Arts105/accg100 (1 Viewer)

[glitterfairy]

Accg100 may have been a semester 1 subject, but if anyone feels like reminicing and becoming a studybuddy it would be lovely.

Alternatively, if there are any other arts105 people suffering out there, let us share our pain.

(I'm so worried I'm going to fail tommorrow. I just don't get it! :'( )

 

[ReaveR]

Accg100? Well...that was a long time ago. There's my reminiscence for you

 

[glitterfairy]

God Save the Creative Arts Student.

 

[ReaveR]

I'm sure I could remember some things. What did you want to know?

 

[glitterfairy]

Almost everything.

The problem with learning arts105 is that it's pretty much entirely the same as accg100. However, the vast majority of us creative arts students didn't do Business Studies/Commerce/whatever in the HSC. As a result of that, we don't have the assumed knowledge that the course (this includes textbook and lecturer) assumes we have. In a class of about 40, at least 10-12 of those are repeaters from last year...! (it's a compulsary course in the Creative Arts degree. Possibly the yuckiest part of the BCA)

I'm going through the textbook (Accounting in Australia 5th edition, Hoggett/Edwards/Medlin) reeaaalllllyyy slowly to try and build up an accounting foundation I actually understand - friends of mine who went through the textbook and did all the questions *still* don't understand a thing, so even though I know I'm not going to get through more than the first few weeks' content I figure it's better than racing through the whole thing and not understanding it...

One of my big problems is making sure things balance (I know about A-E=L+OE) and translating the questions into plain english. I don't really get the terminology a lot of the time and I'm still trying to figure out how to do journal entries and some of the other more fiddly stuff... :S in a nutshell, I'm just really really confused from being thrown into the deep end. In some situations in tutes I can apply general maths and move things around, but when I try to attempt questions myself it usually ends up in rubble because I don't understand what I'm doing.

 

[glitterfairy]

Ok, question.

"At 30 June Sarah had business assets and liabilities worth 37 500 and 21 000 respectively. At 30 June 2004, Sarah had business assets and liabilities worth 30 000 and 18 000 respectively."

A) Basic profit/loss calculation, I can do this one - 16500 - 12000 = 4500, right?
B) "If Sarah had withdrawn $9000 during the year, calculate the net profit/loss for the year."

^ Ok, help! (Yes, it's stupid that I can get so hung up on a simple question like this, but it happens). Do I factor this $9000 withdrawal before or after calculating the basic profit-or-loss calculation?

 

[ReaveR]

Oh.

The textbook in my opinion is badly explained...
If your things don't balance you should do the basic checks; divide the difference by two to see if it matches with one entry (means you put it on the wrong side). Unfortunately that's the only one I remember, but I'll get back to you later tonight when I've finished my silly assignment and found my accg books. I'm sure there are others in the textbook somewhere.

I think the basic equation is meant to be A = L + OE. Maybe your balance sheets aren't balancing because there aren't meant to be any expenses on it?

 

[ReaveR]

Don't worry about being hung up on that. I don't even know how to do it. Admittedly I'm not doing any accounting subjects this year though, but here's what I think:

Withdrawals go towards Owners Equity, which is assets minus liabilities; at June 30 2004 her OE is 12000, which by this time would have been reduced because she has withdrawn 9000, so her new OE assuming the withdrawal at June 30 2004 is 3000. That's all I can figure out for now.

Edit: Badly worded

 

[glitterfairy]

Yeah, I know the "official" definition is A=L+OE but I've often seen A-E together in our tutes... so we know which sides are Debits and which ones are Credits. And Expenses are Credits. *shakes head sadly*

Back to question - so the final (profit) is 3000? Ok... *deep breath*

Going to tackle a bit more of textbook now. Comforting to know someone out there thinks the textbook is a miffleness...

 

[Tabris]

This brings back bad memories

Once u get past the adjsutment entries, thats where the horror starts

there will be pulling-out-ya-hair style of work if u dont like accg. Especially the manual accounting systems and the bank reconciliation statements and the cash flow stuff.

But if u have ALex malley as lecturer, "it balances out" unlike my first 10 column worksheet

 

[glitterfairy]

I've got Lorne Cummings

And we've already started on cash flows Journal entries suck, by the way.

Unbelievably, I actually sort of *get* the post-Week-5 stuff... however I just can't do it because I still don't really understand the basics. I love the ten-column thing... again, can't do it, but when I see it done I can understand how it works.

Thank god I only have to do arts105... however if arts210 turns out to be the same thing, I might seriously consider transferring out of the BCA. IT'S JUST NOT WORTH IT!

 

[ReaveR]

Back to question - so the final (profit) is 3000? Ok... *deep breath*

Is it...? The OE in 2004 is 3000 whilst OE the year before is 16500...is profit/loss linked to differences in OE? It doesn't make sense that she'd make a loss just because she withdrew some money... Someone who did accg this year help lol

 

[glitterfairy]

It's not logically making sense! :'(

16500 - 12000 - 9000 (drawings) = minus somethingarather.

HELP

 

[ReaveR]

16500 - 3000 for change in OE it should be. 12000 doesn't exist anymore because the 9000 was withdrawn during the year, ie. before June 30 2004, not after.

Edit: Wrong way around.

 

[glitterfairy]

*confused*

Ok, is it better set out as ... OH wait, I think I get it now. The 12000 is a profit... 12000-9000 is 3000. 16500-3000 = 13500.

Am I on the right track now?

(thank you so much Reaver, for all your help and your patience!)

 

[ReaveR]

Oh I remember now.
Profits is the change in equity plus drawings and less capital.
Sorry for all that confusing crap before.
In this case its 4500(change in equity) + 9000(drawings) = 13500

 

[glitterfairy]

:'(

But when there are drawings, aren't they just kinda... gone? Because they're taken out of the company?

 

[Tabris]

Give me the question from the HEM book, i did it in sem 1, i think i can help
unless u already solved it....

 

[Tabris]

Give me the question from the HEM book, i did it in sem 1, i think i can help
unless u already solved it....

u can find my email under my user profile, just ask i remember having tough time in 100 too

 

[glitterfairy]

Question is on page 1 of this thread, and I'm going to find your email now (hope you have msn!) oh I love MQ BOSers, I really do!