Q: Does Units 1 and 2 have an external exam?
A: No. Assessment is entirely through School-Assessed Coursework (SACs) set by your school.
Q: What is the accounting equation?
A: Assets = Liabilities + Owner’s Equity. Every transaction maintains this balance.
Q: Why does GST go to GST Clearing?
A: GST is collected on behalf of the ATO (not the business’s revenue) or paid to suppliers (input credit). GST Clearing tracks the net amount owed to the ATO.
Q: What is the difference between drawings and wages?
A: Drawings: owner withdrawing assets for personal use — reduces OE, not an expense. Wages: payments to employees for work — an expense that reduces net profit.
Q: How do I write a 3-mark concept explanation?
A: (1) State what the concept requires. (2) Apply it to the scenario using the business name and specific figure. (3) State the accounting impact if the concept were ignored.
