Accounting predictions Q.6,7

md99

euwwy deuwwy wrote:

I agree, the likely hood is that its going to be very similar to that mock, but does it not seem a little bit simple??

It does....but it's happened before. Maybe the challenge for us is doing it properly in the time available? 100m Service and Incomplete (if Type A) could be pressing on time...not that I'd complain

Mushy

Published Accounts Theory:

Accounting Policy Note for Tangibe FA & Stock
Stock: Stock is calculated on a first-in, first-out method, at the lower of cost and net realisabe value.
FA: Buildings were re-valued to {insert re-value}. Depreciation ws also added at a rate of 2% straight line.

Operating Profit:
Operating Profit was arrived at after adding: €
Directors Fee's P
Auditors Fee's Q
Depc: Building R
Ammortised Patents S

Dividends
Int. X
Ordinary Prop Y
Total Z

NOTE: You will be given one of these letters. If you are given 'Y', to find 'X', divide 'X' into 'Y', then multiply by the value(in cents) that 'Y' is. If you want, just say so and I'll type up an example. Tonight if I see it before I leave, tomorrow mid-morning sometime.

Contingent Liabilities
Note: If this appears, it is normally at the end of the additional information. I'm going based on one where the company would not be likely to be at fault.

As of 31/12/year, aformer employee of the company is taking action against unfair dismissal. The company's legal team have assessed the situation, and feel that the company will not be liable under the terms of the contract. The fee's for this action are due to be around [<insert amount>], and as this appears unlikely, the fee's are not shown in the accounts.

Note: Please adjust accordingly depending on what it says about the company.

Interest Payable
Interest Payable is calculated by finding X% of the debenture figure of €Y. To find interest due, take away the interest paid amount from this figurethis is just an explanation of how you did the working

Not doing tangible Fixed Assets one, big table, takes way too long. Can barely do it myself.

I've just realised how screwed I am if Manufacturing comes up again...damn:mad:

colm-ccfc84

Well I don't think that would be viewed as too simple. Incomplete and service have come together twice before in 01 and 03 ( I'm sure!). It would be ideal though.

euwwy deuwwy

Maybe simple was the wrong word. But whoooooo, I'd be relieved if they came. I'd describe myself as a gambler when it comes to exams, i.e I know some things extremely well and others would be very vague. It's worked so far anyway............. kinda

lemansky

Hopefully they might throw in the challenge in the form of some other question apart from those ones,an awkward adjustment or something!But homestly I'd say that they would view time as the challenge for that combination-see how you perform trying to get it done properly,as has been already said.
You can only keep your fingers crossed though!I don't think they look to punish people doing those questions though as they are all usually standard when they do come up.

sully88

Does any body have a marking scheme for 1998 cash flow 100 marker?

Mushy

To check if your right, go to the current assets section of the Balance Sheet. Where cash is, the difference between those two figures is your answer. If there is no cash, use Bank, under the current liabilities section. Same thing, the difference is your answer.

md99

sully88 wrote:

Does any body have a marking scheme for 1998 cash flow 100 marker?

I've just done this question today and balanced it...where do you need help?

Increase in Cash = 24,000
Net Cash Inflow from Op. Activities = 51,000 if memory serves correct

cormac17

my ideal paper!!!
section A= control a/c and revaluation a/c
section B= incomplete record nd club a/c
section C= valuation of closing stock/product costing

god if that stuff came up i would b defo on 4 my A1:D:D

colm-ccfc84

colm-ccfc84 wrote:

Service and incomplete.

That's embarassing.:D

md99

lol... it did sound too good to be true alright. Can't believe they gave these two!!!!!