Unit 1 Presentations, 26/3/15

Excellent presentations today from the unit 1 students.

Last day of 'uniform' for the year 12s ... 26/3/15

That's Steph, period 1, Thursday, 26/3/15.

More about Accounting ...

These videos are produced by the organisation for Chartered Accountants.

https://www.youtube.com/user/MyCareerPathway

and their website

http://www.charteredaccountants.com.au/

What should I be up to?

It is the end of term 1:  what should I be up to?

During the holidays, check that you have:

• completed up to and including chapter 8.1
• Have you listened to the credit podcast?  If not, do so.
• http://bottomline.podomatic.com/entry/2009-04-17T02_15_01-07_00
• Nanos 5, 6, 7 & 8 (good revision for next SAC which is about week 3 of term 2).  These were handed out in class but are on NEO if you do not have a copy
• Quia quiz on FIFO (a few have not done this) and Debtors
• Did you complete the DDDay activities on chapter 7, FIFO?  If not, do that.
• Did you forget to do chapter 5 on Classification?  That is quick and easy!
• Chapter 6 was an optional summary exercise.
• Ask your parents to pay the $16.50 for the Practice Exams book we will start to use early in term 2.  They can use Compass to pay.  Once you have paid, collect book from me in the Senior School Office.

• 

What is coming up in term 2?
We will do chapter 8.2 in the first 2 weeks and revise for the SAC.  I will give you lots of past SACs.  The SAC is going to be done on the computer and includes up to and including 8.2.
We will then start Outcome 2 of Unit 3.
What is included in Outcome 2?

• Closing entries (which is new for everyone)
• Balance day adjustments (stock loss, stock gain, prepaid expenses, depreciation, accrued expenses)
• Preparation of the Income Statement and classified Cash Flow Statement.

Remember the Mid Year Exam SAC which is on Wednesday 17th June.  2 pm. Put that in your diaries now!  I want every student to be there!

During the holidays, feel free to email me with any concerns etc.
Have a good break.  Freshen up and come back fired up.

Meet the Business Leader ...

Dear team

I have emailed you before about this meeting and have received about 10 emails from students who are interested in attending this meeting.  If you want to attend, email me before the end of term 1 and I will register that group to attend.  Last year about 60 students said they were attending and only about 25 turned up.  The organisation sent me a negative email about that.  So?  If you want to go, great ... but commit yourself to it.

Accounting for Debtors ... role play

This is a role play of accounting for debtors by Abha and Ravali from the Class of 2014.  It contains valuable information.  Wanted:  2 students from the Class of 2015 to do this role play ... I will video it and make it available to all students.

Video link
https://drive.google.com/a/macrob.vic.edu.au/?tab=mo#folders/0B3lBZTLHkqJsU0RqTnkyRGRhVHM

Here is the script for those that are interested ...
https://docs.google.com/a/macrob.vic.edu.au/document/d/1mh7wOJMWr1DFWr_kh60T_jCEEc_D7BqgpwLZs8vadSs/edit

Balancing ledger accounts ...

Learning how to balance a ledger account ... probably worth 1 mark on the exam.

Credit podcast ...

This person is listening to the credit podcast!

http://bottomline.podomatic.com/entry/2009-04-17T02_15_01-07_00

Practice Exams ...

Dear team
I am just about to order everyone a copy of this book below. It provides 11 practice exams and starts from the end of Outcome 1, Unit 3.  This means we can start to use it early in term 2 and then progressively over the course of the year.  It costs $16.50.  The books will be in the General Office from the start of term 2. When you have paid, either at school or on Compass, you can pick up a copy from the General Office.  Problems?  See me.

Accounting for debtors ...

Let's consider the new recording and reporting in relation to debtors

1.  Recording

Document.  The documentary evidence of a credit sale is an Invoice.
Stock card.  Same as cash sale but use Invoice in the details column not Receipt.
Journals.  Use Sales Journal (or Credit Sales Journal) for debtor invoices.
Debtor receipts:  The Cash Receipts Journal will include a Debtor or Debtors Control column.  This will record cash received from the debtor plus any discount expense that the debtor has taken advantage of.  There will also be a discount expense column to record the discount taken by the debtor.  This column, like the Cost of Sales column, is a non cash item. Discount expense is cash that was not received.  Remember that!
General Ledger.  Will include Debtors Control ledger account which is a summary of all debtor transactions.  Think summary or total account for debtors.
Debits will be any opening balance and sales/GST clearing.
Credits will be Bank/Discount expense and any bad debts.
Debtors Control is a key account so remember these debits and credits.
The Trial Balance will include Debtors Control.
Debtors Subsidiary Ledger.  This is a ledger just for individual debtors.  Remember to use the specific date of the transaction in the DSL.
Debtors Schedule.  This shows the individual debtor balances and the total which should equal the balance in the Debtors Control Account.

2.  Reporting

Cash Flow Statement.  Receipts will include debtor receipts.  This will be the total of the Debtors column in the CRJ less any discount expense.  Remember that!
Income Statement.  Revenue will include both cash sales and credit sales.  Sales are recorded and reported at the point of sale regardless if cash is received at that point or not.  This is a good example of accrual accounting.  Cost of sales will include the cost of cash sales and the cost of credit sales.  By convention, this is shown as a total.
Other expenses associated with debtors are bad debts and discount expense.
Balance Sheet.  Debtors will be reported as current assets as they represent a future benefit that will be received by the business within 12 months (usually 30 days).

Podcast on credit ...

CREDITCREDITCREDITCREDITCREDITCREDITCREDIT

Dear team
This is an important podcast to listen to.  It is too long but it does cover lots of essential information. Why not download this podcast and listen to it on the train etc (or plane to America).

http://bottomline.podomatic.com/entry/2009-04-17T02_15_01-07_00

Correcting entries and electronic spreadsheets ...

Red Class, Period 1, Monday 16th March.

By now, you have finished 4.2 and chapter 5 (very short and easy).  Chapter 6 is an optional summary exercise.  Chapter 7 you did on DDD (FIFO).

We are now up to Chapter 8.1 - Accounting for Debtors.  When we have finished 8.2, Accounting for Creditors, we have finished Outcome 1 and are ready for SAC2. This will be about week 2 or 3 of term 2.

SAC 1 Day ...

Tuesday, March 3rd, 2015 was SAC 1 day in K202.  What are they thinking as they do this task?  

Good to see the Boardroom table being used ...

Gail Kelly ... CEO of Westpac (just retired)

Another successful person.
Gail Kelly has just retired as CEO of Westpac.
Listen to this podcast:

http://www.abc.net.au/radio/programitem/pgzEGJdXqV?play=true

Can you be a Gail Kelly one day?  Yes you can!

Debits and Credits ...
Thanks to Neha for this YouTube clip.

https://www.youtube.com/watch?v=j71Kmxv7smk