VCE Accounting Units 3&4 Notes

These are the 20 revision notes inside the VCE Accounting Mastery Pack. Open any note to see what it covers before you buy.

1. Source Documents, GST and the Cash Receipts/Payments Journals3 · Recording and analysing financial data

   Source documents and the role of GST

2. Credit Sales, Credit Purchases and Returns Journals3 · Recording and analysing financial data

   Sales and Purchases journals and inventory

3. General Journal Entries Including Opening Entries and Error Corrections3 · Recording and analysing financial data

   General Journal and correction of errors

4. General Ledger Posting, Balancing Accounts and the Trial Balance3 · Recording and analysing financial data

   Ledger accounts and the trial balance

5. Perpetual Inventory System Using the FIFO Cost Assignment Method3 · Recording and analysing financial data

   Inventory systems — perpetual

6. Preparing the Income Statement (Service and Trading Business Format)3 · Preparing and interpreting accounting reports

   Income Statement structure and cost of sales

7. Preparing the Classified Balance Sheet and Applying the Accounting Equation3 · Preparing and interpreting accounting reports

   Balance Sheet classification and accounting equation

8. Preparing the Cash Flow Statement — Direct Method3 · Preparing and interpreting accounting reports

   Cash Flow Statement and reconciliation

9. Adjusting Entries for Prepaid Revenue and Accrued Revenue4 · Extension of recording and reporting

   Prepaid and accrued revenues

10. Adjusting Entries for Prepaid Expenses and Accrued Expenses4 · Extension of recording and reporting

    Prepaid and accrued expenses

11. Calculating and Recording Depreciation — Straight-Line and Reducing-Balance Methods4 · Extension of recording and reporting

    Depreciation — straight-line and reducing-balance

12. Recording the Disposal of a Depreciable Non-Current Asset4 · Extension of recording and reporting

    Disposal of non-current assets

13. Accounting for Bad Debts and Provision for Doubtful Debts4 · Extension of recording and reporting

    Bad and doubtful debts

14. Preparing Budgeted Financial Reports and Their Role in Planning4 · Budgeting and decision-making

    Budgeted Income Statement and Balance Sheet

15. Preparing a Cash Budget Including Debtors and Creditors Collections4 · Budgeting and decision-making

    Cash budget — receipts and payments

16. Calculating, Classifying and Explaining Budget Variances4 · Budgeting and decision-making

    Variance analysis

17. Calculating and Interpreting Liquidity and Efficiency Indicators4 · Budgeting and decision-making

    Liquidity and efficiency ratios

18. Calculating and Interpreting Profitability and Financial Stability Indicators4 · Budgeting and decision-making

    Profitability and gearing ratios

19. Integrating Non-Financial Information with Financial Indicators4 · Budgeting and decision-making

    Non-financial information and integrated analysis

20. Ethical Responsibilities of the Accountant and Accounting Principles4 · Extension of recording and reporting

    Ethical accounting practices and the qualitative characteristics