ACCT1501 (1 Viewer)

[m14x]

Store Fixtures owned by the business: original purchase price was $42,000, estimated useful life was 9 years, and estimated residual value was $3,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year...

whats the final answer if i need to round off to the nearest dollar?is it 356 or 357?so confused =.=

 

[4025808]

Store Fixtures owned by the business: original purchase price was $42,000, estimated useful life was 9 years, and estimated residual value was $3,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year...

whats the final answer if i need to round off to the nearest dollar?is it 356 or 357?so confused =.=

The nearest dollar is $356.

Calculate -> $42,000 - $3,500 = $38,500 = total depreciation expense.

We divide the total depreciation expense by the number of years, and then divide that again by the number of months, leaving us with $356.481(repeated), which rounds off to $356.

Hopefully perdisco ain't gonna be troll though. :S

 

[m14x]

ohh,because after i divide with the estimated useful years, i get 4277.777 (repeated) in which if u round off into 4278 and divide by 12,then u'll get 356.5 which will be 357..arghh =.=

 

[bladeys]

ohh,because after i divide with the estimated useful years, i get 4277.777 (repeated) in which if u round off into 4278 and divide by 12,then u'll get 356.5 which will be 357..arghh =.=

Youre not supposed to round off a result part way through your working out, youre only meant to round off your final answer. Kelvin's method is correct.

 

[Apurv]

almost anyone

pm me your email and i'll send it to you now or tonight

Can you pls send it to me as well please...

 

[4025808]

fucking midsems. Scrapped a credit. Hate this subject for life

 

[halapenyo]

lol i got 20/40. but was expecting that anyway because i ran out of time for the balance sheet and income statement.

i was aiming for a 80-85 in accounting before. now im aiming to scrape a credit.

 

[4025808]

lol i got 20/40. but was expecting that anyway because i ran out of time for the balance sheet and income statement.

i was aiming for a 80-85 in accounting before. now im aiming to scrape a credit.

Yeah, this subject. grrr

I spent 10 min on multiple choice so I could make sure that I was answering the question correctly. Then it reduced my time I had for the other stuff. grrr

As for me, I predict that I'll do better in MATH1151 than this subject :S

 

[HyperComplexxx]

hi i failed acct1501 19/40

 

[halapenyo]

Yeah, this subject. grrr

I spent 10 min on multiple choice so I could make sure that I was answering the question correctly. Then it reduced my time I had for the other stuff. grrr

As for me, I predict that I'll do better in MATH1151 than this subject :S

luv this much better than accounting.

its weird before uni i was like meh if i dont like actuarial i have accounting as a back up. but now i realise accounting is boring as fuck, so i feel like i have to make it work with actuarial or im fucked.

 

[seremify007]

Seriously though I wouldn't base your views on professional accounting on ACCT1501. To be honest, if you do make it through ACCT1501, you're probably on par with the basics which a Tafe graduate or book keeper would have. Professional accounting encompasses much much more than the basics of journal entries.

 

[kaz1]

I got the feeling that accountants do real life perdisco all the time.

 

[4025808]

luv this much better than accounting.

its weird before uni i was like meh if i dont like actuarial i have accounting as a back up. but now i realise accounting is boring as fuck, so i feel like i have to make it work with actuarial or im fucked.

As for me, it's either Actuarial or Education. Wouldn't mind the latter tbh.

 

[Omnipotence]

lol 28/40. hate the subject. I just watch nba and shit in the lecture.

 

[laffingman]

lol this is kinda late but can someone send me any useful perdisco stuff? This subject messes with the brain.

 

[maratyeu]

When did ACCT1501 get hard? or are you guys just not trying.
Back when i did it, it was a walk in the park

 

[seremify007]

I got the feeling that accountants do real life perdisco all the time.

Thankfully not. But you need to know how to do journals and how the whole cycle works before you can look at the more complex and judgemental areas such as how to interpret the more complex standards and apply it to a particular situation. e.g. I wrote an accounting paper on the appropriateness of semi-government bond rates rather than corporate bond rates being used in Australia to discount defined benefit plans for longer term maturities due to the insufficient depth/size of the market, and how it meets (or doesn't meet) the requirements of 119.

 

[Omnipotence]

That doesn't sound like much fun seremify.

 

[4025808]

Thankfully not. But you need to know how to do journals and how the whole cycle works before you can look at the more complex and judgemental areas such as how to interpret the more complex standards and apply it to a particular situation. e.g. I wrote an accounting paper on the appropriateness of semi-government bond rates rather than corporate bond rates being used in Australia to discount defined benefit plans for longer term maturities due to the insufficient depth/size of the market, and how it meets (or doesn't meet) the requirements of 119.

At least that sounds a lot more interesting than the current bookkeeping stuff we do right now.

 

[Tortilla]

1. Marketing Costs Include:
- Salaries & Comissions of sales staff
- Storing & Packaging costs
- Promotion Costs
- All of the Above


2. Using the Periodic Inventory Method, entries are made in the inventory account when stock is
- Delivered
- Sold
- Paid for
- None of the above

Cant decide between c or d, there is a purchases debit when stock is bought, but is that an inventory account entry?

3. Which of the following statements about a liability is true
- a liability is restricted to being a legal debt
- a liability must result from a past transaction or event