**Accounting...Before/After**

haveyoumetted

For section B whats everyone doing? I have ratios,suspense & incomplete done but I really dont think that will cover me? Anyone have any suggestions to what else I should do

imelle

if i do suspense, cash flows, published, ratios and incomplete records will i be covered for sec 2 or what else should i do?

moll_bangers

Our teacher did all the topics and we were finished the week before the mocks..

Sunny!!

imelle wrote: »

if i do suspense, cash flows, published, ratios and incomplete records will i be covered for sec 2 or what else should i do?

i cant see you getting caught out, people are predicting a farm 100, but it might be a bit too easy so they wont put it on!

Sunny!!

do people do this exam in pencil? is it allowed? It can be very frustrated in biro sometimes!

raindodger

It seems like they've been trying to target the predictability of sum leaving cert subjects in the exams so far. With accounting being the most predictable of all of them, this has me terrified.

I want my A1 in accounting so I'm doing everything except ratios. We don't do final accounts so I'm doing all the 60s, all the 80s and all but ratios in the 100s

kel_lawd

I hate accounting and I was forced to do it because no other subject I could do was running on the same line. So here I am, two days before the exam, saying that I honest to God...do not have a clue about any of it.

brownstone

I'd say revaluation, farm/service, suspense, cash flow, job costing/FIFO/stock valuation, flexiable budget... But they're trying to make it less predictable so god only knows!

Princessxx

kel_lawd wrote: »

I hate accounting and I was forced to do it because no other subject I could do was running on the same line. So here I am, two days before the exam, saying that I honest to God...do not have a clue about any of it.

In the same position I'll be lucky if I pass it it actually does my head in

RedTexan

raindodger wrote: »

It seems like they've been trying to target the predictability of sum leaving cert subjects in the exams so far. With accounting being the most predictable of all of them, this has me terrified.

I want my A1 in accounting so I'm doing everything except ratios. We don't do final accounts so I'm doing all the 60s, all the 80s and all but ratios in the 100s

Yeah I've covered everything except tabs and club for the section 2, reckon I should be alright? If worst came to worst I could make a fist of the ratios but it's hard to get high marks in that section!

cocopopsxx

Service service service, please be nice and don't show up on the paper at all.

goldensyrup

Could break even charts come up? I know nothing like them has ever come up before, but putting one those on this year would certainly be keeping with the horrible and random papers we've gotten so far......

Willbbz

goldensyrup wrote: »

Could break even charts come up? I know nothing like them has ever come up before, but putting one those on this year would certainly be keeping with the horrible and random papers we've gotten so far......

Doubt it. If you do business they're on the course and are fairly simple once you've done one. I'd love for one to come up tbh but that ain't happening :P

goldensyrup

i'll have to practice one just in case.... as well as every other topic on the course between tomorrow and monday

Willbbz

goldensyrup wrote: »

i'll have to practice one just in case.... as well as every other topic on the course between tomorrow and monday

Join the club

robbiep94

Willbbz wrote: »

goldensyrup wrote: »

i'll have to practice one just in case.... as well as every other topic on the course between tomorrow and monday

Join the club

Can someone explain the due and prepaid at the beginning and end of year? It's confusing me so much

Sunny!!

robbiep94 wrote: »

Can someone explain the due and prepaid at the beginning and end of year? It's confusing me so much

i dont really understand it haha but i always do this

you add due at the end of the year. you take due off at the start of the year because it relates to last year.

robbiep94

Sunny!! wrote: »

robbiep94 wrote: »

Can someone explain the due and prepaid at the beginning and end of year? It's confusing me so much

i dont really understand it haha but i always do this

you add due at the end of the year. you take due off at the start of the year because it relates to last year.

What about prepaid?

boom boom boom

Sunny!! wrote: »

i dont really understand it haha but i always do this

you add due at the end of the year. you take due off at the start of the year because it relates to last year.

yep i think thats pretty much the jist of it, remember your only dealing with the year in hand, so say interest due would be this year, and say interest prepaid would be int paid last year for this year i.e 3 months int p/p 3,000 euro. meaning that if the int this year is 12,000 u only actually have to pay 9,000 since 3mts where prepaid. meaning u would have 3000 as a currrent asset....i think thats sorta rite

ChemHickey

Due 1/1. -
Prepaid 1/1 +
Due 31/12. +
Prepaid 31/12 -

emmamurphy233

robbiep94 wrote: »

Willbbz wrote: »

goldensyrup wrote: »

i'll have to practice one just in case.... as well as every other topic on the course between tomorrow and monday

Join the club

Can someone explain the due and prepaid at the beginning and end of year? It's confusing me so much

-Due 1/1
+due 31/12

+prepaid 1/1
-Prepaid 31/12

Prepaid 31/12 goes in current assets
Due 31/12 goes in current liabilities

emmamurphy233

ChemHickey wrote: »

Due 1/1. -
Prepaid 1/1 +
Due 31/12. +
Prepaid 31/12 -

Oh, you beat me to it. :P

ChemHickey

emmamurphy233 wrote: »

robbiep94 wrote: »

Willbbz wrote: »

goldensyrup wrote: »

i'll have to practice one just in case.... as well as every other topic on the course between tomorrow and monday

Join the club

Can someone explain the due and prepaid at the beginning and end of year? It's confusing me so much

-Due 1/1
+due 31/12

+prepaid 1/1
-Prepaid 31/12

Prepaid 31/12 goes in current assets
Due 31/12 goes in current liabilities

Prepaid goes in current assets only if it's an expense. If it's a gain it goes in liabilities. The opposite goes for dues.

emmamurphy233

ChemHickey wrote: »

emmamurphy233 wrote: »

robbiep94 wrote: »

Willbbz wrote: »

goldensyrup wrote: »

i'll have to practice one just in case.... as well as every other topic on the course between tomorrow and monday

Join the club

Can someone explain the due and prepaid at the beginning and end of year? It's confusing me so much

-Due 1/1
+due 31/12

+prepaid 1/1
-Prepaid 31/12

Prepaid 31/12 goes in current assets
Due 31/12 goes in current liabilities

Prepaid goes in current assets only if it's an expense. If it's a gain it goes in liabilities. The opposite goes for dues.

Ah yes, sorry, completely forgot!

RedTexan

It's because of the Accruals principle, just think of it this way when you're doing a T,P&L, if it has to do with this year (ie items used in that year) it's in, if not it's out.

Sunny!!

are many people leaving out budgeting? ive just been focusing on costing and have a really good grasp.

would it be better to leave budgeting while they are easier they take alot of time to revise and eat up time in the exam compared to costing.

robbiep94

emmamurphy233 wrote: »

ChemHickey wrote: »

emmamurphy233 wrote: »

robbiep94 wrote: »

Willbbz wrote: »

goldensyrup wrote: »

i'll have to practice one just in case.... as well as every other topic on the course between tomorrow and monday

Join the club

Can someone explain the due and prepaid at the beginning and end of year? It's confusing me so much

-Due 1/1
+due 31/12

+prepaid 1/1
-Prepaid 31/12

Prepaid 31/12 goes in current assets
Due 31/12 goes in current liabilities

Prepaid goes in current assets only if it's an expense. If it's a gain it goes in liabilities. The opposite goes for dues.

Ah yes, sorry, completely forgot!

Thanks guys
Understand it now.
It's taken 2 years

emmamurphy233

Sunny!! wrote: »

are many people leaving out budgeting? ive just been focusing on costing and have a really good grasp.

would it be better to leave budgeting while they are easier they take alot of time to revise and eat up time in the exam compared to costing.

This is what I'm wondering too. I don't know what to do.

Sunny!!

emmamurphy233 wrote: »

This is what I'm wondering too. I don't know what to do.

they could throw in an awful curveball and id be fecked, oh but its better to be spending time on the financial tommorow! oh choices!

smithy77

kel_lawd wrote: »

I hate accounting and I was forced to do it because no other subject I could do was running on the same line. So here I am, two days before the exam, saying that I honest to God...do not have a clue about any of it.

Your not the only one!.. I've only looked at ratios so far.. I want to look over Company/Sole trader, published and costing before monday but i seriously doubt it:(