**Accounting...Before/After**

Questionable?

ChemHickey wrote: »

Open up a bank t account and put lodgements on dr payments on cr, remembering drawings and opening closing balances and also the loan and purchase of property.

Ah yes, now I remember. Cheers for that.

OnlyMessin

I'm half thinking of dropping down to pass for it. I've had a ****e teacher all year and haven't really pulled my weight tbh. I'd be lucky to scrape a pass. Good or bad idea? Is there a big change in questions?

smithy77

OnlyMessin wrote: »

I'm half thinking of dropping down to pass for it. I've had a ****e teacher all year and haven't really pulled my weight tbh. I'd be lucky to scrape a pass. Good or bad idea? Is there a big change in questions?

I'm in the same boat, only problem is well for me anyway is that the Q1 will be Manufacturing, Section 2 ratios and cashflow and costing is marginal... Out of all them I have Ratios revised.

OnlyMessin

oh i guess i'm the same as you then I only have ratios revised too. How hard do you think it would be to do the rest before the exam? Pass is meant to be a LOT easier than honours isn't it?

smithy77

OnlyMessin wrote: »

oh i guess i'm the same as you then I only have ratios revised too. How hard do you think it would be to do the rest before the exam? Pass is meant to be a LOT easier than honours isn't it?

I know 2 lads that dropped down to pass a few months ago and they said it was ridiculously easy but that was a few months ago, dropping down right before the exam with not much preparation for the topics due to come up could be tricky. One of them gets a cash flow 100 marker done in 7 minutes:P

OnlyMessin

smithy77 wrote: »

I know 2 lads that dropped down to pass a few months ago and they said it was ridiculously easy but that was a few months ago, dropping down right before the exam with not much preparation for the topics due to come up could be tricky. One of them gets a cash flow 100 marker done in 7 minutes:P

God only knows what i'll do now at this stage. I wasn't planning on counting this as one of my 6 anyway seeing as i failed it for the mocks so maybe I'll just give it a bash at honours and see how it goes. Might look through a few ordinary level past papers anyway just in case

bobjimmy

Quick quick question say if you have a contingent liability in published accounts. Other than making a note what would you do with the compensation and legal costs like in the 2002 Q

yeahhhbuddy

bobjimmy wrote: »

Quick quick question say if you have a contingent liability in published accounts. Other than making a note what would you do with the compensation and legal costs like in the 2002 Q

I'm pretty sure legal fees go into admin costs in P&L.

But because they are "unlikely to be liable" in the 2002 question i'm not entirely sure where it would go because if is was likely it would go into financed by under the heading "provision for liabilities and charges"
.....soooo in creditors: amounts falling due within one year perhaps?

dancing93

yeahhhbuddy wrote: »

bobjimmy wrote: »

Quick quick question say if you have a contingent liability in published accounts. Other than making a note what would you do with the compensation and legal costs like in the 2002 Q

I'm pretty sure legal fees go into admin costs in P&L.

But because they are "unlikely to be liable" in the 2002 question i'm not entirely sure where it would go because if is was likely it would go into financed by under the heading "provision for liabilities and charges"
.....soooo in creditors: amounts falling due within one year perhaps?

You don't put it anywhere when it's unlikely! You just ignore it while but you make a note of it if asked!

Hoggy1000

You put it into Admin Exps unless they tell you put it somewhere else

And under Capital and Reserve; make another heading "Provsion for contingent Liability" and I think you add it to the total of your other figures to get capital employed?

You dont do anything when it is "unlikely"

FifaClubs Conor

Praying for incomplete records, only section two question I know apart from ratios.

dancing93

FifaClubs Conor wrote: »

Praying for incomplete records, only section two question I know apart from ratios.

I have left out incomplete records altogether, haven't even looked over them like so I'm screwed if they're! As much as I hate ratios they better come up as a 100mark and I hope cash flow comes or service comes up as a 100mark

Spattersonox

I know Published, suspense, cashflow, service and incomplete. Think i'd be covered for Q6 and 7?
Also, If club do come up. are they pretty much the same are service? I can't remember them at all :L

smithy77

I can't fail this!!!!:o

dancing93

Any last minute important theory I should learn? the worry is kicking in!

AK123

I was also going to switch to a pass paper.. got 45 in th mocks at HL.. but I knew more then I think! But then if we move to a pass paper and see questions we havn't revised as well and then we realise that we could have done the HL paper then I would be kicking myself anyway.. sure we'll get attempt marks xD

ganon

Did anyone get really weird answers for the cash-flow?
I got a decrease of cash of €55,000 even thought he change in bank was only €53,000

And then the net debt wouldn't reconcile with either of those figures??

Emz93

I put the investment income in the Abridged p&l and I got the 53000 figure in the end! Did anyone else do this or was I completely wrong?

lauz94

Anybody do that revaluation question?

moll_bangers

In all fairness that was a fair paper..

RedTexan

Emz93 wrote: »

I put the investment income in the Abridged p&l and I got the 53000 figure in the end! Did anyone else do this or was I completely wrong?

That's what I did, and the answer came out correct in the end, so I assume it was right!

motorola1337

Ordinary accounting A1...easiest exam ever !!!!!! Q1 - got it balanced , Q5 - easiest ration question i've seen , Q7 - easy enough cash flow , a bit tricky in my opinion , Q8- easiest marginal ever

Emz93

RedTexan wrote: »

That's what I did, and the answer came out correct in the end, so I assume it was right!

phew, was stressing out about doing it but it came out right so I left it there ha!

imelle

nice enough exam, hopefully i'll hit the C1/B3 range. C2 at lowest

emmamurphy233

That paper was lovely! I'm delighted! Definite A I'd say.
I did:
Revaluation
Farm
Interpretation
Service Firm
Cash Budgeting

smithy77

A bare pass or fail for me, I've never been great at accounting and with a crap teacher aswell it didn't help matters dammit!!!:(

moll_bangers

Emz93 wrote: »

I put the investment income in the Abridged p&l and I got the 53000 figure in the end! Did anyone else do this or was I completely wrong?

I put it in the first reconciliation account and it worked out too

Emz93

moll_bangers wrote: »

I put it in the first reconciliation account and it worked out too

ah crap, that was definitely the right way to do it! Doubt i'll lose much marks for it though, only like 2/3 hopefully!

ACBBFG

I did the same as you. It could be right I wouldnt rule it out as a possibility. We got the right answer at least

Sunny!!

lauz94 wrote: »

Anybody do that revaluation question?

i did what was you balancing reval figure? mine was 310300