Honours Accounting

UnitedIrishman

So far I've studied:
Company Final Accounts
Sole Trader Final Accounts
Marginal Costing Statement
Club/Servive Firm Accounts
Suspense (half done)
Tabular Statements
Cash Budgets
Flexible budgets

Only another 11 or so topics to go.

Oh and in Cash Budgets when it says "Purchases will equal the total sales for the following month" what exactly do you do? Is it the sales figure that you have split into Credit one month after and Cash or is it the figures given?

tweetypie

Help! Just been going through the tabular statement from the pre and am a bit confused about December and the depreciation...i have the solution but why do you put (6800) in insurance prepaid and (720) in rent.rec prepaid and how do you work them out???

UnitedIrishman

UnitedIrishman wrote:

So far I've studied:
Company Final Accounts
Sole Trader Final Accounts
Marginal Costing Statement
Club/Servive Firm Accounts
Suspense (half done)
Tabular Statements
Cash Budgets
Flexible budgets

Only another 11 or so topics to go.

Oh and in Cash Budgets when it says "Purchases will equal the total sales for the following month" what exactly do you do? Is it the sales figure that you have split into Credit one month after and Cash or is it the figures given?

that means that there is no closing stock, so you can figure out the purchases by

Sales
-Purchases
=profit

usually says profit is a percentage of sales so thats how you find purchases.

Be careful with the original opening stock though!

tweetypie

tweetypie wrote:

Help! Just been going through the tabular statement from the pre and am a bit confused about December and the depreciation...i have the solution but why do you put (6800) in insurance prepaid and (720) in rent.rec prepaid and how do you work them out???

If there is 12 months paid with 8 months left in the year, that means that 4/12 of the price paid will be for next year. this stays in the account while the rest of the figure is transferred to the P+L account.

So you mulitply the figure paid by 4/12, and put this amount as the closing balance in the statement, simply take it away from the rest of the money paid for the expense during the year to find the amount transferred to the P+L.

tweetypie

Deleted User wrote:

If there is 12 months paid with 8 months left in the year, that means that 4/12 of the price paid will be for next year. this stays in the account while the rest of the figure is transferred to the P+L account.

So you mulitply the figure paid by 4/12, and put this amount as the closing balance in the statement, simply take it away from the rest of the money paid for the expense during the year to find the amount transferred to the P+L.

Thanks a million!:) Also another question about the pre tabular..in june it says 'recieved 25000 from the issue of remaining shares'...why do you put 20000 of this into ord shares and the other 5000 into share premium?? Full of questions today!

Check how Much authorised shares you are allowed have, if the company is allowed 500,000 shares, and already has 480,000 issued, that means that the €5000 extra earned must be share premium.

tweetypie

Oh god i get that now! I am so stupid! Accounting is my worst subject as you can probably tell! Thanks for all the help!:)

Rob30888

fatal wrote:

departmental will not come up...........think of the uproar that it would generate.......

The thing is though that it's on the course, so there's nothing that can be done about it if it does come up. It's the same with all the theory last year - teachers complained, but the department just said that it is on the course.

I'll be hugely pissed off if all the adjustments are wierd tomorrow as some of the q's can take long enough even when you know exactly what you're doing, never mind worrying about something new! If they want to change it, make a new course, don't **** us up!

casanova_kid

I know, company and sole trader for question one. Incomplete, service, club(have to go over that actually), suspense, tab statement, interpretation for section2, and i know, flexible budget, marginal and product costing and stock valuation for section 3, i think i'm pretty much covered.

I think that they're also entitled to put Published Accounts as a question one.

I wouldn't mind being corrected on this.

Rob30888

Deleted User wrote:

I think that they're also entitled to put Published Accounts as a question one.

I wouldn't mind being corrected on this.

They're not. The 4 are: Manufacturing, Company, Sole Trader and Departmentaql

Rob30888

casanova_kid wrote:

I know, company and sole trader for question one. Incomplete, service, club(have to go over that actually), suspense, tab statement, interpretation for section2, and i know, flexible budget, marginal and product costing and stock valuation for section 3, i think i'm pretty much covered.

And Cash flow Must go over me question 5's and Suspense now. Do you think they'll ask the same type of Question 8 as they did last year? Or is it ok to leave it out? Might as well have a glance over it...

casanova_kid

my chart would indicate that they never ask the question two in a row. i think i might leave out cash flow, the likelihood of it coming up isn't that high and i'll be able to do the other question anyway if it does.

happydance

They asked teh incomplete records two in a row a few years ago.

DonaldDuck

happydance wrote:

They asked teh incomplete records two in a row a few years ago.

Thats why I'm going over the Type B since Type A came up last time.Just incase they come up,but they don't take long to revise

Zapp Brannigan

Oh I'm seriously fooked for this exam. I mean really! I just can't study for it cos I hate it so much. I've been learning all my RA formulae but my book doesnt have a formula for Dividend Yield, and you know when the questions asks "How long would it take a share to recoup its market value, provided current activity remains the same" or something along them lines, I haven't a clue what to do!!

Rob30888

Slurms wrote:

Oh I'm seriously fooked for this exam. I mean really! I just can't study for it cos I hate it so much. I've been learning all my RA formulae but my book doesnt have a formula for Dividend Yield, and you know when the questions asks "How long would it take a share to recoup its market value, provided current activity remains the same" or something along them lines, I haven't a clue what to do!!

If it asks that, it's Market Price Per Share over Earnings Per Share. If they ask "How long would it take a share to recoup its market value, provided current dividend payout rates remains the same" then it's MPS over Dividend Per Share.

I'm getting quite worried, this is my best subject and I haven't got a single question out all weekend :eek: It's little bastard mistakes I keep making, but if my Q1 doesn't work out tomorrow, it's gonna really throw me big time...

Zapp Brannigan

Rob30888 wrote:

If it asks that, it's Market Price Per Share over Earnings Per Share. If they ask "How long would it take a share to recoup its market value, provided current dividend payout rates remains the same" then it's MPS over Dividend Per Share

Thank you.

xnightwishx

I really can't wait until after this exam! It's my best subject yet I'm terrified that they'll do something REALLY unexpected like they did with maths and TG! We seem to have been an unlucky year when it came to optional subjects!
Do you think it's safe to leave out published accounts, incomplete (bank) and production budgets? Coz I have :S

Nerd007

me too... let's hope we're all gonna be fine! Good Luck everyone!

fatal

xnightwishx wrote:

I really can't wait until after this exam! It's my best subject yet I'm terrified that they'll do something REALLY unexpected like they did with maths and TG! We seem to have been an unlucky year when it came to optional subjects!
Do you think it's safe to leave out published accounts, incomplete (bank) and production budgets? Coz I have :S

its my of my best ones aswell..im kinda bankin and a1 for this...ive done incomplete and published but nothin in budgeting...anyway gooduck to you and everyone else...hopefully we wont need it

ThE_IVIAcIVIAIV

best of luck to everyone, im totaly screwed and im gonna fail no doubt, less than 20% in mocks and i havent done any work since then... **** i wish i paid attention now! (smacks self on the head)

tweetypie

Good luck to everyone tomorrow (it better be a feckin easy exam:D)!
XxX

willowmegs

I feel sick. I hope I passed. REALLY hope I passed. Stupid suspense and tab.