April 28, 2021
Accounting in VCE has the reputation of being a tough subject that is easy to understand but hard to master. Many students find grasping the content fairly easy, however very few are able to thrive and perform without mistake. It can be a very tedious subject (at times) that relies heavily on re-reading questions to recognise tricks and subtle errors. The ability to work fast and recognise the subtle differences between questions is fundamental to doing well in this subject.
Accounting involves topics such as answering questions using the key accounting assumptions and qualitative characteristics, as well as understanding the accounting elements of an asset, liability, owner’s equity, revenues and expenses. It also relies on being able to understand accrual accounting, while also being able to apply the accounting process. Students need to be able to journalise transactions, place them into the general ledger, build a trial balance, adjust it and then use this to create financial reports.
The main trap in Accounting is by not reading the question carefully enough as a certain word, number or date that is misread or carelessly assumed can cause easy marks to be lost.
Students ignore the theory thinking it will be a negligible component on the exam - so practice theory questions! Some students also do not prepare for the ICT component thinking it will be too simple.
Not knowing the accounting assumptions and qualitative characteristics by heart and understanding the GST part of transactions.
It is necessary to be committed and consistent as Accounting has a relatively higher workload than most other VCE subjects. Students must have patience and persistence to grasp certain concepts as once they are understood, only practice is required to be prepared and confident for assessments.
Be patient, understand the logic behind and practice a lot to get your journal and ledger entries right. Understand how to structure discuss type questions and those that ask you to refer to the elements of accounting definitions, qualitative characteristics, and accounting assumptions.
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