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[iamaboringperson]

I have a test on accounting soon, I know almost nothing about it (mainly since I started half way through and the teacher is crap).

First question:

What are the names of the '7 journals' ?

(I can't find this anywhere using google )

[T_Bone]

Cash reciepts, Cash Payments, General journal, Accounts Payable, Accounts recievable, Purchase Returns and Allowances Journal, Sales journal

???

I think

God, could there ever *BE* a more boring subject?

[CU_AMiGA]

@iama

I too was going to do an accounting course (along with Buisness studies AVCE) but instead opted to do AVCE ICT! :-D Sorry if that didn't help you though.

[sumner7]

I am on the same AVCE ICT course as CU_AMiGA, but I also do an AS Business Studies course, which is equivalent to half an A-Level. :-)

[iamaboringperson]

T_Bone wrote:
Cash reciepts, Cash Payments, General journal, Accounts Payable, Accounts recievable, Purchase Returns and Allowances Journal, Sales journal

???

I think

God, could there ever *BE* a more boring subject?

:-D Thanks, I'll just have to learn those by pure rote :-(
I'm screwed if I can't write what they are for, or what they do, or whatever...

This is the most boring - AND USELESS - subject EVER!!! :-x

I failed this two years ago, when I first attempted this course. If it wasn't for accounting, I think I would have passed the course back then

[iamaboringperson]

@T_Bone

:-( I see 8 of them

[iamaboringperson]

What are the items involved in COGS ?

What's a good definition of "Accrual based accounting" or "Accrual method accounting" or "Accrual accounting" ?

What is Gross loss:

What are some "General Jounal" examples?

What means "Bad Debts", and "Sundry Debtor", and "Sundry Creditors" ?


What is "6 Analysis transactions" ?

What is all of that about??? :-? :-(



"Accounting" doesn't belong in Dip. Tech. :-x

[Bodie]

heh, I haven't done any accounting in some 3 years, but I'll do my best.

1. What are the items involved in COGS ?

Well, assuming a retailer:
* Opening inventory
* plus Purchases
* less Closing inventory

2. What's a good definition of "Accrual based accounting" or "Accrual method accounting" or "Accrual accounting" ?

A measurement concept which recognises revenue when they are earned (remember, no need for cash!) and expenses are recognised when they are incurred as part of the revenue generating process.

3. What is Gross loss?
Hmm, well gross profit occurs when Sales revenue exceeds COGS, so under a gross loss scenario COGS would exceed Sales revenue.

4. What are some "General Jounal" examples?
-edit- lol, i just realised a.org can't correctly display credits and debits :P. So Dr.= Debits and Cr. = Credits Just remember that credits are slightly indented
Measuring a depreciation expense:



Dr. Depreciation Expense - Equipment 3,000
Cr. Accumulated Depreciation - Equipment 3,000

Dr. Commissions Receivable 300
Cr. Commissions Revenue 300


Dr. Petty Cash 30
Cr. Cash at Bank 30

5. What means "Bad Debts", and "Sundry Debtor", and "Sundry Creditors" ?

Bad Debts: An estimate of the amount of receivables that will become uncollectible. This involves making a adjusting entry in which Bad Debts Expense is debited and Provision for Doubtful Debts is credited.

With regard to the other two, I honestly don't recall these terms being used in an Australian context, but you can try this site:

http://www.shuchita.com/content/jargon.asp?char=S

6. What is "6 Analysis transactions" ?

Not sure about this one, too vague. From what topic area did it come from?


7. "Accounting" doesn't belong in Dip. Tech.
Damn straght mate! I hate it when I had to do subjects beyond my area.
:-x

[T_Bone]

iamaboringperson wrote:
@T_Bone

:-( I see 8 of them

"Purchase Returns and Allowances Journal" is just one, I believe. it's been years, I'm not even sure if these are right :-P

[FluffyMcDeath]

@iamaboringperson

Is there not a textbook with this course? If so, read it.

Else, since you came in halfway through you could ask the instructor these questions. If you are near the end of the course though this will likely not be appreciated as it is usually the sort of thing that a person who wants to learn the meterial will do at the earliest opportunity. Your lack of interest and obvious disdain for your "crap" teacher may have already failed you. How much time is there untill your final? Sucking up may help.

Saying sorry you've been such a bad student but you really want to learn and ask questions. Good relations with teachers always improves marks :-) It's harder to fail people you like than people you don't know or actually dislike. Also, a good relation with a teacher usually improves learning too. (Doesn't help with an independant marker of course).

Else, LIBRARY!

[iamaboringperson]

I think I passed the test!!!!

The teacher was nice enough to come around and give us "hints" (ie. answers , and make sure that we would all pass!

Is there not a textbook with this course? If so, read it.

A few photocopied notes from books that we should be owning. And the notes don't explain in detail how everthing is done. Too much knowledge is assumed.

Else, since you came in halfway through you could ask the instructor these questions.

He was upset because he thought that I would study, and even though I tried to study, I still didn't understand it.

Saying sorry you've been such a bad student but you really want to learn and ask questions.

That's what I started to do from the test revision on friday.

Good relations with teachers always improves marks It's harder to fail people you like than people you don't know or actually dislike.

That's happened before. In about two subjects I only scraped through because the teacher found all sorts of places to give me extra marks. ;-)

Actually, when I was stuck with some of the 'easier' stuff, I called him over the holidays, and went around to his place (he lives ony 2 streets away from me). He showed me exactly what to do, but didn't explain any of it at the time.

Else, LIBRARY!

Which is where I've been 5 days a week!

In fact, I've come here to study something else, and instead I'm sitting at this iMac mucking around on amiga.org ....

[iamaboringperson]

Okay, I passed that test. Now there is another assignment for me to do.

I'm wondering if anybody could 'help' me with it. :P

Here goes (I don't understand any of it):

(some of it is written as a table, so I've seperated the different collumns with commas)

----------

The following information relates to the wholesale confectionery business of
J. Cooper.

You are required to write a report to management interpreting the profitability and financial stability position of the business for 1998 and 1999.

Unclassified Comparative Balance Sheets as at 30th June.
,1997,1998,1999
Equities, $000's ,$000's ,$000's
Creditors Control , 160, 180, 400
Bank Overdraft , - , - , 30
Accrued Expenses , 22 , 20 , 30
Capital - J. Cooper , 700 , 800 , 800
, 882 , 1000 , 1260

Assets
Cash at Bank, 55 , 70 , -
Debtors Control , 200 , 170 , 250
Stock, 120, 110 , 290
Prepayments , 8 , 10, 10
Delivery Vehicles , 94 , 80 , 145
Fixtures and Fittings , 45 , 40 , 45
Land and Buildings , 360 , 520 , 520
, 882 , 1000 , 1260
Comparative Simplified Revenue Statements
for the years ended 30th June

, 1998, 1999
, $000's , $000's
Net Sales, 800, 1200
Less Cost of Goods Sold , 420, 720
Gross Profit, 380, 480
Less Expenses,
Selling , 150, 190
Administration, 60 , 70
Finance (excluding interest), 30, 57
Profit before interest, 140, 163
Interest expence, -, 3
Profit, 140, 160
Additional information:
- All sales and purchases are on credit
- Profits are withdrawn from the business throughout the year.

[iamaboringperson]

WTF is this crap???


I have ratio's to fill out, however I haven't been given the entire lot of ratio's required.

What's a gearing ratio?

What is Creditors Turnover?

What is Property Ratio

What is Return on Owners Funds?

How do I explain what the percentages are?

None of this is in our notes, none was taught in class.

PLEASE HELP MEEEEEE :-(

[T_Bone]

Beats me, I leave that crap to the wife.

[iamaboringperson]

T_Bone wrote:
Beats me, I leave that crap to the wife.

That's it! I'm going to fail this tech. course for sure - and it's not my fault! :-(



(All thanks to somoe dufus who put accounting in by mistake)