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manufacturing accounts vs company accounts

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  • 16-05-2007 9:28pm
    #1
    sully88
    Closed Accounts Posts: 35 ✭


    Does anyone else find manufacturing accounts way more difficult than company?
    A teacher told me there is a strong chance that manufacturing accounts could come up because everyone is expecting company. Apart from the increased difficulty I find manufacturing accounts take about 20 min longer than a company?
    What do ye think?

    What is going to be this years leaving cert accounting Q1? 1 vote

    Manufacturing account
    0% 0 votes
    Company account
    100% 1 vote


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    #2
    md99
    Closed Accounts Posts: 817 ✭✭✭md99


    Agree entirely, hate Manufacturing, Company is a dream.

    but we needn't worry coz it seems to ALWAYS be the three year cycle. I'm sure last year they were saying it COULD be Company or Sole Trader... and they got Sole Trader, so....

    Manufacturing is a bit of a nightmare. Not as straight forward, involves more thinking, can't be done as quickly. The only 'quick' thing about it is the 'Expenses' part of the P+L. It's a damn awkward account...


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    #3
    bikeman1
    Registered Users Posts: 1,308 ✭✭✭bikeman1


    I believe that it will be company this year. Now predicting things is always very dangerous, but looking back over the past papers, Company was very popular and is now overdue a return on the paper. Also for Manufacturing to come up twice in two years would be a first. Saying that I am still covering Manufacturing and knowing Sole Trader, as this is a question I don't want to mess up on.

    Agree totally that Manufacturing is much longer. With enough practice Company can be done comfortably in 45-50 mins.


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    #4
    md99
    Closed Accounts Posts: 817 ✭✭✭md99


    this year it's either

    COMPANY
    or
    MANUFACTURING

    It's very simple, a 3 year cycle ie look at the last 6 years:

    06: Sole Trader
    05: Manu
    04: Company
    03: Sole Trader
    02: Manu
    01: Company
    00: Sole Trader

    Now is anyone beginning to notice a trend here? Like biker I'm still practicing Sole Trader un petit peu.... coz I am avoiding the 60 markers completely


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    #5
    dosed
    Closed Accounts Posts: 77 ✭✭dosed


    personally, I'd put money on it being company. and if it is, lucky you! IMO thats the easiest out of the three.
    last year we were all convinced that there was no way Manu could come up, and it didnt, but i was a walking ball of stress b4 that exam because i was terrified that it would come up, and i didnt know it at all.
    so to avoid the stress, if you have time, learn sole trader and manu as well as company.
    and yeah, i agree, Manu is alot longer and more confusing than the other 2.

    alana


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    #6
    Mushy
    Registered Users Posts: 21,388 ✭✭✭✭Mushy


    md99 wrote:
    this year it's either

    COMPANY
    or
    MANUFACTURING

    It's very simple, a 3 year cycle ie look at the last 6 years:

    06: Sole Trader
    05: Manu
    04: Company
    03: Sole Trader
    02: Manu
    01: Company
    00: Sole Trader

    Now is anyone beginning to notice a trend here? Like biker I'm still practicing Sole Trader un petit peu.... coz I am avoiding the 60 markers completely

    In 02, it was a company a/c, not a manu!

    Really hope a company comes up, they are much easier than manufacturing. Although I still have to look over manufacturing, so I'm sure it'll be ok on the day.

    EDIT: Wouldnt it be disastrous if a Departmental came up?


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    #7
    sully88
    Closed Accounts Posts: 35 ✭sully88


    derpartmental? ive never even done one of those! Ive heard of them but never did one.
    My ideal accouning paper:
    Q1. Company
    Q5. Interpretation
    Q6. Service firm
    Q7. Incomplete type 2
    Q8. Cash budgeting or valuation of closing stock


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    #8
    md99
    Closed Accounts Posts: 817 ✭✭✭md99


    What is a 'departmental'?


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    #9
    lemansky
    Registered Users Posts: 970 ✭✭✭lemansky


    sully88 wrote:
    derpartmental? ive never even done one of those! Ive heard of them but never did one.
    My ideal accouning paper:
    Q1. Company
    Q5. Interpretation
    Q6. Service firm
    Q7. Incomplete type 2
    Q8. Cash budgeting or valuation of closing stock

    Sounds like a nice paper...........as for departmental I've seen that mentioned somewhere,but not as part of our classes.I would love company.So easy but frankly I'm not pushed.Our teacher is the definition of a legend.No textbooks just his own notes...he has a load of textbooks and just writes out his version in the form of examples etc.With him it doesn't matter what it is because the concepts have been drilled into us so hard and we're fully comfortable with all of the internal accounts.He just teaches them,no 60 markers.but yea company would be great!

    What are the odds of a club accounts question as 100 marks ?


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    #10
    md99
    Closed Accounts Posts: 817 ✭✭✭md99


    lemansky wrote:
    What are the odds of a club accounts question as 100 marks ?

    A little lower than Service, which is more due. Either would be great though


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    #11
    sully88
    Closed Accounts Posts: 35 ✭sully88


    lemansky, do u have any good notes on manufacturing accounts?


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    #12
    lemansky
    Registered Users Posts: 970 ✭✭✭lemansky


    md99 wrote:
    A little lower than Service, which is more due. Either would be great though
    Absolutely.I'm happy with either....as long as I can avoid published accounts without being forced into the ratios one


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    #13
    lemansky
    Registered Users Posts: 970 ✭✭✭lemansky


    sully88 wrote:
    lemansky, do u have any good notes on manufacturing accounts?
    well not any specific notes on manufacturing as such.He has a general index sheet done out that covers all 3 types-where to put various things and how to handle the calculations.It teaches an inderstanding rather than just learning them off.Then for each individual type he does out examples-> planning and accounts....which are easier to follow than most books but really to gain their full benefit you need him teaching as well.Otherwise as I say you'd just be learning off the types from a book.He realy just cuts the material down.I don't have anything that would be useful to you at this stage.....sorry


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    #14
    euwwy deuwwy
    Closed Accounts Posts: 56 ✭✭euwwy deuwwy


    Departmental wont be on the paper. Our teacher was told at an in-service not to even bother teaching it. Its actually appart of the old course. My ideal paper is:
    Q1 Company final
    Q6 Service firm/Club
    Q7 Incomplete a or b
    Q8 Anything as long as there are no big changes from previous years.

    It seems most years that there is always a dodgy question, i.e the question 1 trend was broken last year, Q8 and Q9s are mixed up every now and then and a question came up 2 years in a row a few years ago so I'm certain the paper wont be like my prediction. I think they are going to mess with the 100 markers this year. I'm going to study suspense just in case. Suspense Accounts are actually really important so if they wanted to mess something up in the paper without being too mean i'd say they might put this up again. I know its a long shot!!


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    #15
    europerson
    Registered Users Posts: 2,909 ✭✭✭europerson


    md99 wrote:
    What is a 'departmental'?
    Departmental accounts cover companies which are split into two or more parts. An example would be a company with a 'production' division and a 'sales' division. They've kind of gone out of fashion of late.


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    #16
    Mushy
    Registered Users Posts: 21,388 ✭✭✭✭Mushy


    Yeah deprtmental was on the Ordinary paper in 2005. Thats my biggest worry bout it the LC, but I'm very much doubting it would come up. A dream paper for me would be:


    Q!: Company Final A/C
    Q5: Interpretation
    Q6/7: Cash Flow
    Q6/7: Incomplete(the ones where you have to do the balance sheet first)
    Q9: Either cash budgeting or the one with activity level on it.

    Has anyone noticed though, whenever a company comes up, I think a cash budgeting one comes up aswell.


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    #17
    colm-ccfc84
    Closed Accounts Posts: 518 ✭✭✭colm-ccfc84


    I predict company, but both are easy. We did one departmental in class but there is no chance of it. Should be 120marks sorted anyway. Predicting for the rest of the paper: Ratios, Incomplete records, service firm, the two part costing involving closing stock.. Another possible 100m is cash flow. It should be a fine paper!


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    #18
    lemansky
    Registered Users Posts: 970 ✭✭✭lemansky


    I'd never heard of departmental before this.I guess its just not asked then at higher level now,and our teacher took the in service advice to heart?I don't have to woory about it then....correct?:confused:


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    #19
    Donald-Duck
    Registered Users Posts: 1,119 ✭✭✭Donald-Duck


    colm-ccfc84 wrote:
    I predict company, but both are easy. We did one departmental in class but there is no chance of it. Should be 120marks sorted anyway. Predicting for the rest of the paper: Ratios, Incomplete records, service firm, the two part costing involving closing stock.. Another possible 100m is cash flow. It should be a fine paper!
    Ratios are a given not a prediction


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    #20
    lemansky
    Registered Users Posts: 970 ✭✭✭lemansky


    Anyone have a prediction as to which ratios questions will come up?


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    #21
    colm-ccfc84
    Closed Accounts Posts: 518 ✭✭✭colm-ccfc84


    Donald-Duck wrote:
    Ratios are a given not a prediction
    Actually it is not. Now run along, kid.


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    #22
    Mushy
    Registered Users Posts: 21,388 ✭✭✭✭Mushy


    Colm, by recent trends it is pretty much a given. It'd be nice if the Paper I mentioned came up, no writing for three pages for me. If I have to do the Ratio one, no bother. Think the first part will be:

    P/E Ratio, Gearing, RoEF, Dividend Yield, Cash purchases if time given to creditors is X months.

    Think its gonna be about a shareholders happiness this year, as last year was debenture holders. Hopefully no extra theory on it either.


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    #23
    md99
    Closed Accounts Posts: 817 ✭✭✭md99


    It COULD be manufacturing, they'd catch a lot out...

    But three years without Company is very unlikely. I reckon it'll be company... I've started touching up on Manufacturing just in case. Balanced my first one this morning in the height of my tiredness from grad night... so I'm pretty content!

    My ideal Accounting paper.....

    Q1 Company Final A/C
    Q5 Ratios
    Q6/7 Incomplete Records (Type A)
    Service Firms
    Club Accounts
    Cash Flow Statement
    Q9 Product Costing (solo... no Valuation of Closing Stock)


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    #24
    colm-ccfc84
    Closed Accounts Posts: 518 ✭✭✭colm-ccfc84


    Mushy wrote:
    Colm, by recent trends it is pretty much a given. It'd be nice if the Paper I mentioned came up, no writing for three pages for me. If I have to do the Ratio one, no bother. Think the first part will be:

    P/E Ratio, Gearing, RoEF, Dividend Yield, Cash purchases if time given to creditors is X months.

    Think its gonna be about a shareholders happiness this year, as last year was debenture holders. Hopefully no extra theory on it either.
    Fact is, it isn't actually a given. I am right and the petty post by whoever tried to 'catch' me is wrong.End of.


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