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

xclw

ok, i know company final accounts, departmental - ish, and manufacturing.
Ratios, incomplete records, tabs and published
flexible and production budget,
is that enough?
should i look over something else!!

Duda17

I know company account, interpretation, incomplete records, club account, production and flexible. Fingers crossed!

PJelly

And yet another question.
Our teacher said that they're going to change the dividends this year, so there's no dividends due at the end of the year. Our mock had "Payment of the remainder of the preference dividends and that there be no ordinary dividends declared at the year end"
How do I do this? Just put down Pref and Ord paid and leave out the due?
Or does the Pref still get due here?

PJelly

I know all three question 1's, interpretation, tabular (sorta), suspense (sorta) both incompletes, the three budgeting q's (as long as they don't mix cash and production like 09!) and most of the question 8's.
Never been worried for an Lc test like this before though!

Marthaa

I've left out ALL question 8's...i hope hope hope that an easy, not mixed Q9 comes up! And no suspense, I cannot do suspense

Marthaa

PJelly wrote: »

And yet another question.
Our teacher said that they're going to change the dividends this year, so there's no dividends due at the end of the year. Our mock had "Payment of the remainder of the preference dividends and that there be no ordinary dividends declared at the year end"
How do I do this? Just put down Pref and Ord paid and leave out the due?
Or does the Pref still get due here?

pref still is due because they always have to be paid, they aren't optional. So yeah, still due!

PJelly

Marthaa wrote: »

pref still is due because they always have to be paid, they aren't optional. So yeah, still due!

So just leave out the Ordinary due?
Grand! Thanks!
Any chance you know how to value the closing stock in a budgeting question if they don't give you the rate?
I've forgotten how to get the fixed rate

Marthaa

PJelly wrote: »

So just leave out the Ordinary due?
Grand! Thanks!
Any chance you know how to value the closing stock in a budgeting question if they don't give you the rate?
I've forgotten how to get the fixed rate

Yeah you won't be given a rate to do ordinary by anyway so theres no way of calculating them!

Okay so for calculating the value of closing stock you add the materials, labour and variable OH together(I presume you know how to do these!) and then for fixed OH, you divide total fixed OH by total labour hours and then use your answer as a per hour rate and multiply it by the total hours used to make the product,
e.g. 180000(total OH) / 60000( total labour hours) = 3 per hour
Product A takes 20 labour hours so its 20 x 3 = 60 per unit. add this on to your raw materials, labour and variable OH and you have the valuation of one unit!


I don't think I've explained that very well, but I hope it helps

ciff

I need Published to come up in the short questions.
Flexible or Production,
Incomplete.
Tab and Club, just to have any shout at passing the test.

YodaBoy

for ratios..whats the rate of risk free investments??? 2% /3%???????

RarestSolanum

YodaBoy wrote: »

for ratios..whats the rate of risk free investments??? 2% /3%???????

I believe it's 5%.

YodaBoy

RarestSolanum wrote: »

I believe it's 5%.

thanks, i thought it varied from year to year

PJelly

Marthaa wrote: »

Yeah you won't be given a rate to do ordinary by anyway so theres no way of calculating them!

Okay so for calculating the value of closing stock you add the materials, labour and variable OH together(I presume you know how to do these!) and then for fixed OH, you divide total fixed OH by total labour hours and then use your answer as a per hour rate and multiply it by the total hours used to make the product,
e.g. 180000(total OH) / 60000( total labour hours) = 3 per hour
Product A takes 20 labour hours so its 20 x 3 = 60 per unit. add this on to your raw materials, labour and variable OH and you have the valuation of one unit!


I don't think I've explained that very well, but I hope it helps

Now I see the mistake I kept making!
I was multiplying the amount of units by the labour hours... and THEN by the rate! Though you don't multiply by the rate at all.
Thanks!

Ronan Keating

The exam was shíte

AdamD

Bit of a curve ball with the Manufacturing

ADeVoy

Absolute delight upon first seeing Clubs and Tabs in Section 2 then the desolation of realising that neither of them have balanced ><

YodaBoy

Didn't have a clue for the club account theory but not too bad apart from that! Marginal was grand, Manufacturing pretty good and ratios was tricky. What were the headings every1 used in part b of Q5??? I did Profitability, Gearing, Liquidity, Security, Existing Loans, Investments, Sector...any others??

norwegianwood

Lads, the Incomplete..where the hell were they going?

irishpatsfan

**** THE SEC I CANT BELIEVE IT!! WHAT THE **** WAS THAT?? NO COMPANY FINAL NO INCOMPLETE IN SECTION 2 IM SHOCKED! ACCOUNTING WAS THE ONLY SUBJECT IVE EVER WORKED AT AND ITS THE 1 I DID THE WORST IN I WANTED AN A SO BAD ILL B LUCKY WITH A C2 ! MY NUMBER 1 CHOICE IS GONE NOW IM JUST SO DEPRESSED RIGHT NOW..

amortentia

The exam was not nice.. ended up doing the 2 60markers instead of the final account for the first time ever. And I just realised that I forgot to put (w) after anything in my accounts that had a working! Am I going to be docked a load of marks?

Fireball07

Oops. I just made a balls of my best subject.


Neither club nor manufacturing balanced for me and I spent half an hour looking for mistakes and couldn't find any.

Tab was okay imo...and the marginal was piss easy.

But what I thought was an almost certain A1 now looks bad. I have no idea how I got on but one of my balances was almost 100,000 out :eek:

And I haven't got a Q1 wrong since 5th year.

So yeah....oops is a good way of describing it.:o

irishpatsfan

amortentia wrote: »

The exam was not nice.. ended up doing the 2 60markers instead of the final account for the first time ever. And I just realised that I forgot to put (w) after anything in my accounts that had a working! Am I going to be docked a load of marks?

im the same never ever did a 60 before had 2 do it and also i forgot the ****ing notes in published

xclw

awh i'm so annoyed, i'm not going to get the course i want now
was hoping for a b2 in accounting and i'm going to be lucky if i pass really.
i kept mixing things up and just couldn't remember how to finish the qs and getting stuck. club accounts were the one thing i hadn't studied for sec 2, sooo annoyed,
i ended up doing to 60s cos i knew i'd do bad in manufacturing but i did crap on them too. so upset and annoyed with the paper!

Marthaa

amortentia wrote: »

The exam was not nice.. ended up doing the 2 60markers instead of the final account for the first time ever. And I just realised that I forgot to put (w) after anything in my accounts that had a working! Am I going to be docked a load of marks?

I forgot to do the working thing aswell....ooops

xclw

don't think the working thing matters our teacher has never told us about doing that

RarestSolanum

amortentia wrote: »

The exam was not nice.. ended up doing the 2 60markers instead of the final account for the first time ever.

Same here.
Ratios was tricky enough, no debenture holder ?
Clubs probably would've been lovely, if our teacher didn't tell us they normally put Service Firms on instead of clubs, and Firms were on last year, so I didn't study them.
Tabs were pretty straight forward.
Budgeting was hard enough. Didn't have a clue about the theory, and forgot how to get the value of the stocks. FML

Sunny!!

was an alright paper, could have been worse:)

amortentia

I actually loved the interpretation only cause I'd learnt the headings for a bank manager right before. And plus my teacher had given an example of a bank manager giving a dodgy company (like Sully) a loan. That was probably my best question apart from marginal and it was what I was dreading the most!

electrictrad

Exam was quite straight, to be honest. . .couple of nice additions, including the stairs-shaped graph in marginal. . .didn't do 60m Incompletes, didn't know it was possible to come up that way. . .Tabs was lovely, control was beautiful, despite new bad debts trick . . .nearly died with pleasure when I saw that 50 marks went for ratios in Q5. . .

What did people say for Limitations of Ratio Analysis?

PJelly

If there's ever a time to balance your Q1. It's in the during the leaving cert
Interpretation Good as usual
Tabular, might have gotten one or two bits wrong. But it balanced too, so I might have gotten it all right!
Did anyone else get a weird decimal in the product budgeting?
When I multiplied the B material by the rate (5.50) I keep getting a decimal that had an 8 at the end.
Otherwise, I think I've my A1