LC accounting Help Thread

CookieMonster.x

outnumbered wrote: »

Not so bad! :P
yeah, so much room for error in accounting! It really is all about practice! seemingly if you know how to do the 2 latest questions on each topic from the paper you should be fine.
Yeah. Repeating wouldn't be so bad anyway! It would be easy this time next year hahaha. I was considering that biomed course in ucd but what's the point taking it for the sake of it! Hardly anything works out on the first go sure!

I'd take a year out before starting another course, the fees for medicine are huge!!
I've decided to leave accounting now until after my French exam. Hopefully I can cram theory in then :P

ray2012

CookieMonster.x wrote: »

Decrease goes under gains and increase goes in expenses

Thanks!

bluejaymraz wrote: »

We did them last year but coming up to the mocks the class decided that we'd rather do the 2 60 markers than the 120 mark. It cuts down on the learning really because a good few of the topics come up as 100 markers too, usually just with an added balance sheet.

I think I have a better chance with the 60 markers, less room for error and all that. I usually lose maybe 5 marks max on each on a good day but the 120s are a comedy of errors anytime I've even considered doing one of them.

Really? We've never attempted the two 60 markers, we've always done the straight 120. I find that I used to be horrific at them up until like .. a week ago (:P). I just sat down and basically learned the workings off. Once you have the workings done, you're fairly sorted. Like the workings for each of the accounts are almost the exact same (bar maybe 1) every year that account comes up. I'm really hoping a company account doesn't come up though. It came up in 2012, so I can't see them putting it up again, but if it does I'll cry! I've prepared only really for the manufacturing and sole trader, a few workings on the company could screw me over!

outnumbered

Yeah!!
OH haha i think spanish, yes actually, spanish is after accounting
Well the best of luck! Keep in touch Re Med!

cmccarra

ray2012 wrote: »

You know when you put a reduction in Bad debt provision under the 'Add other income' in the P+L account and add it? I'm just wondering what would you do with an increase in bad debt provision? Would you leave it in 'other income' but just subtract it?

You would put it in as an item under 'Selling and Distribution' Expenses.

Lcstudent2013

What are ye guys predicting/ hoping / banking on?
I hope Q1 sole trader comes up, but I have gone over manufacturing ,Q5 ratios with Q6 and Q7 to have either a published or incomplete record and Q8/9 are easy so I don't mind.

ray2012

Lcstudent2013 wrote: »

What are ye guys predicting/ hoping / banking on?
I hope Q1 sole trader comes up, but I have gone over manufacturing ,Q5 ratios with Q6 and Q7 to have either a published or incomplete record and Q8/9 are easy so I don't mind.

Sole trader, Interpretation, Published, and a nice marginal costing question would be my ideal. If an incomplete or published don't come up in secton 2, I'll be slightly f**ked! :P

outnumbered

I have a bad feeling it will be completely of the pattern this year! I mean the whole reducing the predictability of the leaving can really be applied with Accounting. If you really need the A1, I'd say cover most things! aswell as the theory really well!

ScummyMan

Depreciation
Debtors/Creditors Control a/c

Incomplete Records
Club a/c

Marginal Costing


Cmoooooon! :pac:

bluejay14

I would be heaven if we got a creditors control and depreciation as two of the 60 markers. Then obviously interpretation, published, tabular would be delightful. I wouldn't be overly off put by an incomplete or club question in either the 60s or 100s. To finish off with either a nice marginal, flexible or cash budget question.

The chances of this happening are probably slim though. Knowing my luck they'll throw in a service firm, farm account, suspense or cash flow somewhere

outnumbered

Man.UnitedLad wrote: »

Depreciation
Debtors/Creditors Control a/c

Incomplete Records
Club a/c

Marginal Costing


Cmoooooon! :pac:

why club?

Slow Show

I don't care what comes up on Q1 tbh as they're all fairly similar, I think the ST workings tend to be the hardest though so if I had a choice I'd like Manufacturing to be on. In Section 2 I'd burst with joy if Incomplete and Suspense came up though if I were to predict it, I'd guess Incomplete and Published. For Management, Marginal Costing or Operating Budgets would be ideal for me and I think they'll both come up!

ScummyMan

outnumbered wrote: »

why club?

Just find them really easy for some reason! And it's one of the few that I actually know the theory for :pac:

outnumbered

Man.UnitedLad wrote: »

Just find them really easy for some reason! And it's one of the few that I actually know the theory for :pac:

ohh sorry. I thought you meant that you think it will come up yeah it is quite nice

cmccarra

Slow Show wrote: »

I don't care what comes up on Q1 tbh as they're all fairly similar, I think the ST workings tend to be the hardest though so if I had a choice I'd like Manufacturing to be on. In Section 2 I'd burst with joy if Incomplete and Suspense came up though if I were to predict it, I'd guess Incomplete and Published. For Management, Marginal Costing or Operating Budgets would be ideal for me and I think they'll both come up!

I find it harder to get a Manufacturing account done in time. I'd much prefer the Sole Trader, can knock them out in about 41mins, gives you a right bit of extra time for the 2 100 markers.

df123

I find accounting really difficult, I didn't cover q1 or q5, any one have any advice for a woman who needs to do some serious cramming?

outnumbered

Practice. Practice. Practice. so just do the bare minimum of questions. And do the last two years of the ones you're doing. theory isn't bad for 15% either!

df123

Thanks a million for the reply! Will do

lizardspock

Would it be a bit too risky to leave out Q5 or...? Those ratios and all the waffle attached just wreck my head. can never seem to get over about 70-80% when I'm looking for the A1ish mark

ray2012

lizardspock wrote: »

Would it be a bit too risky to leave out Q5 or...? Those ratios and all the waffle attached just wreck my head. can never seem to get over about 70-80% when I'm looking for the A1ish mark

You might want to cover it just in-case there is a bad Q6/Q7. You can (hopefully) always rely on the Q5 so it's a handy one!

Aspiring

Just wondering is there a collection of all of the accounting theory online anywhere i.e. the parts you see at the end of the question usually?
If not I'll gladly put one together just let me know if you want me to post it here I haven't managed to find one myself online.

outnumbered

Aspiring wrote: »

Just wondering is there a collection of all of the accounting theory online anywhere i.e. the parts you see at the end of the question usually?
If not I'll gladly put one together just let me know if you want me to post it here I haven't managed to find one myself online.

Oh yeah absolutely! That would be fantastic aspiring! Please and thank you!

Aspiring

outnumbered wrote: »

Oh yeah absolutely! That would be fantastic aspiring! Please and thank you!

Okey doke, I'll put it into a word or pdf file and post a virus scan for those of you who have suspicions haha. It'll probably take a day or two but I might not be on in the next few days but it'll be up within the next week

outnumbered

Aspiring wrote: »

Okey doke, I'll put it into a word or pdf file and post a virus scan for those of you who have suspicions haha. It'll probably take a day or two but I might not be on in the next few days but it'll be up within the next week

Great! Thanks so much.
The kindness of some human beings never ceases to amaze me!
You deserve to do so so well! B-)

Aspiring

outnumbered wrote: »

Great! Thanks so much.
The kindness of some human beings never ceases to amaze me!
You deserve to do so so well! B-)

Jaysus I've never felt so much positivity off a post haha. You're some man sure look accounting is one of my favorite subjects, maybe favorite I just tend to leave the theory section blank so I need to fill the void. And we'll all do well sure we're great :rolleyes:

Lcstudent2013

Theory for published accounts Q6 is so annoying!

outnumbered

Aspiring wrote: »

Jaysus I've never felt so much positivity off a post haha. You're some man sure look accounting is one of my favorite subjects, maybe favorite I just tend to leave the theory section blank so I need to fill the void. And we'll all do well sure we're great :rolleyes:

I love accounting too! B-)
Never do the theory though so this should help! B-)
;-)

Aspiring

Lcstudent2013 wrote: »

Theory for published accounts Q6 is so annoying!

The notes or the parts at the end of the question haha? Hate the notes just have to learn them off

outnumbered wrote: »

I love accounting too! B-)
Never do the theory though so this should help! B-)
;-)

Yep haha sure it might be a bit messy but I'll try make it neat!

AndreaEgan

This always confuses me, but how do you determine whether the suspense working is taken away or added on in the Sole Trader and Manufacturing accounts?

cmccarra

Are you allowed to use pencil in the exam? You always make some sort of mistake and then you have to change all the total figures, just be less of a mess if you could rub it out!

outnumbered

cmccarra wrote: »

Are you allowed to use pencil in the exam? You always make some sort of mistake and then you have to change all the total figures, just be less of a mess if you could rub it out!

yep we can