Accounting Aftermath

btothei

question 3: debtors control....failry ok but i tink i mite hav e messed a figure r two
Question 4: pretty sure i got this perfect rite the way down to the very end cept for the last 2 dodgy a/c's...never hav a clue wat to do ther!
Question 5: ok i spose cudnt do (a) part (V) tho. didnt like the 2 bits bein part (b) and (c) at all tho....regret doin this question last
Question 7: incomplete records...was quite nice....cudnt complain really.....mite have messed the bank balance in current assets but thats it tho
Question 8: tricky but i eventually wrked round it...got it perfect cept maybe for a theory or two

overall....b1 maybe an a2 hopefully

Mushy

Q1: ah nuts. Although it was mainly that fire adjustment bit that got me, maybe the suspense thing aswell kinda. Althou if your only punished once for a mistake, I should still get the guts of about 100-110, which is better than expected

Q.5: Nice, a bit different the way you had to compare with projections from next year. Part (c) was ok, just used the gearing ratio going at current business activity, so said dont give it to them, as they are already financed through debt more so. Hopefully up around 80 for that question in total.

Q7: A nice Incomplete. Not my favourite method, but I worked hard on these, was able to get through it. Was ~€75,000 out, but then with 5 mins to go, noticed something, and I'm only €300 out. Think it was just basic calculation error that made that mistake, so hopefully up around 95 for that question.

Q9: Ah What? Never have seen it like that. Was majoritily just random guesswork, although think I have the basics of it all worked out. At best, I'd be looking at only half marks on that one.

Overall: Definately not the A I wanted. Hopefully as high as possible into the B's for what I thought to be a disaster of a paper(more so at the time, a B is still quite good). Dont think it'll adversely affect my getting my first choice in college luckily enough, but still, on a personal level, not a nice way to finish the LC. I'll go for worse case scenario and say a B3 here.

lennykravitz

cormac17 wrote:

i was very happy wit it!!! After an absolutely horrible mornin in physics!!:(,,acc was a nice paper compared!!!

never had a nosebleed in my life...............till i saw that physics paper!!!!!!!!!!
very traumatic experience!

cson

Actually I just remembered something and I'm surprised it hasn't been brought up yet.....the theory.

Wtf was with the theory on Q7? Now I don't know about you but we didn't do the accounting concept in class for theory so...?

I just said what came to me; for every debit there is a credit etc

Mushy

For the accounting concept, I just said it was an idea that has arisen from an accounting method. Cos after all, thats what a concept is. The next bit, the two traits of it, I just said the double entry system(same as you cson). Didnt know another. For the illustration relating to P. Lynch's accounts, I just did an illustration of a bloody T account cos I was so pissed off by that stage. Theory on Q9 was worse I felt.

melsman

cson wrote:

Actually I just remembered something and I'm surprised it hasn't been brought up yet.....the theory.

Wtf was with the theory on Q7? Now I don't know about you but we didn't do the accounting concept in class for theory so...?

I just said what came to me; for every debit there is a credit etc

well i wrote some bull about the concept of prudence and priciple of double entry

whatshername!!

cson wrote:

Actually I just remembered something and I'm surprised it hasn't been brought up yet.....the theory.

Wtf was with the theory on Q7? Now I don't know about you but we didn't do the accounting concept in class for theory so...?

I just said what came to me; for every debit there is a credit etc

We did it bt never learnt it thought it wouldnt come up. The answer to
(i) Logical structure which guides the preperation of a/c statements
(ii) is Accurals - matching principals that all costs are set off against revenues to which they relate
Consistency - similar matters should be treated in a similar matterswhen they arise
Prudence - Never overstate profits

md99

yeah...accounting concept... wtf. ah well just 8 marks! I said it was a concept related to accounting...:D

Jane1012

md99 wrote:

Did this balance? I got €1,437,544, which balanced, though I may have made one or two mistakes with the infamous Fire adjustment!

ah ha i got 1,429,784 and it didn even balance

cson

The cash budget theory was pretty easy if you did business.

Bastarding dishonored cheque in service....

md99

Did everyone else notice that the P+L Balance from the start of the year was a loss? I noticed this second time round... those tricky motherf's!

cormac17

lennykravitz wrote:

never had a nosebleed in my life...............till i saw that physics paper!!!!!!!!!!
very traumatic experience!

god yea,,tell me bout it!! durin it i went to da toilet nd sat down in da toilet nd was shakin!! really thought i failed it!!!! was sooo pissed off bout it!!,,,wish i droped to pass!!:(,,,so acc was a really nice relief 4m that crappy exam:D


oh nd the goodwill in da incomplete,,,that was a negative wasnt it!!!??!?!

cson

If thats in the Q1 thats where I went wrong so. ****ing presumptions! :eek:

md99

they did it in Examcraft pre...that's why I was sorta expecting it...still missed it 1st time

dobman

BrightEyes wrote:

Does anyone remember what they got for Q1? I got 1,416,844.

So annoyed with myself for the Service Firm question, I left out the revaluation reserve at the end and ended up like 100,000 off or something like that

q1 total 1490544

dobman

cormac17 wrote:

god yea,,tell me bout it!! durin it i went to da toilet nd sat down in da toilet nd was shakin!! really thought i failed it!!!! was sooo pissed off bout it!!,,,wish i droped to pass!!:(,,,so acc was a really nice relief 4m that crappy exam:D


oh nd the goodwill in da incomplete,,,that was a negative wasnt it!!!??!?!

goodwill 18000

dobman

md99 wrote:

Of course! Thanks for clearing this up .

Can you remember your final figure in the budget... Mine was (probably wrong) around 360,000...

mine 360167

dobman

justbringit89 wrote:

will q8 part b be for half ie 40 marks????

q1 upset a fair few and question 8(A) was new (it too will be answered badly) so they will put more marks towards q8b. it doesn't deserve 40 but it will probably get it

md99

dobman wrote:

mine 360167

oh you absolute beauty... i got the same.

md99

dobman wrote:

q1 total 1490544

did this balance for you? if so that's 3 balancing figures we've seen...

dobman

md99 wrote:

did this balance for you? if so that's 3 balancing figures we've seen...

yes it balanced
gp 555000, np 255744, p/l bal 31/12 110544 bs 1490544
fire adjustment take buildings -40000, purchases -12000, ins claim due(CA) 52000, buildings +70000, salaries - 19000, purchases -51000
advertising 14800 + 200 + 700 (note error in question word should have been "incorporating suspense"

md99

dobman... you get 811,200 balance for Service Firms?

888,345 balance for Incomplete Records?

dobman

md99 wrote:

dobman... you get 811,200 balance for Service Firms?

888,345 balance for Incomplete Records?

811300 for service by adding 100 to client fees due. (didn't write them off)

888345 for incomplete

md99

dobman wrote:

811300 for service by adding 100 to client fees due. (didn't write them off)

888345 for incomplete

great stuff

why would you add them? they're no longer due, right? Right side clients fees, left side bad debts as an expense? That's what I did, maybe I'm wrong....

Either way I'm pretty happy!

dobman

md99 wrote:

great stuff

why would you add them? they're no longer due, right? Right side clients fees, left side bad debts as an expense? That's what I did, maybe I'm wrong....

Either way I'm pretty happy!

not told to write off client, they'll probably accept both ways, as client to health centre is probably not a regular customer, and is likely to do a runner and could be written off too.

cson

Technically speaking its a bad debt, non-paying debtor?

dobman

cson wrote:

Technically speaking its a bad debt, non-paying debtor?

maybe just late? could have been genuine error why cheque was dishonoured.
customer may still intend to honour payments. Oak health centres decision. Prudence concept would say write off.

______

Question 1 was off by 5400, i estimate that to be 2/3 errors because i couldn't find a single one with that difference, so thats about 105-110

Question 5, same as always, wrote tons of points, should be full marks.

Question 6, done everything perfectly, full marks.

Question 9, cant really judge how i done, should be at least 50 from the points i put in that were definitely right, potentially full marks.

so I want that A1, every other subject has went to hell except this.

justbringit89

For the service firms i put down it as 100 debtor ?? he owed money 2 the frim???? also took 100 from the bank ..would that do?

md99

______ wrote:

Question 1 was off by 5400, i estimate that to be 2/3 errors because i couldn't find a single one with that difference, so thats about 105-110

Question 5, same as always, wrote tons of points, should be full marks.

Question 6, done everything perfectly, full marks.

Question 9, cant really judge how i done, should be at least 50 from the points i put in that were definitely right, potentially full marks.

so I want that A1, every other subject has went to hell except this.

What was your Q6 balance...?

I wouldn't expect full marks in Ratios...It's meant to be the question that's marked down the most, ie if there's too many high grades they go to work on the ratios part Bs... although I doubt the same problem should arise with this years paper!

Not to make you feel bad but you missed the unquestionably easiest question on the paper....Question 7! It was lightyears behind the usual standard