did you think of the paper? What was hard? What was easy? How do you think you went? Let us know your thoughts and comments below (please keep them clean – all comments are moderated!)…cheers

Hi all, With the Unit 3 exams and the GAT around the corner I thought it would be timely to remind you all of some key resources that you can find on the VCAA website to help you with your VCE exam preparation. 1. VCAA exam timetable – duh…no kidding…of course you can find when [...]

Sorry for the delay in getting this up guys – congrats one and all for finishing off VCE Accounting. WooHoo! How was the paper? What was hard or easy? Please let us know your thoughts below. Please be respectful and keep your comments clean. Cheers, Heath

Hi all, Congratulations on finishing the Unit 3 VCE Accounting exam for 2011. What did you think of the paper? What was hard? What was easy? How do you think you went? Let us know your thoughts and comments below (please keep them clean!)…cheers

Hi all, By now, you should have finished the Unit 4 Accounting exam for 2010. What did you think of the paper? What was hard? What was easy? How do you think you went? Let us know your thoughts and comments below (please keep them clean!)…cheers

Hi all, By now, you should have finished the Unit 3 VCE Accounting exam for 2010. What did you think of the paper? What was hard? What was easy? How do you think you went? Let us know your thoughts and comments below (please keep them clean!)…cheers

Hi all I know many of you are starting to get prepared for the upcoming VCE exams. Well done for being proactive in your approach to get on top of your study! One of the most important ways to help your vce exam preparation along is to learn from the insights of teachers with vce [...]

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

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: [...]

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 [...]

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 [...]

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 [...]

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’ [...]

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 [...]

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

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 [...]

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, [...]