ACCOUNTING AFTERMATH

The___________

Matthew712 wrote: »

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.

I hope that is the correct answer! I had it too-was a complete guess how to do that question as well :L

stekill

any body have any idea the range of marks that could be lost from that mini bus adjustment???im pretty sure every other adjustment was correct but im wondering how many marks can be lost from a single adjustment like that??

how much out of 100 would be lost??? thanks

EuropeanSon

stekill wrote: »

any body have any idea the range of marks that could be lost from that mini bus adjustment???im pretty sure every other adjustment was correct but im wondering how many marks can be lost from a single adjustment like that??

how much out of 100 would be lost??? thanks

Perhaps 8-12 lost, if you got the wrong profit figure too. Less if it's only a small mistake and you showed workings.

The___________

EuropeanSon wrote: »

Perhaps 8-12 lost, if you got the wrong profit figure too. Less if it's only a small mistake and you showed workings.

Had a look over the sole trader there and as far as I can make out my only mistake was in the restocking charge working-I added it on to CS along with Cred/Pur for some reason!
I reckon that will cost me 8-12 marks overall-thoughts?

EuropeanSon

The___________ wrote: »

Had a look over the sole trader there and as far as I can make out my only mistake was in the restocking charge working-I added it on to CS along with Cred/Pur for some reason!
I reckon that will cost me 8-12 marks overall-thoughts?

Not that many. If you showed workings, you'll lose maybe 2 for closing stock and get 4 of 6 for profit, provided the MS is easy, which it should be. No workings means you'll lose all the closing stock marks, which is 4 or 5.

TRAPASARMY

The___________ wrote: »

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

ucc accounting hopefully if not Law and Accounting UL yourself??

Gaga OhLaLa

Doff wrote: »

That paper was horrible. Riddled with errors,

Where were the errors that were meant to be in the paper?

**Timbuk2**

In one of the Suspense adjustments, the error was a debit in the cash book, so you had to credit it to correct this. Were they referring to the cash acount or the bank account? I said bank as otherwise you would get a negative cash figure which is cobblers!!

clairebearxx

pretty sure it was bank account timbuk2..somethin similar came up in 08 i think!

clairebearxx

TRAPASARMY wrote: »

ucc accounting hopefully if not Law and Accounting UL yourself??

snap! i want accounting and finance in dcu!:D

TRAPASARMY

clairebearxx wrote: »

snap! i want accounting and finance in dcu!:D

Still accounting is accounting:D!!! Whats actuary like do you know?

clairebearxx

TRAPASARMY wrote: »

Still accounting is accounting:D!!! Whats actuary like do you know?

em my brother was on about being an actuary for a while! i think its like in insurance when you have to assess the damage in an accident and see how much of a claim they get..something like that! serious number crunchin'!!!!:D

pathway33

yesterdays accounting exam supposed to be discussed on the midday programme on TV3 at 11.50 for those of you who have televisions

TRAPASARMY

clairebearxx wrote: »

em my brother was on about being an actuary for a while! i think its like in insurance when you have to assess the damage in an accident and see how much of a claim they get..something like that! serious number crunchin'!!!!:D

ya id say il stick with acc. Id say il be safe with points. Thank God were 480 last year. cant see them going mad??

Eire-Dearg

pathway33 wrote: »

yesterdays accounting exam supposed to be discussed on the midday programme on TV3 at 11.50 for those of you who have televisions

I have a television.

Ashashi

**Timbuk2** wrote: »

In one of the Suspense adjustments, the error was a debit in the cash book, so you had to credit it to correct this. Were they referring to the cash acount or the bank account? I said bank as otherwise you would get a negative cash figure which is cobblers!!

You always touch bank as far as I remember, I still got a huge overdraft though, but it worked anyway

Cian92

pathway33 wrote: »

yesterdays accounting exam supposed to be discussed on the midday programme on TV3 at 11.50 for those of you who have televisions

Is it about the exam itself? Or just about the papers missing pages?

pathway33

Cian92 wrote: »

Is it about the exam itself? Or just about the papers missing pages?

Not too sure. I just fell upon it on twitter. And this

"On Midday today - First up another blunder in the Leaving Cert as students in Dublin are given an exam with missing questions we ask is the exam system the best way to assess students? Do you have any exam horror stories of your own - let us know and join the debate at http://www.facebook.com/tv3midday "

oasis-fan

hey jjust wonderin what figures ye got individually?
q1 - p+l - 100980?
bal sheet - 1097580? it worked out but i know some of ye got a different answer. how much would you lose for a couple of small mistakes?
q6 reserves -233800
shop p+l - 1600
p+l 402780
q7 suspense 6600
net profi - 81610
bal sheet 831010
q8 a) c/stock 7700
trading a/c 31500
b) 25746??
c) not a clue!
cheers

clairebearxx

TRAPASARMY wrote: »

ya id say il stick with acc. Id say il be safe with points. Thank God were 480 last year. cant see them going mad??

na accounting points normally stay static! it all depends on the results and demand though! only time will tell!!:)

clairebearxx

pathway33 wrote: »

yesterdays accounting exam supposed to be discussed on the midday programme on TV3 at 11.50 for those of you who have televisions

i missed the bit about accounting..anyone catch what was said?

pathway33

clairebearxx wrote: »

i missed the bit about accounting..anyone catch what was said?

Very little. Teresa Lowe said how could you choose your questions when you didn't know all the options. Deirdre De Burca said it's an example of how everything has to be right. Then they just spoke about the leaving in general and how they are still remembering snippets of poems 20 years after the leaving and how great that is. You'll probably get it on playback if interested.

clairebearxx

pathway33 wrote: »

Very little. Teresa Lowe said how could you choose your questions when you didn't know all the options. Deirdre De Burca said it's an example of how everything has to be right. Then they just spoke about the leaving in general and how they are still remembering snippets of poems 20 years after the leaving and how great that is. You'll probably get it on playback if interested.

ah no its ok! i thought they might say if the marking scheme will go easier on us now because of the error or not.! hope they do!

cf10

If they do go easier on the marking scheme will it just be for the people in dublin?

Thats fair enough i suppose but wouldn't mind them going easy on the rest of us too cos that paper was so hard!!

The___________

oasis-fan wrote: »

hey jjust wonderin what figures ye got individually?
q1 - p+l - 100980?
bal sheet - 1097580? it worked out but i know some of ye got a different answer. how much would you lose for a couple of small mistakes?
q6 reserves -233800
shop p+l - 1600
p+l 402780
q7 suspense 6600
net profi - 81610
bal sheet 831010
q8 a) c/stock 7700
trading a/c 31500
b) 25746??
c) not a clue!
cheers

Hmm I think your figure for the Firms p/l looks a bit big,did it balance in the end? You have the right figure for reserves and shop profit though,

C/S in Q.8 is wrong,looking at your figure I would guess that you left out the opening stock at the beginning of the stock sheet-obviously this affected your trading A/C as well
For part (b) that looks correct I think it was a figure in and around that anyway although mine had 75c on the end of it I think

The___________

cf10 wrote: »

If they do go easier on the marking scheme will it just be for the people in dublin?

Thats fair enough i suppose but wouldn't mind them going easy on the rest of us too cos that paper was so hard!!

The correctors will have no way of knowing what part of Ireland each script is from I'd imagine-that's one of the basic principles of the correction process anonymity.

**Timbuk2**

I think those people getting 45 minutes extra is compensation enough and it's very unfair if those students are marked any easier than us! It's a terrible thing to happen but I would kill to have 45 minutes extra in accounting!

The___________

**Timbuk2** wrote: »

I think those people getting 45 minutes extra is compensation enough and it's very unfair if those students are marked any easier than us! It's a terrible thing to happen but I would kill to have 45 minutes extra in accounting!

That was one seriously long paper as well! In the mocks I finished up with an hour and 20 mins left-yesterday it took 2hrs and 50mins to complete

Cian92

The___________ wrote: »

The correctors will have no way of knowing what part of Ireland each script is from I'd imagine-that's one of the basic principles of the correction process anonymity.

One of the teachers in our school, said they know which school they are correcting, and have a list of all the students. They just don't know which script corresponds with each name.

RexMundi

The___________ wrote: »

The correctors will have no way of knowing what part of Ireland each script is from I'd imagine-that's one of the basic principles of the correction process anonymity.

They'll have to affix a note to the scripts affected.

As someone who was in an exam centre with the dodgy scripts who almost certainly got the marks I wanted anyway, I can tell you that a lot of people were very badly affected by the hash up. It is almost inconceivable that examiners would not know if the scripts they were marking were affected by a huge cock up on behalf of the SEC. Some of the lads depending on high points from Accounting were in a right state for a good bit into the exam, could only have adversely affected them.