ACCOUNTING AFTERMATH

Killio9

jfrmbray wrote: »

WHY WOULD A NURSING HOME HAVE A SHOP

or a bloody minibus!

JoeyBuddy

Thought it was an utter bollocks.
Only subject so far that's put me in a bad mood.

The questions were bad, but I also ****ed up on the easy stuff.
I put VAT, PRSI and bank as Current assets for no apparant reason...
And I forgot to do the 3 years depreciation in the service.

That's about 20 marks or so gone, I'd say...

Section 3 was awful too. I bull****ted the costing.
For part (c) I put the $ over the first set of hours...is that wrong yeah?


The ratios was the only question I'm happy with really. I'll post my answers to that shortly.

My predictions are around:
1: 65
5: 80
6: 60
8: 35

Which totals to 240/400
60% ....

JellyBeans92

Killio9 wrote: »

or a bloody minibus!

They can't just lock the golden oldies in their rooms, that'd be inhumane..
=P

It was an odd Service Firm Q though?.

JoeyBuddy

My ratio answers were:

(i) 3.17 times
(ii) 268,000
(iii) 1.33times
(iv) E1.50
(v) 7.5%


Anyone get these too? PLEASE tell me someone got these. This is the only question that I feel I did well in. I freakin need this one!

The___________

JoeyBuddy wrote: »

My ratio answers were:

(i) 3.17 times
(ii) 268,000
(iii) 1.33times
(iv) E1.50
(v) 7.5%


Anyone get these too? PLEASE tell me someone got these. This is the only question that I feel I did well in. I freakin need this one!

They're all fine!

clairebearxx

JoeyBuddy wrote: »

Thought it was an utter bollocks.
Only subject so far that's put me in a bad mood.

The questions were bad, but I also ****ed up on the easy stuff.
I put VAT, PRSI and bank as Current assets for no apparant reason...
And I forgot to do the 3 years depreciation in the service.

That's about 20 marks or so gone, I'd say...

Section 3 was awful too. I bull****ted the costing.
For part (c) I put the $ over the first set of hours...is that wrong yeah?


The ratios was the only question I'm happy with really. I'll post my answers to that shortly.

My predictions are around:
1: 65
5: 80
6: 60
8: 35

Which totals to 240/400
60% ....

i think ur bein a bit 2 hard on yourself! dont forget..they only penalise u once and use ur answer 4 the rest of the question! chin up!:)

Killio9

EuropeanSon wrote: »

Error of original entry is one, I'm not sure of the others. I just said calculation errors, and something else which I've forgotten. Nasty bit of a question.

mathematical was one,double entry error and misplacement error,like putting something in the wrong account

JoeyBuddy

The___________ wrote: »

They're all fine!

Really? You got them too? Nice one. At least that's 45m in the bag. Hopefully they're not too harsh on the report. Should get 80ish or so in the ratios I hope.

clairebearxx wrote: »

i think ur bein a bit 2 hard on yourself! dont forget..they only penalise u once and use ur answer 4 the rest of the question! chin up!:)

Yeah, maybe it'll turn out okay. Thanks.

clairebearxx

JoeyBuddy wrote: »

Really? You got them too? Nice one. At least that's 45m in the bag. Hopefully they're not too harsh on the report. Should get 80ish or so in the ratios I hope.


Yeah, maybe it'll turn out okay. Thanks.

no probs..accountin is just one of those subjects that u always do better in than u think..just put it out of ur mind now till august!! im sure ul do fine! fair deuce for doin d ratio question! could never get my head around those!:)

JoeyBuddy

clairebearxx wrote: »

no probs..accountin is just one of those subjects that u always do better in than u think..just put it out of ur mind now till august!! im sure ul do fine! fair deuce for doin d ratio question! could never get my head around those!:)

Haha, cool.

Nah, they're the only question I really like. Just standard learning off stuff.
Thanks anyway. We'll see how I get on in August.

unknown13

The SEC messed up again this year. Accounting doesn't seem to be their favourite subject.

**Timbuk2**

I thought the questions were fine, but the paper was a bit too long. My friends, and even the teachers, all agree with me that the Service Firm in particular was very long, as was the Q8

For Q1 I got a balancing figure of €1,109,140 (which is different from anyone else's answer posted here - I hope I didn't lose too many marks. I was very happy when it balanced though but that doesn't really mean anything). I can't remember what I got for Service, and I got €831,160.

For Q8, my part A and B were ok but my part C was quite substandard, and also I ran out of time. What do you think the breakdown of marks will be? E.g A 30 B 30 C 20, or will part C have the majority of marks?

JoeyBuddy

I'd say the breakdown will be around
A: 25
B: 30
C: 25


But I dunno. I pretty much ****ed them all up anyway.
Well, maybe I did okay in part B. I just multiplied the fixed and variable $ by the hours.
And the same with wages. Added em all up with material costs and general admin overhead too.
Is that right?

JellyBeans92

**Timbuk2** wrote: »

I thought the questions were fine, but the paper was a bit too long. My friends, and even the teachers, all agree with me that the Service Firm in particular was very long, as was the Q8

I bet the people in South Dublin didn't... ZING!

bobbyrae

JoeyBuddy wrote: »

I'd say the breakdown will be around
A: 25
B: 30
C: 25


But I dunno. I pretty much ****ed them all up anyway.
Well, maybe I did okay in part B. I just multiplied the fixed and variable $ by the hours.
And the same with wages. Added em all up with material costs and general admin overhead too.
Is that right?

ya thats part b right anyway! i did chronic in (c) zero marks id say! im hoping they give very little marks to it!

JoeyBuddy

bobbyrae wrote: »

ya thats part b right anyway! i did chronic in (c) zero marks id say! im hoping they give very little marks to it!

Really? Thats good news.

For part C I just put the overhead $ over the direct labour hours. Think thats wrong.
I'll get a big fat 0 too, probably!

The___________

Prediction time

Q.1-110
Q5-90
Q6-100
Q8-65

Total-365/400-That's the best case scenario anyway! :L

Vurnon San Benito

Well well well.
I really ****ed this paper up, big time!


No Company Account.
No Club Account.
No Fleixble Budgeting or Marginal Costing.

I attempted a Service Firm that I had no clue how to do.
The Sole trader was 29,000 off working out but I think I did OK. Frigd up the note with the PAYE & PRSI though.

Last question didn't get done whatsoever, so I'm ruling myself out of 80 already, (well I say I got about 5 marks).

Interpretation was OK, but I got mixed up in some of the formulas.

Best I can hope for is a pass.
My prediction :

Q1. 70-75
Q5. 40
Q6. 75
Q8. 5

195/400

A pass anyway.

EuropeanSon

Best case scenario.
Q1-120
Q6-100
Q7-97
Q9-76

Total-393/400 98.25%

More likely
Q1-120
Q6-92
Q7-90
Q9-72

374/400 93.5%

Worst Case (extreme pessimism)
Q1-112
Q6-86
Q7-88
Q9-68

354/400 88.5%

TRAPASARMY

Cant see where I dropped marks. A1.:D. Lovely paper

Bring on accounting for the rest of my life!!!!!

itzybitzyfitzy

Dublin4Life wrote: »

The Accounting paper was so ****ing hard................ L0L jk I went to the IOE

I love our teachers they told us the SEC and a surprise in store and they had us well prepared

i went to ioe during the easter for accounting.

since u are so proud of ur skool can u tell tem the toilets are horrible and the desks are tiny and fragile

really they should use their fees on things tat are desperately needed!

The___________

TRAPASARMY wrote: »

Cant see where I dropped marks. A1.:D. Lovely paper

Bring on accounting for the rest of my life!!!!!

Ha me too where have you applied to for next year?

**Timbuk2**

In Q1, for the adjustment with drawings of 960, was this the correct procedure?

Increase (dr) Drawings 960
Decrease (cr) Purchases 960

That's what I did. I think I may have been wrong using purchases though. Drawings always confused me, and I never understood why they were treated differently in farm a/cs

randylonghorn

jfrmbray wrote: »

WHY WOULD A NURSING HOME HAVE A SHOP

Because the residents aren't fit to go wandering downtown? :P

Seriously, many hospitals do, so it wasn't THAT much of a stretch of the imagination.

newbridge23 wrote: »

Was der any closing stock in de cash budgetin question?????

itzybitzyfitzy wrote: »

i went to ioe during the easter for accounting.

since u are so proud of ur skool can u tell tem the toilets are horrible and the desks are tiny and fragile

really they should use their fees on things tat are desperately needed!

clairebearxx wrote: »

no probs..accountin is just one of those subjects that u always do better in than u think..just put it out of ur mind now till august!! im sure ul do fine! fair deuce for doin d ratio question! could never get my head around those!:)

Newbridge23, itzybitzyfitzy, clairebearxx, welcome to Boards.

Please note that textspeak is not welcome around here.

bobbyrae

**Timbuk2** wrote: »

In Q1, for the adjustment with drawings of 960, was this the correct procedure?

Increase (dr) Drawings 960
Decrease (cr) Purchases 960

That's what I did. I think I may have been wrong using purchases though. Drawings always confused me, and I never understood why they were treated differently in farm a/cs

am wasnt drawings for mortgage interest not purchases?

**Timbuk2**

I always thought it was a rule that you increase drawings, decrease purchases. Something like that came up on the 2008 paper, I think

Doff

That paper was horrible. Riddled with errors, Spent about 15 minutes at the start because the examiner was explaining all the errors. To top it off, My maths teacher took my calculator from my pencil case after maths P2 and never put it back in for accounting, I realized it at about 1:59 and when I said it to the examiner he shrugged his shoulders and turned and walked away. I had to do the whole ****ing thing without a calculator :mad: I got 92% in my mocks and was aiming for an A1 in this but I think theres so many wrong additions and subtractions I won't get near it. Ad to the fact my primary school completely overlooked long division so I never done it because as soon as I hit secondary it was all calculators.

Is there anything I can do now or should I just accept what happened and hope for the best?

Areq

Doff wrote: »

Is there anything I can do now or should I just accept what happened and hope for the best?

I think you should kill the calculator thief :mad:

Doff

Areq wrote: »

I think you should kill the calculator thief :mad:

Wasn't exactly a thief, It was my maths teachers calculator and they wanted it back after P2. I said I needed it for accounting and they said ok so I presumed they would just put it in the pencil case. All other subjects the pencils cases were changed to have all the things we would need like colors in Geography or Compass's in maths so I thought this would be the same I wrote a note on the front page of the booklet in red pen so hopefully the marker might take pity. I handed up the 4 sheets (Handed out sheets) along with the exam and marked each one specifically so hopefully the marker will take pity, Or get totally pissed they have tons more to look over

Matthew712

Q1 €1089180 -- Use of the word 'incorporating' is incorrect and inconsistent with earlier accounting papers.
Q7 €830710 but note (iii) ambiguous as it didn't specify if the vehicles exchanged were 'fixed assets' or 'goods for resale' (An error in the paper in my view) note (iv) also ambiguous as not clear if cash account was credited or not (another error in my view) part (e) many errors affect the balancing of a trail balance but the trial balance will still agree. ie the totals many agree but are wrong. Well done <modsnip> - you messed up again. No chance you were in that minibus sold!
Q8 (a) G/P €47900 (b) SP €26818.75 (c) €9600 over absorption

Q6 Too long
Q5 OK
Q9 Should have specified when equipment was bought (another recurring error which leads to various correct solutions.