* Accounting (HL) Predictions / discussion / aftermath * (One thread please)

YodaBoy

resistantdoor wrote: »

I just have a question if anyone could help.
For TP&L A/C's my teacher always told me to put discount allowed into selling and distribution. However, in the '08 marking scheme it says it goes into administration. Which is correct?

marking schemes always says its in admin..maybe they accept either but even though it looks wrong, i put it in there anyway...better to stick with the markng schemes

YodaBoy

ok so, i never really studied any budgeting cos im doing Q8, but just in case that goes pear-shaped..any tips for Q9? I just want to study one type as a backup

YodaBoy

peckingduck wrote: »

Been to two accounting revision courses both points above were stated at both. Also know quite a few acc teachers who have said the same...Personally, I wouldn't be surprised. They know everyone doesn't cover departmental, what better way to sieve out the better students?!

a departmental wouldnt sieve out the best students..it would sieve out the few students who have even done them in class! that would just show up the teaching of the subject, not the strength of student!!!

kev.f

resistantdoor wrote: »

Could someone post the criteria of a small medium and large company? 'Twould be very much appreciated

small
balance sheet............less than €1.9mil
turnover...................less than €3.8 mil
avg no of employees...less than 50

medium
in between the two


large
Balance sheet............more than 7.6 mil
turnover...................more than 15.2 mil
avg no of employees...more than 250



a firm must meet two out of three of the criteria to be considered either small, meduim or large

hope that helps

luciemc

I am seriously struggling with accounting..

Anyone any tips for learning things off? like headings in cash flow or ratios formulas or anything???

or is the only way to keep practicing? it just doesnt seem to be going in and I have five exams next week

The_Don_21

I'm not doing Q1 so i don't know what'll come up for that
but for short Q's our teacher reckons:
Debtors Control(or Suspense)
Club
Tab

Long Questions:
Ratios
Published
Incomplete(control a/c method)

Budeting
Q8 Marginal Costing
Q9 Production Budget

accounting is actually pretty easy i think, the Q's never really have any surprises and can essentially just be learned off!! definitely looking for an A

resistantdoor

kev.f wrote: »

small
balance sheet............less than €1.9mil
turnover...................less than €3.8 mil
avg no of employees...less than 50

medium
in between the two


large
Balance sheet............more than 7.6 mil
turnover...................more than 15.2 mil
avg no of employees...more than 250



a firm must meet two out of three of the criteria to be considered either small, meduim or large

hope that helps

Legend. Thanks so much

kev.f

no bother atall. hoping published comes up

PJelly

About that discount allowed bit..
Our teacher always told us to throw it in the bottom, operating expenses/profit (if it's discount received).
I suppose once you have it in somewhere you get the marks. It's not as heading focused as a published!

Mental_Legend

Could anyone post a full list of topics that can come up in question 6 and 7 please?

luciemc

Mental_Legend wrote: »

Could anyone post a full list of topics that can come up in question 6 and 7 please?

(Interpretation)
Incomplete
Club
Service Firm
Farm
Published
Tabular
Cash Flow
Suspense

magicianz

kev.f wrote: »

small
balance sheet............less than €1.9mil
turnover...................less than €3.8 mil
avg no of employees...less than 50

medium
in between the two


large
Balance sheet............more than 7.6 mil
turnover...................more than 15.2 mil
avg no of employees...more than 250



a firm must meet two out of three of the criteria for two years in a row to be considered either small, meduim or large

hope that helps

Important part missed there

Edit: 1999 published accounts is where thats from

magicianz

The_Don_21 wrote: »

I'm not doing Q1 so i don't know what'll come up for that
but for short Q's our teacher reckons:
Debtors Control(or Suspense)
Club
Tab

Long Questions:
Ratios
Published
Incomplete(control a/c method)

Budeting
Q8 Marginal Costing
Q9 Production Budget

accounting is actually pretty easy i think, the Q's never really have any surprises and can essentially just be learned off!! definitely looking for an A

There can be surprises. Can you handle incomplete records through the ratios from Q5? 100 mark farm? Never think they wont surprise you, with the way the exams have gone this year and the accounting paper for the last few years, there will be some tricks =/

cocopopsxx

Hey, ok so I feel quite prepared, like I know Reval, Cash flows, Tabular, incomplete, ratios, published, club and management accounting stuff. But I'm still scared and wanna know what else should I revise? Service, farm, suspense and...?
Thanks.

irishpatsfan

any 1 got predictions ?

Sunny!!

irishpatsfan wrote: »

any 1 got predictions ?

60's
- Reval
- Pub
- Club

100's
- Ratios
- Tab
-Incomplete (A) cash book

80's
- Maginal and flexible
- production budget

Mental_Legend

Would it be safe to rule out Cash Budgets for question 9? They've come up 3 times in the last 4 years.

Also, I would predict a Company Final Account for question 1.

The_Don_21

Mental_Legend wrote: »

Would it be safe to rule out Cash Budgets for question 9? They've come up 3 times in the last 4 years.

I'd say a Production Budget is almost guaranteed for Q9

resistantdoor

The_Don_21 wrote: »

I'd say a Production Budget is almost guaranteed for Q9

I'd say flexible are most likely to come up since they haven't come up since '06. They're a bit too easy though so I'd say there's going to be some costing in with it.

kellogskelly

resistantdoor wrote: »

I just have a question if anyone could help.
For TP&L A/C's my teacher always told me to put discount allowed into selling and distribution. However, in the '08 marking scheme it says it goes into administration. Which is correct?

our teacher says that either could be right but selling and distribution is better!

kellogskelly

btw one small question thats been driving me mad! :P
yno in the 2005 incomplete record?
how come they ve paid some of the loan even thought they got it on the 1/7/04 and they re not meant to pay an instalment til the first of june?

irishpatsfan

kellogskelly wrote: »

btw one small question thats been driving me mad! :P
yno in the 2005 incomplete record?
how come they ve paid some of the loan even thought they got it on the 1/7/04 and they re not meant to pay an instalment til the first of june?

i think its because anything from the day of loan to 12 months later makes it a creditor due within 1 year and the rest is due after 1 year so its down in financed by ! this happens only in the case of installments! hope that makes sense!

irishpatsfan

Sunny!! wrote: »

60's
- Reval
- Pub
- Club

100's
- Ratios
- Tab
-Incomplete (A) cash book

80's
- Maginal and flexible
- production budget

ya i agree with most of that but i rekon in the 100s it will b club or cash flow maybe published. i think club if i was 2 guess not sure like and i think 1 will definalty b a company final hope 9 is flexible but i think it will b production budget and i rekon ratios will b on a debenture holder i think they will change up the pattern of them cause share holder is due

kellogskelly

irishpatsfan wrote: »

i think its because anything from the day of loan to 12 months later makes it a creditor due within 1 year and the rest is due after 1 year so its down in financed by ! this happens only in the case of installments! hope that makes sense!

yeah it does!
thanks a million!

PJelly

I've forgotten. Is purchase returns credit or debit?
I'm thinking it's credit...

mahon93

PJelly wrote: »

I've forgotten. Is purchase returns credit or debit?
I'm thinking it's credit...

Debit side: expenses, assets
Credit side : gains, liabilities, reserves

So purchases returns is a credit, yes

what.to.do

Write down somewhere when you go into the exam:

SC
SRD
PD
PRC

Helps me remember;

Sales - Credit
Sales Returns - Debit
Purchases - Debit
Purchases Returns - Credit.

AdamD

Have absolutely no motivation to study this anymore

kev.f

ok. time to sort this out

doing Q1- hopefully it will be company
doing Q8 -anything here will do
Doing Q5 - the ratio question. like these

so if i cover club, tabular and published should i be ok?

really dont like incomplete....

cocopopsxx

Sunny!! wrote: »

60's
- Reval
- Pub
- Club

100's
- Ratios
- Tab
-Incomplete (A) cash book

80's
- Maginal and flexible
- production budget

I would be delighted if this came up!
Is it likely to go this way?