Course detail: VCE Accounting Exam Preparation 2024
Get ready for the VCE Accounting exam 2024. Solve your problems from past papers or learn concepts.

This course is to get ready for the VCE Accounting exam 2024

  • Solve questions from the past papers
  • Learn any concepts of your choice
  • Feel free to come with your own questions
  • Online or face-to-face.
  • Private or group lessons

Book a free trial class today!

Pricing
Private hourly fee $45.00 /Hour
Group hourly fee $35.00 /Hour
What will you learn
Subject: VCE Accounting 3/4


The purpose of Accounting
Users of financial information
The Accounting process
Accounting assumptions
Qualitative characteristics
Elements of Accounting reports


Assets, liabilities, and owner's equity
The Balance Sheet
Classification in the Balance Sheet
Double-entry Accounting


Ledger accounts and the General Ledger
Double-entry recording in ledger accounts
Recording revenues and expenses
Specific transactions
The Trial Balance
Balancing


Source documents and the Goods and Services Tax
GST
The General Journal
Cash receipts
Cash sales and the GST
Cash payments
Cash payments and the GST
The GST Clearing account


Credit purchases and the GST
Payments to Accounts Payable
Purchase returns
Discount revenue
Statement of Account
Accounts Payable Turnover


Credit sales and the GST
Receipts from Accounts Receivable
Sales returns
Discount expense
Statement of Account
The GST Clearing account
Accounts Receivable Turnover


Memos and the General Journal
Non-cash contributions by the owner
Non-cash drawings by the owner
Establishing a double-entry system (for an existing business)
Correcting entries
Other business documents


Reporting for inventory
Inventory cards
Recording in inventory cards
Valuing inventory: changing cost prices
Valuing inventory at the time of sale: Identified Cost
Inventory losses and gains: Identified Cost
Valuing inventory at the time of sale: FIFO
Inventory losses and gains: FIFO
Identified Cost versus FIFO
Benefits of the perpetual system


The 'cost' of inventory
Product costs
Period costs and other expenses
Reporting product and period costs
The Lower of 'Cost' and 'Net Realisable Value' (NRV) rule
Inventory write-down
Reporting an Inventory write-down
Inventory Turnover (ITO)


Determining profit or loss
Closing the ledger
Transferring Drawings
The Income Statement
Uses of the Income Statement
Financial indicators
Communicating information: graphical representations


Reporting for cash
The Cash Flow Statement
Uses of the Cash Flow Statement
Financial indicators
Cash versus profit


The need for balance day adjustments
Prepaid expenses
Accrued expenses
The Post-adjustment Trial Balance


Non-current assets
Calculating depreciation expense: straight-line method
Calculation issues: straight-line method
Recording depreciation
Reporting depreciation
Purchasing non-current assets


Methods of depreciation
Calculating depreciation expense: reducing balance method
Comparing depreciation methods
Disposal of a non-current asset
Profit or loss on disposal of a non-current asset
Trade-in of a non-current asset
Reporting profit or loss on disposal of a non-current asset


Credit sales and Accounts Receivable
Balance day adjustment: Bad debts expense (Allowance for doubtful debts)
Subsequent periods


The need for balance day adjustments
Unearned revenues
Unearned sales revenue: sales of inventory involving a deposit
Accrued revenue


Budgeting
The budgeting process
The Budgeted Cash Flow Statement
Calculating cash flows
The Budgeted Income Statement
The Budgeted Balance Sheet
Account reconstruction
Variance reports: cash and profit


Vertical analysis of the income statement
Tools for assessing profitability
Return on Owner's Investment (ROI)
Debt Ratio
Return on Assets (ROA)
Earning revenue: Asset Turnover (ATO)
Controlling expenses
Net Profit Margin (NPM)
Gross Profit Margin (GPM)
Non-financial information
Strategies to improve profitability


Assessing
Working Capital Ratio (WCR)
Quick Asset Ratio (QAR)
Cash Flow Cover (CFC)
The speed of liquidity
Inventory Turnover (ITO
Accounts Receivable Turnover (ARTO)
Accounts Payable Turnover (APTO)
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