*** 2013: Accounting Before/After ***

smcgiff

Thanks for the explanation of departmental accounting.

Would know of this as segmentation.

Best of luck folks. Hope to see ye in the accounting forum at a later date

AndreaEgan

outnumbered wrote: »

Okay So I have decided to learn the Ratio question!
Has anybody got any good tips on How to learn the damn things?

So have I! Just as a banker, leaving me with Published, Interpretation, Suspense and both Incomplete Records. I'm hoping that has me fairly well covered for Section 2.
I'm going to learn the ratios first, then try the questions from memory
Best of luck with learning these tedious things!

carlos123455

Do ye think I'll be alright with interpretation, suspense and published? I don't really have the time to revise anything else.. And for section 3 budgeting and no costing?

AndreaEgan

carlos123455 wrote: »

Do ye think I'll be alright with interpretation, suspense and published? I don't really have the time to revise anything else.. And for section 3 budgeting and no costing?

You should be! You'll have Interpretation anyways and there is a very high chance one of Published or Suspense will appear, or maybe both
I'm not doing any costing either, just focusing on Budgeting!

outnumbered

Okay I have a question for the ration of Return on shareholders funds. I found this one:
turn on Shareholders Equity Net Profit (After Pref Dividend) x 100 all over
Capital Employed (Minus Debt)

But my teacher's one is:
Net Profit-(tax+deb int+ preference) all over
ord share cap+ reserves

Lastly, which figure is reserves and which is capital employed?

Brendan1234

outnumbered wrote: »

Okay I have a question for the ration of Return on shareholders funds. I found this one:
turn on Shareholders Equity Net Profit (After Pref Dividend) x 100 all over
Capital Employed (Minus Debt)

But my teacher's one is:
Net Profit-(tax+deb int+ preference) all over
ord share cap+ reserves

Lastly, which figure is reserves and which is capital employed?

As far as I can tell those two formulae for the return on shareholders equity are the same, just phrased differently.
Capital employed is the very last figure in the balance sheet, and reserves is the last figure in the P&L

outnumbered

Brendan1234 wrote: »

As far as I can tell those two formulae for the return on shareholders equity are the same, just phrased differently.
Capital employed is the very last figure in the balance sheet, and reserves is the last figure in the P&L

Ah thanks, that's good!

Slow Show

Fml my only source of excitement right now is to set myself time limits for doing accounts. Gonna try do a 60-mark tab in fifteen minutes, yolo and such.

Any theory I need to know to accompany tabs actually?

outnumbered

Slow Show wrote: »

Fml my only source of excitement right now is to set myself time limits for doing accounts. Gonna try do a 60-mark tab in fifteen minutes, yolo and such.

Any theory I need to know to accompany tabs actually?

LOL
No theory for tabs!

Slow Show

17 minutes. Drat.

ray2012

Imagine a section B with a cash flow, farm account, and a tabular. I would just leave. :pac:

giggsy664

ray2012 wrote: »

Imagine a section B with a cash flow, farm account, and a tabular. I would just leave. :pac:

Not gonna happen cos Q5 is always ratios.

Though if a 100 mark tabular comes up

ray2012

giggsy664 wrote: »

Not gonna happen cos Q5 is always ratios.

Though if a 100 mark tabular comes up

It's not 100% guaranteed though

I don't like tabular at all, find them extremely confusing! Published

Lcstudent2013

Tabular or published would be nice. Need to go over them though I forget them . Q1 should be fine and Q5 should be good and hopefully a nice Q8. It's the questions 6 or 7 I'm mostly worried about I'm terrible at them ,bar one or two of those that come up.

AndreaEgan

Lcstudent2013 wrote: »

Tabular or published would be nice. Need to go over them though I forget them . Q1 should be fine and Q5 should be good and hopefully a nice Q8. It's the questions 6 or 7 I'm mostly worried about I'm terrible at them ,bar one or two of those that come up.

Really Q1 should be a Sole Trader, if they tried mixing things up a bit they might put on the Manufacturing but either way they should be okay
I'm going to (been saying this all day and still haven't) learn ratios just in case they only put on one out of Incomplete or Published. If they put on both that would be just lovely Like you Section B worries me because I will be screwed if a Tab appears! Incomplete hasn't come up since 2007, it'll have to appear again soon enough
Then for the last section I'm just focusing on all the budgeting questions

giggsy664

Oh and just so ye lot know, the booklet we get on Monday has loads of different ruled sections. So you won't need to draw out the tabular statement, etc!

olazbabes

This is the Thing-Q1 is going to be Sole trader or Manufacturing (Manufacturing more likely)- They would never put up departmental as majority of students answer Q1 we would fail and more people would drop the subject- according to my grinds teacher
For 60 marks i believe with Controls, Depreciation and Club you are fine
for section B- Interpretation Q5 Defo!!!!
Published, Incomplete, Tabular, and suspense if you learn these we would be grand.
for the last section -marginal, Budgeting and Costing you are covered.
Look at the pattern be realistic they cannot go three years without asking Incomplete, published and Tabular- so everyone know them!
The adjustments are similar to some extent so everyone would be fine> dont wish for the worst. GOOD LUCK!!!!!!

ray2012

I'm gonna go over the manufacturing, sole trader, interpretation, published, incomplete (both methods), marginal costing and a tiny bit of budgeting just in-case I resort to that question. I'm hoping I'm covered, especially for section B. I would love a published, I did a practice one yesterday and I got 98%

Do ye know the dividends working that used to be in the Q1? That's gone now, right? And I'm wondering if you can still get that dividend note for the published account? Hate it!

Slow Show

ray2012 wrote: »

I'm gonna go over the manufacturing, sole trader, interpretation, published, incomplete (both methods), marginal costing and a tiny bit of budgeting just in-case I resort to that question. I'm hoping I'm covered, especially for section B. I would love a published, I did a practice one yesterday and I got 98%

Do ye know the dividends working that used to be in the Q1? That's gone now, right? And I'm wondering if you can still get that dividend note for the published account? Hate it!

Yep FRS 21 states that dividends declared are gone forever, if they were ever mean enough to include them in a question (unlikely!) you'd include them as a note to the accounts.

You can still do a dividend note in Published but it's easy enough, dunno what it used to be like as I just ignored the old dividends workings but it's just dividing the dividend by the number of shares to say how much is earned per share.

For anyone interested, I promise to get that cash budget up at some stage today, sorry!

kevin12345

ray2012 wrote: »

I'm gonna go over the manufacturing, sole trader, interpretation, published, incomplete (both methods), marginal costing and a tiny bit of budgeting just in-case I resort to that question. I'm hoping I'm covered, especially for section B. I would love a published, I did a practice one yesterday and I got 98%

Do ye know the dividends working that used to be in the Q1? That's gone now, right? And I'm wondering if you can still get that dividend note for the published account? Hate it!

My teacher said the Dividends note in published is definitely gone. Maybe they might throw on Published to see what it's like without the dividends. We can only hope!

bluejay14

What's all this about dividends notes?

shawki

kevin12345 wrote: »

My teacher said the Dividends note in published is definitely gone. Maybe they might throw on Published to see what it's like without the dividends. We can only hope!

I think they put in a Contingent liability
this year to make up for no Dividends

cool4cats17

bluejaymraz wrote: »

What's all this about dividends notes?

Apparently the dividends note is gonna come up on the the Departmental question 1

kevin12345

shawki wrote: »

I think they put in a Contingent liability
this year to make up for no Dividends

Don't contingent liabilities go into administrative expenses?? Like Compensation?

shawki

kevin12345 wrote: »

Don't contingent liabilities go into administrative expenses?? Like Compensation?

Yup admin and then under their own heading in the balance sheet

Lcstudent2013

By any chance does anyone here have the DEB mock paper answer sheets?

buyer95

kevin12345 wrote: »

Don't contingent liabilities go into administrative expenses?? Like Compensation?

What can we be given a figure for contingent liability and have to calculate it under admin expenses(or whatever it goes into?) Can someone give me an example

Slow Show

buyer95 wrote: »

What can we be given a figure for contingent liability and have to calculate it under admin expenses(or whatever it goes into?) Can someone give me an example

A good example would be a court case that may happen. You're probably going to have to end up paying Legal Fees which would make this a contingent liability that is probably going to happen. You include this in the accounts, Legal Fees would go into Admin Expenses and Creditors: Amounts Falling Due Within One Year as a Contingent Liability and you'd provide a note at the end of the accounts explaining the figure and the likelihood of it coming to pass.

A contingent liability that is unlikely to come to pass might be Compensation towards an employee that is suing you that you don't imagine will win. You make no entry for this, but merely provide a note at the end to explain the figure, and an opinion on the outcome.

Also worth mentioning that if either Legal Fees/Compensation were likely to happen and were included in the accounts, they'd be included in your note for Operating Profit!

shawki

Slow Show wrote: »

A good example would be a court case that may happen. You're probably going to have to end up paying Legal Fees which would make this a contingent liability that is probably going to happen. You include this in the accounts, Legal Fees would go into Admin Expenses and Creditors: Amounts Falling Due Within One Year as a Contingent Liability and you'd provide a note at the end of the accounts explaining the figure and the likelihood of it coming to pass.

A contingent liability that is unlikely to come to pass might be Compensation towards an employee that is suing you that you don't imagine will win. You make no entry for this, but merely provide a note at the end to explain the figure, and an opinion on the outcome.

Also worth mentioning that if either Legal Fees/Compensation were likely to happen and were included in the accounts, they'd be included in your note for Operating Profit!

No if it is likely legal expenses and compensation would both go into admin and then into the balance sheet under the heading Provison for contingent liability and charges

yournerd

Omg what are people learning?